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Bybit Integrates First Decentralized Exchange Apex Pro into Its Platform

Kester Odero by Kester Odero
December 8, 2022 - 12:55 pm
in altcoins news, bitcoin news
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According to a earlier press release, to give consumers the chance to trade on two types of exchanges on one platform, the Dubai-based centralized cryptocurrency exchange (CEX) has added decentralized exchange (DEX) ApeX Pro to its service. The transition was already “well under way” before the demise of FTX and increased scrutiny of centralized exchanges. 

Perpetual contracts are offered by ApeX Pro, a permissionless, non-custodial DEX that uses StarkEx, the scaling engine from Starkware. According to the statement released, it is being added to the platform through its Web3 wallet, a hybrid wallet that works similarly to MetaMask but doesn’t keep track of its users’ private information.

🌊BREAKING NEWS: Perp traders can now enjoy access to #ApeXPro through their Bybit spot account or Bybit Web3 wallet! 🎉🎉🎉

✨@Bybit_Official users can now enjoy multi-chain, gas-free trades on #ApeXPro without the need for KYC!

📖Read more here: https://t.co/dPHdF1ooY8 pic.twitter.com/O6wiCe6ABX

— ApeX Protocol (@OfficialApeXdex) December 8, 2022

The Bybit development was neither FTX-driven nor an ApeX collaboration

The once-trusted FTX proved a potential scam, causing thousands of customers to lose billions of dollars and censured centralized exchanges. However, Bybit’s integration of ApeX Pro, which was “well underway before the debacle,” according to the firm’s co-founder and CEO Ben Zhou, is not a result of the FTX catastrophe. According to him, this integration is a crucial step toward achieving their aim of being a trusted gateway to Web3.

The firm also said earlier this week that it will further reduce its employee base by 30% as it attempts to refocus its activities amid “a deepening bear market.” The firm will not be engaged in the activities of ApeX Pro because the two organizations are independent of one another. According to Zhou, the decentralized platform Apex Pro is autonomous and does not require extra resources from the engaged firm. Despite FTX’s recent developments, the company’s new move and the many crypto books serve as an encouraging factor for many to remain bullish on crypto. 

Tags: AltcoinsApeXproBitcoinBybitCryptoDEX
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Kester Odero

Kester Odero

Kester is a Kenyan citizen currently based in the country’s capital Nairobi who studied at KCA university, also based in Nairobi, Kenya.His Passion as a writer led him to freelance news writing in his early school years. Kester likes to talk about blockchain and is keen on generating plagiarism-free work. Kester also writes on general world news and other emerging niches and research in the crypto world and the world's economy.Kester is focused on creating high-quality and highly optimized content. In line with this, he has specialized in emerging blockchain news technical analysis and price predictions. BestHe is dedicated to giving the best quality services and focused on delivering work during the required time.

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