Bybit Pioneers Islamic Crypto Accounts with Support for 18 Coins
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Bybit exchange has launched new products that are compliant with Shariah law as it targets Islamic investors. The exchange is targeting two billion Muslims worldwide, who have a combined $3.9 trillion in Islamic finance. Bybit, one of the world’s largest exchanges, has launched new products that are compliant with Islamic law, including accounts with zero interest, as it targets the Muslim faithful. CEO and co-founder Ben Zhou announced the new products on X, describing them as the “world’s first crypto Islamic accounts.” World first Crypto Islamic account is now fully live on Bybit. Shariah-Compliant and Initial offerings include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.Create your Islamic Sub-account now: https://t.co/BxLk8GR2N8 pic.twitter.com/ztz2RLDweJ — Ben Zhou (@benbybit) September 24, 2024 Bybit worked with Malaysia-based ICO Shariah Advisory Services Sdn. to ensure the accounts were fully compliant with Shariah principles. These accounts will be available to Muslims globally and will offer services such as spot trading, spot grid bot, DCA trading bot, and ICOs. Spot grid bots place buy orders below—and sell orders above—the reference price, with the difference between the buy and sell orders being the profit. DCA bots, on the other hand, purchase a set amount of a set crypto at regular intervals, suiting specific risk tolerance profiles. The exchange further pledged to practice ethical financial practices, such as committing to not comingling funds and a transparent fee structure that offers straightforward trading. To start with, the exchange has selected 19 tokens for the Muslim investors. These include Bitcoin, XRP, Uniswap, Ethereum, Algorand, Ethereum Classic, Solana and stablecoins such as Tether (USDT) and USD Coin (USDC). Bybit Targets 1.9 billion Muslims with Shariah Accounts Bybit has become the first major exchange to target Muslim investors specifically. Today, there are close to two billion Muslims…
Filed under: News - @ September 25, 2024 4:21 am