Bybit Increases Its Grip on the Asian Market with Launch of KRW and JPY Fiat Gateway
Bybit, the Singapore-based derivatives exchange famed for its BTC options, has revealed new fiat gateways for the Asian market. The exchange is enjoying its best month to date thanks to the lure of its World Series of Trading (WSOT) competition that’s captivated the cryptosphere. Now, traders in Japan and South Korea can funnel fiat directly onto Bybit thanks to a fiat gateway that supports their local currency. The exchange has also added Vietnamese language support.
Bybit Fiat Gateway is the exchange’s new fiat onramp that was introduced on June 22 and has since been expanded. 20 new fiat currencies have just been added, including the South Korean won and Japanese yen, giving Bybit a strategic advantage in the Asian market. Bybit’s fiat gateway has been provided by MoonPay, one of the industry’s leading fiat-crypto payment services.
“We are pleased to bring on MoonPay as a service provider to the Bybit Fiat Gateway to make buying crypto easier for our users who use JPY and KRW,” said Bybit CEO Ben Zhou. “The newly launched in-language support allows us to better serve our Vietnamese-speaking users. These efforts deepen our ties with Asia, and demonstrate our continued commitment to better serve our users in more and more localities.”
Bybit Enjoys a Bumper Month
Bybit has been on a roll this month, posting higher trading volume and onboarding a wave of new users enticed by its WSOT competition. A 100 BTC price pool has attracted trading teams from around the globe, including crypto regulars, forex pros, and poker players. In fact, the whole event, which was inspired by Las Vegas’ World Series of Poker, has been styled like a glamorous poker competition, with talking heads providing daily commentary on how the teams are faring, and a betting market for those wishing to wager on the outcome of the event.
Asian Market Starts to Explore DeFi
Away from the futures market that’s dominated by BTC, Asian crypto traders have been tentatively exploring DeFi. The decentralized finance wave that’s taken Ethereum by storm has been slower to take off in Asia, which has reportedly been impaired by limited access to browser wallets such as MetaMask that are required for interacting with DeFi protocols. While Asian cryptocurrency users have yet to embrace DeFi, developers in the region have been experimenting with yield farming products and lending protocols.
To date, these efforts have largely been limited to clones of existing DeFi products, such as YFII, which is based on Yearn Finance and its YFI token. On August 23, Huobi announced that it was listing YFI and YFII. Giving users of centralized exchanges access to DeFi tokens should pave the way for greater exploration of DeFi by Asian traders curious to get in on the yield farming and liquidity mining action that’s captivated Western crypto heads and become 2020’s defining industry trend.