Bybit Will Give More Than $100K From Its WSOT Competition to Charity
On August 10, Bybit’s eagerly-anticipated World Series of Trading (WSOT) will commence, with 200 BTC up for grabs. The exchange has now promised to donate 5% of the total – 10 BTC – to charity, meaning UNICEF is in line to receive over $100,000. The sizable donation correlates with the bumper prize that’s available to traders who can outperform their peers for the duration of the August event. More than 8,000 participants have already completed pre-registration, but formal registration remains open until August 14.
UNICEF Welcomes Generous Bybit Donation
The United Nations International Children’s Fund (UNICEF) has welcomed Bybit’s $100K pledge, with a spokesperson saying:
“This is an exciting opportunity to partner with Bybit and better shape the lives of children significantly impacted by Covid-19.” In a statement, Bybit CEO Ben Zhou explained that over and above its own donation, participants in the trading competition will be given the option to “donate a percentage of their prize pool to UNICEF in Bitcoin and to have an even greater impact.”
Cryptocurrency exchanges, which control much of the money flow within the industry, have made a point of donating to charitable endeavors where possible. Binance and Coinbase are among the platforms to have given to causes tackling Covid-19 and other global healthcare issues. While the coronavirus itself has now diminished in most countries, its after-effects are starting to bite, particularly in developing countries where many children lack proper nutrition and access to education.
WSOT Captivates the Cryptosphere
Pro and semi-pro traders on crypto Twitter are usually cynical when it comes to trading competitions, boasting that they can generate far better profits using their own strategies. The World Series of Trading has caused them to sit up and take notice, however. The size of the prize pot is too great to ignore, as is the lure to prove oneself against the best traders from the worlds of crypto, forex, and poker. For the duration of the event, which runs until August 31, participants will be eligible for a 20% discount on trading fees and the chance to earn up to $9,400 in USDT bonuses, further sweetening the prospect.
Demand for bitcoin and ether futures has been on the rise all year, and Bybit has benefited from this trend, onboarding tens of thousands of new users and rolling out products including USDT-denominated perpetual contracts. July saw the industry record for bitcoin futures volume broken on several days, and August looks set to build upon that trend.
While retail traders have been getting in on the action via platforms like Bybit, Binance Futures, FTX, and Deribit, institutional traders have been following suit on their own purpose-built venues. CME, Bakkt, and LedgerX grant Wall Street firms exposure to the frothy world of cryptocurrency while maintaining the compliance and reporting standards they’re obliged to adhere to. Bybit’s volume is up 50% in three months, and is now surpassing $1.5 billion a day, a figure that’s likely to be exceeded when WSOT begins on August 10.