Singapore-based crypto derivatives exchange Bybit continues to expand its offerings with four new trading pairs added to the platform’s Tether (USDT) perpetual trading catalog. With the new trading pairs in tow, Tether perpetual contracts now cover five different cryptocurrencies.
Bybit’s new offering will also likely help to make crypto derivatives even more popular. The market segment has in recent times experienced a significant increase becoming arguably the most sought-after financial product on any cryptocurrency exchange.
Bybit Rolls Out USDT Perpetual Trading for 4 New Crypto Pairs
Bybit announced the news of the expanded USDT perpetual trading offering via a press release shared with Blockonomi on Oct. 21. According to the press statement, Ethereum (ETH), Chainlink (LINK), Litecoin (LTC), and Tezos (XTZ) are now the latest cryptos that can be traded against USDT.
These new trading pairs join the already existing BTC/USDT, BTC/USD, ETH/USD, XRP/USD, and EOS/USD perpetual contract pairs. As previously reported by Blockonomi, Bybit introduced USDR perpetual contracts trading back in March 2020.
As part of the announcement, Bybit revealed that the decision to expand its USDT perpetual contracts offering is based on the increased patronage of the platform. Commenting on the move, Bybit CEO Ben Zhou remarked:
In response to popular demand, we are bringing four new USDT trading pairs to our platform. We are delighted to be able to launch these products already refined from day one, so we may deliver the same level of liquidity traders have come to expect on the Bybit platform.
Trader Incentives and Expanded Fiat Support
To incentivize trading on the newly introduced pairs, Bybit is also launching a lottery program as well as fee discounts. The platform also has a referral program that guarantees up to 20% trading fee discounts upon successful referrals.
Bybit is no stranger to incentivizing users as a way of bootstrapping new trading opportunities. Upon launching USDT perpetual contracts in March, the crypto derivatives exchange held a Tether airdrop campaign which saw active users win up to 1,000 USDT.
The expanded USDT perpetual contracts market is also the latest platform upgrade embarked upon by the exchange. In August, Bybit increased its list of supported fiat currencies from 23 to 43 thus improving its standing as a fiat-to-crypto gateway service.
Bybit also recently concluded the maiden edition of its World Series of Trading (WSOT) contest with winners carting away a total prize pool of $1.27 million. The exchange also donated about $100,000 from the competition to UNICEF in support of relief efforts targeted at vulnerable children affected by the COVID-19 pandemic.
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