Bybit’s worldwide promotional effort frames it as a more comprehensive monetary hub, although equity, precious metal, and foreign exchange derivatives were already accessible.
The period of the traditional digital-asset-only platform is drawing to a close because users demand equities, precious metals, and payment services alongside virtual currencies, Bybit co-founder and chief executive Ben Zhou informed Cointelegraph on Thursday.
Zhou stated that individuals dealing in cryptocurrencies additionally demand equities, gold, currency exchange, indices, and derivative contracts. They expect to execute transactions, accumulate savings, and expand their capital within a single ecosystem.
His remarks coincided with Bybit’s release of the “Make Your Move” initiative, an advertising push framing the trading venue as an expanded financial network. Bybit already provides derivative instruments linked to equities, gold, indexes, and foreign exchange. Such instruments deliver price tracking without requiring possession of the physical assets.
Bybit’s brand shift arrives as multiple prominent digital currency trading hubs shut down their operations. BitMEX concluded its trading activities on Wednesday following an 11-year run, whereas CoinEx revealed plans to close this month, pointing to declining trading activity and mounting regulatory expenses. BitMart previously disclosed intentions to shutter in July, though it is currently investigating a reorganization that might permit certain functions to restart.
Simultaneously, competing platform Coinbase is expanding its services via its “Everything Exchange” approach, integrating equities and forecasting markets alongside digital assets.
Zhou noted that upcoming financial platforms will not center around just one asset category.
Related: Crypto entering biggest consolidation phase in history, says ARK analyst
Originally published at https://cointelegraph.com/news/era-pure-crypto-exchanges-end-bybit-ceo?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
