Bybit, the second-largest cryptocurrency exchange by trading volume, currently has more open interest on its XRP futures market than Binance, the largest exchange by trading volume. This development comes amid the crypto exchange’s recent expansion to the Kazakhstan market, having gained full license to provide crypto trading services in the country.
Bybit Tops Binance In XRP Futures Trading
Coinglass data shows that Bybit has topped Binance in XRP futures trading. The former currently boasts $195 million in open interest for its XRP/USDT futures trading pair, while Binance has $172 million in open interest for its XRP/USDT futures market. This open interest refers to the number of derivative contracts traders currently hold on the exchanges.
Therefore, higher open interest on Bybit will typically suggest that the exchange is the go-to for XRP traders rather than Binance. However, that isn’t exactly the case, as Binance still boasts more trading volume for this XRP futures trading pair than the second-largest exchange.
In the last 24 hours, the top exchange by trading volume recorded a trading volume of $419 million on its XRP futures market, while the second-largest exchange witnessed a trading volume of $186 million on its XRP futures market.
Meanwhile, Binance is also dominating the XRP spot market. $131 million has been traded on the exchange’s XRP spot market in the last 24 hours. During this period, Bybit has recorded $50 million in XRP spot trading volume. Both exchanges will continue to go head-to-head, considering that they are the largest by trading volume.
Expansion Into The Kazakhstan Market
Bybit has gained one ahead of Binance, receiving a full license to offer crypto services in Kazakhstan. Both exchanges had initially made headways into the market when they received formal consent from the regulators to gain a permit. However, having obtained a full license from the Astana Financial Service Authority (AFSA), the exchange has become the first to get the green light to provide crypto trading services in the country.
The crypto exchange announced that the full authorization will allow them to offer a comprehensive range of services, including digital asset trading and custody. The exchange will also be able to deal in investments both as an agent and principal while managing investments for its customers.
The platform will offer various products such as spot and derivatives trading, margin trading, and crypto loans. According to the announcement, the crypto exchange’s Kazakhstan website, under the domain “bybit.kz,” will launch in mid-October 2024.
This announcement follows the exchange’s recent launch of Islamic crypto accounts, which seek to cater to the needs of Muslim investors. These accounts won’t offer interest, allowing these investors to trade crypto comfortably.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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