In today’s post, we will talk about the recent announcement of collaboration between leading cryptocurrency derivative exchange Bybit and web3 gaming platform Mantle, which is an exciting development for the blockchain industry. Bybit, which already has over 8 million registered users, is cementing its place as a top consumer web3 platform by partnering with Mantle and its popular gaming ecosystem. This strategic partnership has the potential to drive mainstream adoption of web3 and showcase the unique benefits of integrating decentralized technology with gaming.
Both companies stand to gain from this collaboration. By bringing together Bybit’s cryptocurrency tools and extensive users with Mantle’s fast-growing interactive gaming environment, new and innovative web3 use cases can emerge. Users of Mantle can now easily access crypto trading features to redeem rewards or make in-app purchases seamlessly. Meanwhile, Bybit users get access to an entirely new consumer vertical in the world of web3 gaming.
The Benefits of the Collaboration Between Bybit Web3 and Mantle
Here are some potential benefits of a collaboration between Bybit, a cryptocurrency derivatives exchange, and Mantle, an NFT and web3 gaming platform:
- Increased liquidity: Bybit could help provide liquidity and enable trading of Mantle’s native token and any NFTs or other crypto assets issued on its platform. This makes these assets more easily tradable for users.
- Enhanced user experience: Integration between the two platforms could allow for a more seamless user experience. For example, allowing users to easily trade Mantle assets directly on Bybit rather than withdrawing and depositing between platforms.
- Access to new markets: A collaboration could help expand both companies’ user bases and markets. Bybit users get access to innovative NFT/gaming opportunities, while Mantle users get easy exposure to crypto trading from Bybit.
- Shared technology/expertise: The two companies can cross-utilize their tech capabilities and domain expertise. Bybit can provide infrastructure support, while Mantle provides knowledge in building web3/NFT platforms and communities.
- Funding opportunities: Strategic investment or partnerships between the two could help provide new funding streams and monetization opportunities benefiting both companies. For example, exclusive NFTs dropped or trading promotions.
- Increased innovation: Combining strengths could lead to finding new interesting use cases at the intersection of trading, web3 games, NFTs, and community engagement. The possibilities are vast for innovation.
How do I Use Bybit Web3 wallet?
Here are the key steps to using the Bybit web3 wallet:
- Register for an account on Bybit if you do not already have one. This allows you to access all features including the wallet.
- On the Bybit platform, click on “Assets” and select “ByFi Center”. This is where you can access the web3 wallet.
- When you first access ByFi Center, you will need to set a wallet password. This password will encrypt your private key to keep your funds secure.
- You can deposit cryptocurrency funds into your Bybit wallet by clicking deposit and selecting which crypto you wish to deposit. Supported assets include BTC, ETH, SOL, DAFI and more.
- To withdraw funds from your wallet, click on withdraw, select the asset, enter the wallet address you wish to withdraw to along with the amount, and process the transaction.
- You can also track the balance of assets in your Bybit web3 wallet as well as transaction history on the ByFi Center page. This allows you to monitor inbound and outbound wallet activity.
Is Bybit a Wallet or Exchange?
Bybit is a cryptocurrency derivatives exchange, not a wallet. As an exchange, Bybit allows users to trade cryptocurrency derivative products like futures, perpetual swaps, and options contracts rather than directly buying and selling the cryptocurrencies themselves.
Which Sport does Bybit Currently has a Major Partnership?
Bybit currently has a major partnership with the Oracle Red Bull Racing Formula One team. Through this partnership, Bybit serves as the official cryptocurrency exchange partner for Oracle Red Bull Racing as they compete in the 2022 Formula One World Championship season.
How Much Can I Withdraw From Bybit Without KYC?
Bybit allows users to withdraw up to 2 BTC over a 24 hour period without completing KYC verification, though cumulative withdrawals cannot exceed 5 BTC without verification. Users withdrawing over 0.06 BTC in a single transaction without completing KYC will have their withdrawal privileges temporarily restricted.
Which Country is the Founder of Bybit?
The founder of Bybit is Ben Zhou. Originally from China, Ben Zhou later relocated to Singapore and founded Bybit in 2018 while based in Singapore, registering the company in the British Virgin Islands.
Conclusion
The collaboration between Bybit and Mantle leverages the strengths of both platforms to drive innovation and real-world adoption of web3 products and services. With complementary operating verticals in crypto trading and blockchain-based gaming, this partnership sets the stage for other companies across decentralized finance and interactive entertainment to come together. As Bybit and Mantle work hand-in-hand, web3 gets one step closer to mainstream integration. Both companies stand at the forefront of increasing crypto and web3 awareness amongst consumers in a sustainable, strategic manner.
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
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