Calling 2020 “quite the year” would be an understatement!
A relatively orderly start to the year quickly descended into confusion and absolute chaos. And that’s before we even get to all the happenings in the crypto market!
2020 is the year that most would remember as the year of the global pandemic — the Covid 19 virus. As a result of the virus, countries worldwide experienced mass shutdowns, travel bans, quarantines, and a lot more to count. In addition, we had the U.S. presidential election, the market crash (and recovery), and so many financial stimulus packages that even Scrooge McDuck would bat an eye.
In the crypto market, we bore witness to the Bitcoin crash in March due to excess leverage. However, it quickly recovered, halved, and more people than ever were spurred on by the increasing media coverage around the digital asset. This was also the year of DeFi, the year stablecoins gained some traction, and the year Dai was shot down but was resurrected only to come back stronger than ever.
Every year has its ups and downs, though some would consider 2020 to be one of the most topsy turvy in recent history. Generally, there were many lows and a few highs in 2020. Overall, we could call 2020 the year that wasn’t.
But for crypto and Bybit, 2020 demonstrated that we’re ready for the big show.
When we launched our platform in December 2018, we knew that our journey would be a long and challenging one. We weren’t just creating another crypto exchange following the industry blueprint; we were looking to elevate the industry to provide the fairest, most transparent, and most robust crypto derivatives exchange, accessible to people all over the world.
That was our mission. To challenge rather than conform; to innovate instead of copy and paste, to elevate instead of following a template. It’s not been an easy journey… we’ve had to jump multiple hurdles to get to where we are now.
We now have over 1 million users the world over!
Here’s a recap of what 2020 looked like for Bybit:
A Modern Day Gold Rush
Volatility in the crypto market is pretty much like calling the sky blue or the grass green… it’s obvious. But unlike previous years, 2020 has been one long thrill ride!
Much like Manchester City winning the 2011/12 Premier League in injury time in their last match of the season, or when the Boston Red Sox swung a 0-3 deficit against bitter rivals, the New York Yankees in 2004, to be crowned MLB champions of the American League Champion Series, the crypto market has a reputation for changing quite suddenly.
To give you some context, here’s a recap of how some of the most popular cryptocurrencies faired in 2020:
- BTC started the year at $7,173 on Jan. 1, and went on to reach $28,397 on Dec. 27 2020
- ETH began the year on $128.6 on Jan. 1, and went on to hit $748 on Dec. 28 2020
- BTCUSDT was $6,690 on Mar. 25, and reached $28,633 on Dec. 15 2020
Record Trading Volume
Bybit experienced significant growth in 2020, with trading volume growing steadily throughout the year.
Best-In-Class Customer Service
When it comes to our customers, it’s never a case of “computer says noooo.”
When Bybit was founded, it was built on the key principle that the customer is at the very center of everything we do. It’s why we created our brand values — listen, care and improve.
We understand that things don’t always go to plan; we’ve experienced this ourselves. That’s why we offer 24/7 customer support for anyone who needs it, wherever they are, whenever they need.
Our customer support service is something we take great pride in. Whether you have a burning issue or just a quick query that you need some help in getting the answer to. You can get the help you need almost instantly. All you need to do is click on the ‘Live Chat’ icon on the Bybit website, submit your question and one of our dedicated customer support team will aim to respond within 60 seconds! Live chat is now available in English, Chinese, Japanese, Russian, Korean and Vietnamese.
As well as our ‘Live Chat’, you can also contact us by email at email@example.com.
Here’s a snapshot of our customer support numbers in 2020:
Trading Competitions & Giveaways
With everything that’s happened this year; with all the added pressure and stresses that no one could have accounted for, we wanted to try and inject some fun back into trading. After all, trading doesn’t have to be a nerve-racking experience.
