By
Chainwire
May 3rd, 2024
Bybit said the 5ire token was listed on the exchange through its Bybit Launchpad, designed to offer investors an “exclusive opportunity” for early access to new and pre-listed tokens.
Bybit, a cryptocurrency exchange based in Dubai, has today announced the listing of a new token, 5ire, described as a blockchain project that uniquely combines sustainability with state-of-the-art technology.
The token, already available for trading on the platform under the 5ire/USDT pair, saw an impressive surge following the listing, quintupling in value at press time.
Bybit Embraces Technological and Ethical Advancements
The crypto project 5ireChain, whose native token, 5ire, has recently made it to Bybit, was developed and built by Pratik Gauri, a serial Indian entrepreneur.
The protocol was designed as a layer-1 Ethereum Virtual Machine (EVM)-compatible smart contract with a focus on developing a for-benefit blockchain ecosystem based on the Sustainable Development Goals (SDGs) defined by the United Nations (UN).
In a press release shared with Coinspeaker, Bybit said the token was listed on the exchange through its Bybit Launchpad, designed to offer investors an “exclusive opportunity” for early access to new and pre-listed tokens.
The launchpad is only accessible to investors who have committed specific amounts of Mantle (MNT) or Tether’s stablecoin USDT on the platform before listing a particular project.
The company’s CEO, Ben Zhou, said adding the 5ire/USDT pair einforces the exchange’s commitment to supporting projects that can benefit the industry.
“5ire’s integration with Bybit is not just a success story about investment returns; it’s a leap forward in blockchain’s evolution towards sustainability. This listing reinforces our commitment to supporting not only technologically advanced but also ethically grounded projects,” said Zhou.
Bybit’s Industry Standing and Global Presence
Bybit was launched in March 2018 and has since emerged as one of the trusted exchanges in the industry. The company prides itself on being the third largest digital asset trading platform after Binance and Coinbase.
The exchange also boasts of having 20 million users who interact with the platform. According to its website, Bybit offers spot and derivatives trading options.
Despite being headquartered in the United Arab Emirates, the exchange extends its services to users across the world. In June 2023, the company obtained a regulatory license in Cyprus to explore the market legally and offer its product offerings to users in the region.
The company announced at the time that it could now legally provide its suite of services, including trading between crypto pairs and fiat currency pairs, financial services related to crypto assets, and custody solutions specifically curated for clients in Cyprus and EU member states.