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How Bybit scoops up former FTX users to become world’s second-largest crypto exchange
- ‘When FTX collapsed, we saw the opportunity,’ says Ben Zhou, co-founder and CEO of Bybit
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A crypto exchange run by Bybit Fintech has surged to second spot globally by trading volume after targeting former clients of the defunct FTX platform as well as users in Europe and Russia.
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Dubai-based Bybit’s growth has been spurred by plugging the gap left by FTX with a service that allows digital tokens to be used as collateral for margin trading, co-founder and chief executive officer Ben Zhou said in an interview.
“When FTX collapsed, we saw the opportunity,” said Zhou, referring to the bankruptcy of jailed Sam Bankman-Fried’s popular but fraudulent platform.
Bybit’s share of trading volume has doubled to 16 per cent since October, passing US leader Coinbase Global in March, according to Kaiko data. Zhou’s platform is second only to Binance Holdings for spot and derivatives transactions.
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