That’s why in August this year, we launched the second edition of one of the world’s largest crypto derivatives trading competitions, the World Series Of Trading (WSOT). With a mouth-watering prize pool of up to 100 BTC and 90,000 USDT; over 12,368 traders formed 135 teams to partake in the competition for a chance to win a slice of the pie.
Additionally, we’ve held a number of smaller competitions with some fantastic prizes for the crypto trading community in a bid to make trading more fun and engaging, and to show our appreciation for our users.
Sponsorships & Partnerships
Yes, that’s right! When the whistle blew at the start of the year, we had our goal in sight! We tapped a few passes, switched the play, played a quick one-two to get into the final third, nutmegged the competition, got to the 12-yard spot and finally stroked the ball into the top right for a “GOOOAAAALLLLL”!
As well as wrapping up this year with our highest recorded trading volume to date, we also tied up a hat trick global partnership with the “Black and Yellow” of the sports world — the one and only Borussia Dortmund (Ballspielverein Borussia 09 e.V. Dortmund or BVB).
As a young and ambitious company, we identify with the authenticity and youthful energy for which BVB is well-known around the globe, as well as the diligence and relentlessness that Borussia Dortmund players radiate. Through this partnership, we want to demonstrate that we are here for the long run.
Two highly ambitious parties sharing similar goals (pun intended) — it’s a match (yes — we did it again) made in heaven. Expect to hear much more about this in 2021.
A Time of Giving
So many people were affected by the global pandemic this year. For many, it’s been an incredible challenge.
That’s why, earlier this year, we partnered with UNICEF during the WSOT tournament, and pledged a donation of 5% of the total prize pool — 10 BTC. We have great admiration for UNICEF and support of the integral work they carry out throughout the year. We’re pleased to contribute to such a worthy cause, in helping to plug a severe funding gap left by the pandemic which put millions of vulnerable children at risk.
It’s important to continue to support these incredible organizations whenever possible and we will continue to do more over the coming years.
New Products & Features
The crypto market experienced exponential growth these past 12 months. From the DeFi frenzy to the commencement of work on ETH 2.0, and even BTC’s price hitting an all-time high — it’s been one heck of a rollercoaster!
Throughout the year, Bybit witnessed new and emerging trends. However, rather than running the chase, we decided to set the pace. We doubled down on R&D to deliver industry-first innovations.
We took the time to listen to our customers to find out how we can better serve them and improve our platform for their benefit.
Looking Forward to 2021
2020 was an incredible year for crypto and for Bybit. In addition to all the new products and features, every week, we delivered uninterrupted hot patch updates making subtle improvements to the Bybit UX whilst ensuring our customers experienced no down time.
And as they say, “time is money”, so we also made our website and mobile app considerably faster, reducing load times drastically so you don’t miss a beat!
2021 is already shaping up to be an exciting year for us. We recently announced that we’ll be bringing you:
- Quarterly Futures
We’ll soon be introducing BTCUSD Quarterly Futures contracts which will allow traders to buy or sell an underlying asset at a predetermined price at a specific date in the future.
We’re learning, we’ve listened to your requests, and we’re improving. Next quarter, we’ll be bringing you Sub-Accounts. Sub-Accounts will be bound to a primary account and may represent a different user or trading strategies. This will help to provide you with a more integrated trading experience and diversified approach.
- MT4 Integration
MetaTrader 4 includes comprehensive technical analysis, a versatile trading framework, and algorithmic trading tools that are typically used by foreign exchange traders. With this MT4 integration, we endeavor to provide users with a richer end-to-end experience, enabling more traders to delve into crypto and easily diversify their portfolios.
We will continue to work hard to ensure you receive the best possible crypto derivatives trading experience available in the market. We will continue to push the boundaries of what’s possible and more importantly, we will continue to listen, care and improve, for you. After all, we wouldn’t be here without you and your continued support.
To all of you reading this, we’d like to thank you for being part of the Bybit journey. We wish you a wonderful new year’s celebration, and a prosperous new year ahead!
Bring on 2021!