- Bybit collaborates with Paradigm to introduce a fee-slashing promotion.
- The partnership aims to enhance Bybit’s offerings for institutional participants.
- Bybit’s strategic move comes as Bitcoin spot ETF filings gain momentum.
As crypto becomes more mainstream, institutional interest is becoming a significant driving force in the market. As Bitcoin hovers around the $27k mark, anticipating Bitcoin spot ETFs growing, exchanges are gearing up to capitalize on the momentum. Among them is Bybit, which recently announced a strategic partnership to enhance its offerings for institutional participants.
Bybit’s Promotion Aims to Attract Professional Traders
Bybit, in partnership with Paradigm, has introduced a unique fee-slashing promotion tailored for new and professional options traders.
The promotions are also interesting for new traders, as it has minimal barriers to entry. To be eligible, traders only need to complete a single trade, irrespective of its size.
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Eligible traders will enjoy Bybit’s most competitive ‘Pro5’ fee rate across various trading options, including options, perpetual contracts, and spot trading. This promotional fee rate will be available until October 11.
For larger players, the deal is even more attractive. Traders that achieve a $10 million in options taker volume via Paradigm by that date will qualify for an extended discounted fee period.
Market’s Anticipation of a New Institutional Push in Crypto
The collaboration is a strategic move to attract a more professional cohort of traders to Bybit’s platform. This way, Bybit aims to solidify its position in the institutional crypto trading arena.
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“We are excited to collaborate with Paradigm to introduce this exclusive promotion for institutional option traders,” said Ben Zhou, co-founder and CEO of Bybit.
“We remain committed to powering innovation and offering sophisticated trading tools for institutions. This collaboration further strengthens our position as a leading player in the crypto derivatives market,” Zhou added.
Anand Gomes, co-founder and CEO of Paradigm, also emphasized their commitment to institutional customers. “Our collaboration is a testament to our dedication to simplifying the path for institutions venturing into the crypto world. Together, we pave the way for a future where accessibility and innovation converge,” he explained.
On the Flipside
- There is no guarantee that institutions will start investing in crypto again. In particular, regulatory clarity remains a major impediment to institutional interest in the US.
- Institutions see crypto, including Bitcoin, as a speculative growth asset class. As such, high interest rates are often a deterrent to investing.
Why This Matters
Partnerships like Bybit and Paradigm signify the industry’s shift towards catering to institutional needs. As more institutional players enter the arena, the crypto landscape is set to grow significantly.
Read more about the importance of clear regulations in crypto:
SEC and Crypto: US Regulator’s Real Influence on Cryptocurrency
Read more about the community reaction to Ben Armstrong’s donation plea:
‘BitBoy’ Charity Plea Met with Skepticism and Mockery
