Bybit has made a grand gesture ahead of the industry’s grandest trading competition. The derivatives exchange, founded by CEO Ben Zhou, has promised to donate 5% of the proceeds from its World Series of Trading (WSOT) competition that starts next month. The funds will be handed to UNICEF to support its humanitarian efforts for those affected by Covid-19. Around 10 BTC – close to $110,000 at current prices – could be donated as a result.
In a statement, Bybit’s Ben Zhou spoke of his desire to support children affected by Covid-19 in particular, whose effects extend beyond epidemiological, encompassing school closures and food shortages in the developing world. UNICEF welcomed the pledge, with the organization’s New Zealand Executive Director Vivien Maidaborn stating: “We thank Bybit and traders for their generous Bitcoin donations during this unprecedented global emergency.”
WSOT Gets Crypto Traders Talking
Bybit’s inaugural World Series of Trading competition has gotten the cryptosphere talking, and generated a blaze of publicity ahead of the August 10 launch. More than 8,000 people have completed pre-registration for WSOT, and formal registration for the competition is now taking place. The event, which will run until the end of August, has attracted a mixture of seasoned crypto traders as well as forex and poker pros eager to try their hand at mastering the bitcoin market.
The prize pot of 200 BTC, worth around $2 million, has had traders signing up in their droves, eager to prove their skills and attempt to secure a share of the spoils. WSOT isn’t the first such event Bybit has trialled – last year it ran BTC Brawl, a competition that had 7,000 sign-ups and a 100 BTC fund. World Series of Trading builds upon that foundation, combining a catchier name with twice the prize of its predecessor.
Trading Competitions Grow in Stature
Trading competitions hosted by exchanges are commonly based around new token listings, offering traders a rebate for providing liquidity, though there are a few exceptions. For instance, another futures exchange with a trading competition looming is Digitex. After repeated delays, the platform is finally on the verge of launching at the end of July. $250,000 of DGTX will be given away during a day-long event, during which the company’s CEO will trade against Digitex users while interacting with them online.
Other exchanges to routinely host trading competitions include Binance, CoinFLEX, and KickEX. It’s common for exchanges to award prizes in their native currency – BNB in the case of the most recent Binance event – or in the cryptocurrency being listed. New product launches are also grounds for hosting trading events, such as KuCoin’s June competition to mark the introduction of ETH futures.