Bybit, one of the fastest-growing cryptocurrency exchanges in the world, announced on Wednesday, August 3rd, that it's World Series of Trading (WSOT) broke numerous records despite the ongoing bear market.
According to the Bybit team, WSOT is the world's largest crypto trading competition. The competition ended on a high note on July 17, with traders divvying up a record-breaking $8 million prize pool. After 20 days of intense competition, the best traders stacked up profits of over 10,000% despite tough market conditions.
In a press release shared with Cryptowisser, Bybit said roughly 70,000 traders entered this year's competition. The traders were keen to showcase their skills at what has become the crypto trading equivalent of the World Cup. The 70,000 traders recorded in 2022’s edition is double what was recorded last year, unlocking a prize pool that was 100% larger than last year.
"The prize pool was divided into three separate categories. The Squad Race offered $6 million, with the Solo Race, and Speed Zone Loot events offering $1 million each. On top of this, Bybit gave away over 1,000 bonus NFT prizes, which included valuable CloneX and Mutant Ape Yacht Club NFTs.”
The contest was viewed by the broader cryptocurrency market, demonstrating the resilience of emerging digital markets in times of uncertainty. Bybit added that the traders from over 1,000 squads covering 182 regions battled it out, with Korean titans Maeuknam_Team making up the largest team with 3,241 members, followed by Sniper Squad, and Streamer_Satto with 2,565 and 2,232 members, respectively.
Ben Zhou, co-founder and CEO of Bybit, commented that;
"This year, I've been bowled over by the success of the WSOT, both in terms of the number of people and the community spirit of the event. This competition demonstrated the unwavering faith of crypto enthusiasts all over the world; it's a beacon of hope in the bear market."
The cryptocurrency exchange revealed that it had continued its partnership with UNICEF with another donation of $400,000 in BTC. The company added that;
“Bybit is proud to support UNICEF and its work to provide equal access to education and empower girls' education in East Asia and the Pacific. Additionally, the contribution will enhance, scale up, and implement a STEAM (Science, Technology, Engineering, Arts and Mathematics) education pilot program focused on girls in a remote mountainous province in Vietnam.”
Bybit is a cryptocurrency exchange that has been around since 2018. The exchange offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support.
The low Bybit fees make it one of the fastest-growing cryptocurrency exchanges at the moment. Furthermore, Bybit reviews have generally been positive, as the exchange has provided traders with the necessary tools to trade successfully.
Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.