In a bid to serve its users better, Bybit has collaborated with SWFT blockchain. In a blog post released on Friday, the cryptocurrency exchange described the collaboration as a strategic partnership that will focus on improving its cross-chain services. As announced, the strategic collaboration will “unlock an unparalleled network and liquidity for Bybit users.”
Also, the partnership will offer a pathway to Bybit Web3 Swap users to access SWFT’s vast network. In the announcement, the cryptocurrency exchange established that the SWFT network consists of more than 50 mainnets. With such enormous support, users of the Bybit Web3 Swap will have more opportunities to explore and trade a wide range of cryptocurrencies seamlessly.
In return, the development will empower users to enjoy swift processing of transactions and tighter spreads. Furthermore, the collaboration will focus on inventing a more inclusive and user-friendly web3 sector for every category of users. Hence, it will as well equip users to explore the web3 landscape without fear. Meanwhile, the recent strategic partnership with the SWFT network surfaced after the cryptocurrency exchange exited the United Kingdom’s virtual assets market.
Recall that Binbits reported that Bybit stopped residents of the UK from registering on its platform on October 1, 2023. Then, the exchange cited the unclear cryptocurrency regulation as the reason behind the exit. However, Bybit failed to rule out a return to the United Kingdom’s virtual asset market. According to the report, the exchange hinted that the introduction of new supporting rules by the UK government may compel it to reconsider its position.
Reaction to the Strategic Collaboration between Bybit and SWFT
Despite the setback of exiting the UK market, the exchange has focused on maintaining its reputation as one of the leading virtual assets service providers in the world. The recent strategic collaboration with SWFT is a testament to the pursuits of Bybit. Presently, the exchange is ranked by Coinmarketcap as the 3rd largest cryptocurrency platform by trading volume.
It is worth mentioning that the Marketing & Opps of Bybit Web3, Emily Bao weighed their opinion on the strategic partnership between the exchange and SWFT network. The executive established that the partnership will unlock unprecedented liquidity and accessibility.” They further added that the collaboration will make Bybit Web3 Swap “the ultimate springboard” for users willing to explore “the decentralized future.”
Likewise, Emily Bao concluded that the partnership will strengthen the exchange to onboarding more users from web2 to the web3 landscape. Lastly, the executive added that Bybit will focus on designing a “decentralized ecosystem that is simpler, open, and equal for all.”