On Friday, the Singapore-based cryptocurrency exchange Bybit unveiled its first logo, called “$ BIT”, on its Bybit Launchpad.

Bybit’s BIT listing includes start-up prizes and free donations to participants. Bybit said the Launchpad is open to users who have completed Customer Knowledge (KYC) L1, and ensures that it meets local regulations.

According to the crypto exchange, Launchpad is designed to help connect innovative cryptographic projects and users who may be interested in getting promising projects while protecting users and projects.

“We at Bybit are constantly inspired and amazed by the mysterious and imaginative experimentation in the encryption realm, as well as by the talented and committed people who are working for a better financing future,” said Bybit founder and CEO Ben Zhou.

According to the statement, BIT is the original goal of BitDAO, one of the world’s largest decentralized independent organizations (DAOs), to target massive financial and talent resources to support DeFi growth.

Bybit is an original supporter of BitDAO and is committed to providing a 2.5 bps futures trading volume to the BitDAO state. The contribution in 2021 is projected to be over $ 1 billion per year. The BitDAO fund will have a balance of more than $ 540 million on September 16th.

Founded in 2018, the cryptocurrency provides online spot and derivative services, cloud and DeFi mining products, and API support to institutional and retail customers according to their official website.

Bybit is actively expanding its business into various fields. Last month, the encryption switch platform has achieved a three-year collaboration agreement with e-sports organization Astralis showing its logo on exposure, hoping to expand the cryptocurrency connection in the field of e-sports.

Image source: Shutterstock

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