Crypto derivatives exchange Bybit has dipped into its bitcoin reserves and pledged up to 10 BTC to Covid-19 relief. The benevolent gesture will support humanitarian efforts made by UNICEF, who will receive the donation, while further raising the profile of Bybit’s World Series of Trading (WSOT) competition.
The forthcoming WSOT event has taken the industry by storm, placing other trading events in the shade on account of its 200 BTC prize pot and the status of the competitors rumored to be taking part. Poker pros, forex experts, and leading crypto traders will go head to head in August for the $2.2 million prize (at current prices). Bybit’s decision to donate 5% of the proceeds to charity demonstrates the exchange’s commitment to CSR, which is part of a broader industry trend to give to charitable causes.
“As the Covid-19 pandemic continues to cast its long shadow around the globe, its secondary impact is being felt by vulnerable children, who are the future of our world,” said Bybit CEO Ben Zhou. “Their situation is exacerbated by school closures, inadequate care, and shortages in food, sanitation supply, and medical resources. We at Bybit urgently feel it is incumbent upon us to support the ongoing efforts to safeguard our future.”
Bitcoin’s Biggest Ever Trading Event Draws Near
Expectations are high for Bybit’s WSOT, an event unlike anything the crypto industry has ever seen. While flagship events of this nature are common in other industries – most notably with the World Series of Poker – Bybit’s WSOT is a first. The event draws its inspiration from the poker world and builds upon last year’s BTC Brawl, a forerunner competition hosted by Bybit that attracted 7,000 participants.
Pre-registration for WSOT has now concluded, attracting 8,000 signups already, and formal registration for all remaining applicants is currently taking place. The competition does not require a minimum deposit size to participate: the outcome is determined by each trader’s cumulative profit vs loss percentage. Participants who don’t walk away with a share of the prize can take consolation from the 20% reduction in trading fees they can claim for the duration of the event, which starts on August 10.
Crypto Does Its Bit for Charity
Cryptocurrency companies, exchanges especially, have made a point of donating generously to charitable causes, recognizing the good this does for those less fortunate while bolstering the industry’s standing in the eyes of the world. Binance Charity Foundation has directed its efforts towards combatting the effects of coronavirus through launching Crypto Against COVID, while projects like GiveSafely have attracted members of the crypto community who have coins to spare and a cause to support. The project, which operates on the Ardor blockchain, enables charitable donations to be made to a range of organizations using cryptocurrency.
Bybit has come a long way from humble beginnings in March 2018, when the Singapore-registered exchange emerged offering a means of trading BTC and ETH derivatives. As its market share has grown, so has the number of initiatives it oversees. A prolific 2020 has seen the exchange introduce a mutual insurance fund for traders, add USDT perpetual futures, and announce its World Series of Trading event.
“This is an exciting opportunity to partner with Bybit and better shape the lives of children significantly impacted by Covid-19,” said UNICEF NZ Executive Director Vivien Maidaborn. “We thank Bybit and traders for their generous bitcoin donations during this unprecedented global emergency.”