Bybit Hits 40 Million Users Milestone After Acquiring 10 Million Users in Less Than a Month

Bybit one of the top three crypto exchanges by market share has hit a milestone of 40 million users after it acquired 10 million users in less than a month.

Bybit, one of the top three crypto exchanges by market share, has hit a new milestone of 40 million users after adding an impressive 10 million users in less than a month.

The crypto exchange, which remains one of the last crypto exchanges to offer Peer to Peer trading services in Nigeria, trails Binance in the list of top crypto exchanges by market share.

The milestone was shared on X by Nigerian crypto enthusiasts with an infographic detailing Bybit's journey through the years to reach its new milestone.

Ben Zhou, co-founder and CEO of ByBit, commented on the milestone in an earlier statement, saying that the impressive 40 million users is a monumental achievement that also highlights the great responsibility entrusted to the Bybit team to deliver a seamless experience for its users.

Some of the key achievements highlighted by the platform in its milestone include its rapid growth, onboarding 10 million users in less than a month, and its position as the second largest crypto exchange in the industry by market capitalization.

The platform also boasts an average daily trading volume of US$25 billion, with a recent all-time high of over US$100 billion, indicating strong market confidence in the platform.

Bybit trails Binance, which leads the crypto exchange market with a global market share of 40%, with Bybit in second place with a global market share of 20%.

Bybit also boasts 10 million active Web 3 wallets within its ecosystem as it positions itself to drive mass Web 3 adoption.

Bybit in Nigeria

Despite Bybit's strong performance, the crypto exchange has faced criticism in Nigeria several times for its lax rules regarding bad actors in the industry.

The Nigerian Web 3 community complains that its P2P section is full of scammers and bad actors who don't keep their side of the bargain and are inherently unsafe for crypto trading.