Centralized Crypto Exchange Bybit Integrates Decentralized Exchange ApeX Pro Onto Platform

The move had been “well under way” prior to the collapse of FTX and heightened scrutiny of centralized exchanges.

AccessTimeIconDec 8, 2022 at 10:00 a.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC

Dubai-based centralized crypto exchange Bybit has integrated decentralized exchange ApeX Pro into its offering in an effort to give customers the opportunity to trade on both types of exchanges on one platform, Bybit said Thursday.

ApeX Pro is a permissionless, non-custodial, decentralized exchange (DEX) offering perpetual contracts using StarkWare's scalability engine, StarkEx. It’s being brought onto the Bybit platform via its Web3 wallet, which is a hybrid wallet – similar to MetaMask – that doesn’t store client personal details.

  • Has Crypto Become Political?
    00:51
    Has Crypto Become Political?
  • FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
    02:14
    FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
  • DJT Token Rallied 180% on Trump Rumors
    00:55
    DJT Token Rallied 180% on Trump Rumors
  • How Fed's Interest Rate Decisions Could Affect Crypto
    21:50
    How Fed's Interest Rate Decisions Could Affect Crypto
  • Centralized exchanges (CEX) have recently come under increased scrutiny after the once-trusted FTX turned out to have been a potential fraud that caused thousands of users to lose billions of dollars.

    But the FTX meltdown isn’t the reason for Bybit’s integration of ApeX Pro, which had been “well under way before the saga,” Bybit co-founder and CEO Ben Zhou told CoinDesk.

    “It’s part of our mission to become a trusted gateway to Web3 and this integration is an essential step on that path,” he said.

    Earlier this week, Bybit announced it would cut another 30% of its workforce as it tries to refocus its operations amid “a deepening bear market.”

    Because ApeX Pro and Bybit are separate entities, Bybit will not be involved in the operations of ApeX Pro and both teams are separate. “ApeX Pro is a self-sustaining decentralized platform and does not require additional resources from Bybit,” Zhou said.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Helene Braun

    Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.