On Friday, Singapore-based cryptocurrency exchange Bybit announced its first token, called “$BIT”, on its Bybit Launchpad platform.
Bybit’s listing of BIT will include the launching rewards and free giveaways for participants. Bybit said the Launchpad is open to its users who have completed know-your-client (KYC) L1, ensuring compliance fulfilling local regulatory requirements.
The crypto exchange said the Launchpad is designed to help connect innovative crypto projects and users who may be interested in gaining exposure to promising projects while protecting users and projects alike.
“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” said Ben Zhou, co-founder and CEO of Bybit.
According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.
Bybit is an initial proponent of BitDAO and has pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. The contribution, at 2021 rates, is projected to exceed $1 billion per year. The BitDAO treasury balance stands at more than $540 million as of Sept. 16.
The crypto exchange was founded in 2018, providing online spot and derivatives trading services, cloud and DeFi mining products, as well as API support to institutional and retail clients, according to their official website.
Bybit is actively expanding its business to different sectors. Last month, the crypto exchange platform has reached a three-year cooperation agreement with e-sports organisation Astralis by displaying its logo for exposure, in the hope that to expand the connection of cryptocurrency in the e-sports industry.