BYBIT surpassed Coinbase in March to become the world’s second-largest cryptocurrency exchange after Binance, according to a report from crypto research firm Kaiko.
The launch of spot Bitcoin exchange-traded-funds in the US helped Bybit double its market share to 16 per cent in March from 8 per cent in October 2023.
Coinbase did not benefit nearly as much, however, and only saw a small increase of 1 per cent over the same span, Kaiko’s data show.
Low trading fees and a growing offering of derivatives helped Bybit gain market share as well. The report also states that Bybit saw growth following a US Commodity Futures Trading Commission suit filed against Binance in March 2023.
Biance’s market share fell to 54 per cent in March, from 60 per cent in October, Kaiko said.
Bybit was founded in Singapore and has relocated its headquarters to Dubai, where local officials are seeking to attract more crypto companies. BLOOMBERG
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