Bybit, a Dubai-based centralized cryptocurrency exchange, announced today that it had integrated ApeX Pro, a Singapore-based decentralized cryptocurrency exchange, into its offering.
ApeX Pro is a permissionless, non-custodial, decentralized exchange (DEX) that provides perpetual contracts by leveraging Starkware’s scalability engine, StarkEx. Its Web3 wallet, a hybrid wallet similar to MetaMask, is used to integrate it into the Bybit platform without storing any personal information about users.
🌊BREAKING NEWS: Perp traders can now enjoy access to #ApeXPro through their Bybit spot account or Bybit Web3 wallet! 🎉🎉🎉
✨@Bybit_Official users can now enjoy multi-chain, gas-free trades on #ApeXPro without the need for KYC!
📖Read more here: https://t.co/dPHdF1ooY8 pic.twitter.com/O6wiCe6ABX
— ApeX Protocol (@OfficialApeXdex) December 8, 2022
Why is the ApeX Pro Integration Important?
The integration makes it possible for traders to take advantage of both DEXs and CEXs. It combines the benefits of decentralized exchanges (transparency, control, and anonymity) with the convenience, security, and ease of use that centralized ones offer. Furthermore, it levels the playing field so traders can feel more at ease using the order book model.
Customers will also be able to seamlessly transfer funds from their Bybit accounts into ApeX Pro, allowing them to start trading right away with instant transactions and zero platform fees.
This integration couldn’t have come at a better time, as many users are reconsidering their use of CEXs due to concerns about asset security.
Integration Not Driven by the FTX Incident and Also Not an ApeX Pro Collaboration
FTX, a once-renowned exchange, turned out to be a house of cards, causing thousands of customers to lose billions of dollars and negatively impacting centralized exchanges.
However, according to Bybit Co-Founder and CEO Ben Zhou, the integration was “well underway before the debacle.” This means it has nothing to do with the FTX disaster. This integration, Zhou believes, is a critical step toward their goal of becoming a trusted gateway for Web 3.
ByBit announced earlier this week that it would be laying off another 30% of its workforce in order to refocus its efforts in the face of “a deepening bear market.” Since ByBit and ApeX Pro are separate entities, the former will not participate in the latter’s operations. Apex Pro, according to Zhou, operates independently of the company that hired it.
However, the latest move by ByBit has made many people more likely to stay bullish on crypto.
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