Bybit has followed the lead of other crypto exchanges and launched its own P2P marketplace on its website. It is undoubtedly a great step for more alternatives on the crypto market. Even though the options on this crypto exchange seem to be somewhat limited at the moment, both in terms of crypto and fiat options.
As of today, all registered Bybit users can buy the Stablecoin Tether (USDT) from private sellers. In addition, anyone can post their own sell order. Transactions with other users should be simple and secure, at least that is what the crypto exchange promises. In addition, Bybit does not charge any fees – neither for buyers nor for sellers. Bybit wants to enable P2P trading in the app soon.
If you want to read more about Bybit and the newly launched P2P marketplace for Tether, download for free our companion app. The Born2Invest mobile app keeps its readers up to date with the latest business headlines and market trends, so they can stay informed.
Few options at the moment
Nearly 100 different payment methods are said to be potentially available with Bybit’s P2P platform, including PayPal, for example. At the moment, nine fiat currencies are supported: Hong Kong dollar, Australian dollar, Taiwanese dollar, Philippine peso, Russian ruble, Indian rupee, Malaysian ringgit, Vietnamese dong, and Ukrainian hryvnia. However, this list is expected to be expanded in the future.
P2P transactions are one of the best ways to buy and sell cryptocurrencies quickly. The important thing is that you are not limited to the possibilities offered by a centralized crypto platform. But using such a platform as an intermediary ensures that everything takes place in a secure environment.
To ensure security, confirmation is required from both sides. Once the buyer has completed his order, the seller’s coins are held in a temporary depository. Both sides must confirm the success of the transaction.
Users who are on the whitelist have the possibility to customize their offers according to their chosen payment method, local currency, and preferred price. This is all possible through the listing feature.
Ben Zhou, CEO, and co-founder of the crypto exchange commented: “At Bybit, we are excited to introduce P2P to solve niche financial inclusion problems. This fiat currency payment solution provides investors with seamless access to crypto investments. It also frees them from opaque fees, conversions, delays, and high barriers to entry. Bybit is committed to financial innovation and creating new access points to financial freedom.”
About Bybit Crypto Exchange
Bybit is a crypto exchange that was founded in March 2018. It has a trading platform where crypto traders can trade many coins.
The company offers API support as well as various instruments for spot trading and crypto derivatives. There are even products for mining and staking. These are said to be accessible to both retail and institutional customers around the world.
Bybit may not be as big compared to competitors like Binance, but it is an emerging platform that could have a successful future ahead of it.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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