Coinbase is a name everyone is familiar with. It is the top-most and leading exchange platform when it comes to the Bitcoin Prime system. People all around the world rely on it and it contains a huge user case as it has users all around the globe. It is a decentralized platform and has no intermediary or centralized authority controlling it. Moreover, all major and famous crypto assets are available on this platform.
Now coming to the contrasting exchange platform, we have Bybit. Most of you might be hearing this name for the first time. This platform was established in the year 2018. It is an innovative and fast-growing cryptocurrency derivatives exchange platform. Bybit originated in Singapore and hence headquartered there too. This platform is registered in the British Virgin Islands.
Bybit vision and mission are to provide a stable global economy and offer an ostensibly fast, safe, and transparent trading system. This platform is all set to introduce an advanced type of blockchain technology to revolutionize the next-generation financial ecosystem. At present, Bybit owns a user case of 1.6 million users worldwide, including retail and professional clients. Other than Coinbase and Bybit, you can also use Bitcoin Trading Software for crypto trading.
In this article, we will be comparing two distinct but recognized crypto exchanges, Coinbase and Bybit.
Fundamental Differences between Bybit and Coinbase:
If we compare Bybit and Coinbase, Coinbase was established in 2021 by Brian Armstrong, and in 2021, its parent firm Coinbase (COIN) was made public on NASDAQ through a direct listing. Coinbase is a U.S.-based platform and is soon launching its NFT marketplace. This platform is one of the oldest and largest crypto exchange platforms in the cryptocurrency industry. It has over 73 million active and verified users.
Moreover, Coinbase offers a self-hosted Wallet, a brokerage platform, and a passive earning chance where users can easily earn free crypto. Other than these, Coinbase also has a Venture Capital (VC) arm. On this platform, you can also borrow cash using Bitcoin as insurance.
Bybit launched its NFT marketplace in 2021 along with a DAO that has almost $2.5 billion worth of possessions. Very much like Coinbase, Bybit has not been hacked yet. This platform keeps almost all its users in a multi sig cold wallet to reduce the chances of losing funds in a hack or any cyber activity.
Coinbase serves to only spot purchases and sells whereas Bybit facilitates its users to trade and commerce perpetual futures contracts at a range of 100x leverage.
Coinbase vs. Bybit:
Now coming to the recent innovation, Bybit has left people amazed by signing an amazing deal with formula 1 team Oracle Red Bull Racing. This is a huge deal as it represents the single largest per-annum cryptocurrency undertaking yet observed and noticed in international sports.
Other than promoting crypto-literacy, the exchange will also cater as the racing team’s Fan Token Issuance Partner to show support to Red Bull Racing’s distribution. Moreover, Bybit has also signed up for painting and nurturing 100,000 fruit trees all across India, by using its partnership with One Tree Planted.
However, on the other hand, Coinbase has joined 17 virtual asset service providers (VASPs) as in Fidelity, Robinhood, Gemini, and many others to establish the Travel Rule Universal Solution Technology (TRUST).
This platform was initially launched as a response to Anti-Money Laundering data sharing requirements shared by the Financial Action Task Force (FATF) and the Financial Enforcement Network (FinCEN). In recent times, Coinbase launched a commercial at the Super Bowl presenting a QR code that floats all over the screen for 1 minute and shows a flash of the Coinbase URL.
The QR directed to the webpage offering 15 dollars in the shape of free Bitcoin to new customers who register or sign up in the next two days. Due to this ad, a rush of downloads was observed which promoted the Coinbase application from 186th rank to 2nd on the App store. Also, This increase in downloads leads to the website being unavailable sometimes.
Both of the exchange platforms are extremely user-friendly. Coinbase holds years of experience and holds a good reputation in selling and purchasing crypto assets in the market. But this platform charges a hefty amount of fees. In contrast, Bybit is a place known for trading
derivatives. Choose your desired platform according to your requirements, and do not forget to research before using it.