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Dear Bybit Community,
For the crypto market, 2023 has marked a steady recovery from the lows of 2022, both in terms of price and sentiment. Thanks to the hard work of our dedicated team, Bybit has grown its market share and now sits in the top three crypto exchanges in terms of volume.
December 2023 marks our fifth anniversary, and with the opening of our Dubai headquarters we've laid the roots necessary to continue bringing the best crypto products to a global audience. Our initiatives in the UAE, which include partnerships with the Dubai Multi Commodity Centre (DMCC) and the American University of Sharjah (AUS), reflect our belief in collaboration and the fostering of an open, decentralized future.
This year, we have seen events unfold across the regulatory landscape and the recent developments on one of our competitors. While the clarity and acceptance our industry is campaigning for has yet to materialize fully, we are sure that the steady adoption of digital assets will bring forth improvements to our global financial system.
Bybit's commitment to regulatory compliance is commendable. In 2023 alone, we secured licenses in Dubai, Kazakhstan, Cyprus and will continue to . These efforts demonstrate our responsible approach to operating within the ever-changing regulatory landscape and our commitment to providing a safe and secure trading environment for our users.
Financial education is sorely lacking with most ordinary people left to school themselves in these essential skills. I believe financial education should be widely available, for free, and part of our mission as the world’s Crypto Ark is to provide those resources. To that end, this year we launched TradeGPT, which allows Bybit users to access real-time market analysis and answers to their questions in multiple languages. In this way, TradeGPT acts as a mentor and guide to the exponential world of Web3.
For our traders and institutions, we launched our Unified Trading Account this year, a pivotal innovation that streamlines our clients' trading experience, championing capital efficiency and operational ease. This, combined with our live proof-of-reserves and large investments in security, led to Bybit being recognized with an 'AA' rating in the latest CCData Crypto Exchange Benchmark Report — a testament to our performance in both Spot and Derivatives trading.
Despite the bearish tides that have tested the markets, Bybit has not just endured but thrived, recently capturing close to 20% of crypto derivatives volume. Our top-tier ranking among across numerous metrics, including CoinGecko’s trustworthiness scale, fuels our drive towards greater horizons.
In crypto, we often talk about decentralization, smart contracts, and consensus algorithms. But at the heart of this complexity is a timeless truth: our industry is a catalyst for unity, empowerment, and transparency. We're more than a platform; we're a community — a driving force connecting and elevating individuals, entrepreneurs, and enterprises toward their most ambitious targets.
Each day, I remind our dedicated team that our work transcends mere transactions. We're not just processing trades; we're enabling dreams, facilitating growth, and fostering stability through every market cycle. We are creating a financial system that works for everyone. This is the essence of our Crypto Ark mission, to show the way for progress and prosperity.
Here’s to many more years of pioneering the crypto industry, of taking the journey that will carry us into an open, on-chain future.