Bybit, a Singapore-based cryptocurrency exchange, launched its first token, “$BIT,” on its Bybit Launchpad platform on Friday.
The launching prizes and free giveaways for participants will be included in Bybit’s listing of BIT. The Launchpad, according to Bybit, is available to its users who have completed L1 of the know-your-client (KYC) process, guaranteeing compliance with local regulatory standards.
The Launchpad, according to the crypto exchange, is intended to link creative crypto projects with users who are interested in getting exposure to potential ideas while also protecting both users and projects.
“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” said Ben Zhou, co-founder, and CEO of Bybit.
According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs), to allocate significant financial and human resources to promote DeFi development.
Bybit was one of the first supporters of BitDAO, pledging to donate 2.5bps of futures trading volume to BitDAO’s treasury. At current rates, the contribution is expected to surpass $1 billion per year by 2021. As of September 16, the BitDAO treasury balance was above $540 million.
According to its official website, the crypto exchange was launched in 2018 and offers institutional and retail clients online spot and derivatives trading, cloud and DeFi mining solutions, and API support.
Bybit is aggressively extending its company into new markets. Last month, the crypto exchange platform announced a three-year partnership with e-sports organization Astralis, which would see its brand shown for visibility in the hopes of increasing cryptocurrency’s presence in the e-sports sector.