Bybit Enters Switzerland’s Crypto Market via Dual Sponsorship amid MiCA Regulation Implementation

UTC by Steve Muchoki · 3 min read
Bybit Enters Switzerland’s Crypto Market via Dual Sponsorship amid MiCA Regulation Implementation
Photo: Unsplash

Bybit has grown to a major cryptocurrency exchange supporting the web3 space and the seamless adoption of digital assets, through regulated channels.

As the European-based Web3 companies continue to grow through the Markets in Crypto-Assets (MiCA) regulatory framework, the Bybit cryptocurrency exchange, a Dubai-based firm with more than 33 million users, has been making its grand entry into the Switzerland market. The top-tier cryptocurrency exchange, which has listed around 509 digital assets for trading, sponsored two major events in Switzerland in June.

On June 5, 2024, Bybit hosted an exclusive event with Inacta Ventures for the opening evening of the Swiss Summer Web3Fest at the Shed, in Zug, Switzerland. Remarkably, Bybit’s sponsored event was inaugurated by Heinz Tännler, the Finance Minister of Zug. The crypto firm managed to bring together more than 100 institutional investors, asset managers, and high-frequency traders.

The following day,  Bybit sponsored the Networking Luncheon of the 6th edition Crypto Valley Conference. As a result, Bybit managed to attract diverse people to its booth to further inform them about its product offerings while still exploring potential collaboration opportunities.

Moreover, Bybit has grown into a vibrant web3 ecosystem through its backing of different startups over the years.

“Bybit was one of the sponsors at the Swiss Summer Web3Fest and the Crypto Valley Conference. These events offered valuable opportunities for building strong relationships within the institutional space,” said Eugene Cheung, Head of Institutions at Bybit. “Our participation provided opportunities for Bybit to connect with leading investors and asset managers, fostering mutually beneficial partnerships that will usher in a new era of crypto investing.”

Bybit and the Crypto Market Outlook

Bybit has grown over the years to a major Web3 firm currently holding more than 51k Bitcoin (BTC) in its wallets. In a bid to remain more competitive in an industry that is highly valued by both retail traders and institutional investors, Bybit has continued to build robust communities.

Furthermore, Bybit is actively competing with other crypto exchanges in the market led by Binance, Coinbase Global Inc (NASDAQ: COIN), Bitfinex, Gemini, and OKX, among many others.

Nonetheless, the cryptocurrency market is a fast-growing industry currently valued at about $2.2 trillion, thus capable of accommodating more web3 startups in the long haul. According to a recent survey, about half a billion people around the world have invested in the crypto industry.

With the recent approval of spot Bitcoin and Ethereum exchange-traded funds in the United States, Hong Kong, and Thailand, more funds are expected to proliferate into the crypto space ahead.

Moreover, the cryptocurrency market is in a macro bull cycle that was triggered by the fourth Bitcoin halving. As a result, it is safe to assume more people will adopt the Web3 protocols and digital assets to streamline their financial transactions.

Cryptocurrency News, News
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