Bybit in a statement today, its Dubai-based center cryptocurrency exchange, Bybit’s decentralized exchange to give its customers the opportunity to trade on both types of exchanges on a single platform. ApeX Pro announced that it has incorporated it.
Centralized Cryptocurrency Exchange Bybit Integrates Decentralized Exchange ApeX Pro into Platform
Before the collapse of FTX and increased scrutiny of centralized exchanges, this move was going pretty well.
ApeX Pro is a permissionless, unsupervised, decentralized exchange that offers perpetual contracts using Starkware’s scalability engine, StarkEx.
It is brought to the Bybit platform through the Web3 wallet, a hybrid wallet similar to MetaMask that does not store the customer’s personal information.
Centralized exchanges (CEXs) have come under more scrutiny recently after the once-trusted FTX was revealed to be a potential scam that caused thousands of users to lose billions of dollars.
However, Bybit co-founder and CEO Ben Zhou said that the collapse of FTX was not the reason for Bitby’s ApeX Pro integration.
“It’s part of our mission to be a reliable gateway to Web3, and this integration is an important step in that direction,” he said.
Earlier this week, Bybit announced it would cut another 30% of its workforce as it tries to refocus on its operations amid a “deepening bear market”.
As ApeX Pro and Bybit are two separate entities, Bybit will not be involved in ApeX Pro’s operations and both teams will be separate.
“ApeX Pro is a self-sustaining decentralized platform and does not require additional resources from Bybit,” said Zhou.
*Not investment advice.
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