Bybit launches wealth management product, trusted with “trusted third parties”
As announced on August 8, Bybit Wealth Management is a portfolio that allows users to manage, plan, and invest in cryptocurrencies with no fees.
” Introducing #Bybit Wealth Management: Grow Your Assets Hands-Free in All Market Conditions!
This is our latest innovation which enables YOU to manage, plan and invest in the #crypto market with no fees.”
When investors put money into Wealth Management, the money will be invested by third parties trusted by Bybit to optimize profits while minimizing risk, according to Bybit statement.
The exchange confirms:
“The assets in the Fund Pool will be distributed and managed by trusted third parties who have undergone a rigorous selection process. All strategies are subject to comprehensive risk management oversight.”
To start the market launch phase, Bybit is offering Fund Pools that promise investors a 4.5% APR return on USDT invested. For the VIP customer file, the exchange will provide more incentives such as a variety of investment strategy options.
Bybit’s launch of Wealth Management comes in the context of a rather “dull” market, while the competitive dynamics between exchanges are gradually forming. Like OKX and Huobi, Bybit last month saw spot trading volume surpass that of Binance, according to Bloomberg. In general, at the moment, the volume of the whole industry is on a decreasing trend. In addition, the volume of Bitcoin derivatives contracts on Bybit also decreased significantly, from about 200 billion USD in March to only 85 billion USD in July.
Bybit is a cryptocurrency derivatives exchange founded in 2018, based in Dubai and emerging from 2021-2022. Bybit used to attract a large number of users because it did not require KYC when it was founded, but since the beginning of development and expansion, the exchange was forced to comply with regulations and started a policy that requires KYC users at least first.
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