One of the biggest centralized cryptocurrency exchanges, ByBit, recently integrated ApeX Pro into their platform. While most see this move as one to protect the solvency of the company, ByBit says otherwise. As per reports, ByBit has been planning to integrate the decentralized exchange ApeX Pro for several months now. So, the collapse of FTX did not play a role in the formation of this partnership.
Today, ByBit announced that this integration will allow users of both changes to participate in both centralized and decentralized trading. Moreover, this integration paves the way for new Web3 additions to the ByBit platform. For your information, ApeX Pro is a non-custodial, permissionless, decentralized exchange (DEX) that offers perpetual contracts. ApeX makes this possible by using StarkEx, Starkware’s scalability engine. These services are being brought onto the platform through ByBit’s Web3, hybrid wallet. For context, ByBit and ApeX will still operate as two separate entities with two separate teams. This way, they will not be involved in each other’s operations.
Since the FTX collapse, centralized exchanges have been under the microscope as major influencers are keeping a close eye on each and every transaction. The crypto community believes that only this way they can keep the crypto industry clean. As most of you may know, FTX was an extremely credible cryptocurrency exchange – it was also the third biggest exchange in the world. Its collapse shocked the industry and other centralized exchanges are working on avoiding such a meltdown.
ByBit Fires 30% Of Employees
To keep their expenses at a minimum, ByBit decided to fire another 30% of its total workforce earlier in November. This is the second round of layoffs by ByBit in 2022. The co-founder of ByBit, Ben Zhou, believes that cutting deadweight from the company is essential for the company to survive this bear cycle.