So much had happened in 2024, with the U.S. election to BTC finally hitting its all-time high of over $100k. In this dynamic episode of Lessons From the Block, Bybit CEO Ben Zhou takes center stage to unveil the latest innovations, products, and initiatives shaping the platform’s trajectory. With a focus on inclusivity, accessibility, and cutting-edge solutions, Ben blends industry insights with personal reflections, concluding with a lively, rapid-fire Q&A session that offers a glimpse into his vision and personality.

What Exactly Is Bybit’s Islamic Accounts as A Milestone in Financial Inclusivity?

One of the key highlights of the episode is Bybit’s pioneering launch of Bybit’s Islamic accounts— a groundbreaking step to make cryptocurrency trading accessible to Muslim users. This initiative was driven by valuable feedback gathered during Bybit’s outreach efforts in Malaysia, where the team identified the challenges Muslim traders face in adhering to Shariah-compliant financial practices.

Bybit spent over a year collaborating with certified boards to develop a product that aligns with Sharia principles, ensuring inclusivity and accessibility. The Islamic account currently supports over 40 trading pairs and has received overwhelmingly positive feedback. Looking ahead, Bybit aims to strengthen this offering by partnering with Islamic banks and financial institutions to provide users with a broader range of compliant tools and opportunities.

Bybit Card Is Yet Another Milestone for Bybit to Redefine Crypto Spending

Bybit Card is emerging as a game-changer for crypto enthusiasts as Ben highlights its standout features, including:  

• Unmatched Cashbacks: Users can enjoy up to 10% cashback on transactions.  

• Auto-Saving Capability: Idle balances generate an annual yield of up to 12%, seamlessly blending spending convenience with passive income.  

• Global Usability: Powered by MasterCard, the card is accepted worldwide and supports multiple cryptocurrencies, including BTC, ETH, and stablecoins.  

The Bybit Card bridges the gap between crypto and daily life, allowing users to spend their digital assets effortlessly. Currently available across Europe, Asia, Argentina, Brazil, and the CIS region, with plans for further expansion that are already underway.

Bridging Traditional and Crypto Markets with Bybit’s Gold and FX

 Recognizing the growing demand for diversified trading opportunities, Bybit has expanded its ecosystem by introducing Bybit's Gold and FX trading via the MT5 platform. Ben emphasizes that this feature caters to crypto users seeking exposure to traditional markets while staying within the crypto ecosystem.

The MT5 platform enables users to trade major indices like the China A50, precious metals such as gold and silver, and even commodities like sugar. Notably, Bybit is the only crypto exchange offering an MT5 platform where users can trade traditional assets directly using cryptocurrencies. This initiative aligns with Bybit’s mission to empower traders with access to various market opportunities and seamlessly transition from crypto to traditional financial assets.

BbSOL is Yet Another Creative Approach to Yield Generation

Bybit’s introduction of bbSOL, a liquid staking derivative (LSD) for Solana holders, underscores its commitment to innovation. Users can exchange their Solana (SOL) for bbSOL, which accrues yield over time. As the value of bbSOL appreciates, users benefit from passive income without compromising liquidity.

What sets bbSOL apart is its gamified experience. Users can “feed and walk” their digital bbSOL mascot, akin to a modern-day Tamagotchi. The protocol also supports staking for other assets like Lido staked ETH (stETH) and will soon expand to include Bitcoin staking through the upcoming fBTC protocol.

Pushing Through the Boundaries with Bybit’s Philosophy: Listen, Care, Improve

Ben reinforces Bybit’s core philosophy throughout the conversation: "Listen, care, and improve.” This principle underpins every initiative, from introducing Islamic accounts to launching the Bybit Card, MT5 trading, and the launch of bbSOL. Bybit remains dedicated to creating a platform that is inclusive, accessible, and aligned with the needs of its global user base.

This episode of the podcast serves as a testament to Bybit’s forward-thinking approach to crypto innovation and its unwavering commitment to inclusivity. With revolutionary products like the Bybit Card, Islamic accounts, and MT5 trading, the platform continues to set new standards in the industry. As the year-end is approaching, we’d like to give thanks to our loyal users who have trusted and been through the journey of growth with us. We appreciate it if you’d stay tuned for future episodes as “Lessons From the Block” as we explore the exciting frontiers of the cryptocurrency ecosystem and grow together to achieve new heights in the upcoming years. 

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