- Bybit integration will offer transparency, self-custody, and privacy of decentralized platforms.
- To access Apex Pro integration Bybit users must need to transfer money from their Bybit accounts.
Despite, FTX collapse, centralized cryptocurrency exchange Bybit announced on Thursday that it has joined the decentralized exchange ApeX Pro into its platform, to offer users both types of exchanges on one platform.
ApeX Pro is a non-custodial, decentralized exchange, which offers perpetual contracts by utilizing StarkEx, StarkWare’s scalability engine. Now it’s being added to the Bybit platform through its Web3 wallet, a hybrid wallet that operates similarly to MetaMask but doesn’t keep track of its user’s private data.
How will the Integration Work?
Following the FTX collapse, centralized exchanges have come under strict scrutiny. However, Bybit is trying to rebuild industry confidence. As ApeX Pro to Bybit product offering will also provide users with more opportunities to fully utilize both centralized exchange and decentralized exchange features from a single platform.
Through the integration, users will be able to make transactions more conveniently, which is expected to combine the usability of centralized exchanges with the transparency, self-custody, and privacy of decentralized platforms.
Further, users of Bybit must need to transfer money from their Bybit accounts to access Apex Pro integration. Also, users can start trading right away because the funds are transmitted instantly and without paying platform fees. In addition, Bybit recently formed a $100 million fund to encourage institutional investors into its network.
Moreover, Bybit stated earlier this week that it would further reduce its workforce by 30% as it attempts to refocus its operations amid a worsening market momentum.
