Centralized Crypto Exchange Bybit Integrates Decentralized Exchange ApeX Pro Onto Platform
Reports indicate that discussions about moving TRX away from centralized exchanges had been “well under way” prior to the collapse of FTX and increased scrutiny of these types of exchanges.
ApeX Pro, a public decentralized exchange, has agreed to cooperate with Bybit’s centralized crypto Exchange. This will allow for traders to be able to access both types of exchanges from one platform.
ApeX Pro is a new decentralized exchange that utilizes its scalability engine, StarkEx, to increase network capacity and outputs the world’s first perpetual contracts. It will be brought onto the Bybit platform through its Web3 wallet that doesn’t store your details on file.
Centralized exchanges (CEXes) are a common topic in recent news as well. Recently, the once-trusted FTX was revealed to have been a potential fraud which has caused users to lose billions of dollars.
Although the FTX meltdown prompted Bitby to integrate ApeX Pro, Bybit co-founder and CEO Ben Zhou told CoinDesk that “the project had already been well under way before the saga.”
He said, “It’s part of our mission to become a trusted gateway to Web3, and this integration is an essential step on that path.”
This week, Bybit announced that it will be cutting an additional 30% of its workforce as it tries to adjust to the current market’s bearish attitude.
Though ApeX Pro and Bybit are two separate companies, they both share the same founders. “ApeX Pro is a self-sustaining decentralized platform that does not require additional resources from Bybit,” Zhou mentioned.