<p>According to a earlier press release, to give consumers the chance to trade on two types of exchanges on one platform, the Dubai-based <a href="https://blockchainreporter.net/glossary/centralized-exchange-cex/" rel="noopener noreferrer nofollow">centralized cryptocurrency exchange (CEX) </a>has added <a href="https://blockchainreporter.net/glossary/decentralized-exchange-dex/" rel="noopener noreferrer nofollow">decentralized exchange (DEX)</a> ApeX Pro to its service. The transition was already “well under way” before the demise of FTX and increased scrutiny of centralized exchanges.</p><p>Perpetual contracts are offered by <a href="https://apex.exchange/" rel="noopener noreferrer nofollow">ApeX Pro</a>, a permissionless, non-custodial DEX that uses StarkEx, the scaling engine from Starkware. According to the statement released, it is being added to the platform through its Web3 wallet, a hybrid wallet that works similarly to MetaMask but doesn’t keep track of its users’ private information.</p><h2 id="header-0">The ByBit development was neither FTX-driven nor an ApeX collaboration</h2><p>The once-trusted FTX proved a potential scam, causing thousands of customers to lose billions of dollars and censured centralized exchanges. However, <a href="https://www.bybit.com/" rel="noopener noreferrer nofollow">ByBit’s</a> integration of ApeX Pro, which was “well underway before the debacle,” according to the firm’s co-founder and CEO Ben Zhou, is not a result of the <a href="https://blockchainreporter.net/the-ftx-collapse-what-no-one-is-telling-you/" rel="noopener noreferrer nofollow">FTX catastrophe</a>. According to him, this integration is a crucial step toward achieving their aim of being a trusted gateway to <a href="https://blockchainreporter.net/glossary/web-3-0/" rel="noopener noreferrer nofollow">Web3</a>.</p><p>The firm also said earlier this week that it will further reduce its employee base by 30% as it attempts to refocus its activities amid “a deepening <a href="https://blockchainreporter.net/glossary/bear-market/" rel="noopener noreferrer nofollow">bear market</a>.” The firm will not be engaged in the activities of ApeX Pro because the two organizations are independent of one another. According to Zhou, the decentralized platform Apex Pro is autonomous and does not require extra resources from the engaged firm. Despite FTX’s recent developments, the company’s new move and the many <a href="https://blockchainreporter.net/best-cryptocurrency-books-to-read-in-2022/" rel="noopener noreferrer nofollow">crypto books</a> serve as an encouraging factor for many to remain bullish on <a href="https://blockchainreporter.net/tag/crypto/" rel="noopener noreferrer nofollow">crypto</a>.</p>

ByBit Integrates 1st Decentralized Exchange Apex Pro into Its Platform

Table of Contents

BlockchainReporter

Other articles published on Dec 8, 2022

ApeCoin Price Prediction : How High Will ApeCoin Go?

Position DEX 2.0: Incentivized Testnet

FTX’s Sam Bankman-Fried to Face Market Manipulation Inquiry

WOO X Transparency Dashboard: Making crypto exchanges more trusted than TradFi

SBF Tapped Taylor Swift for a Deal, Months Before FTX Crash

A BASIC KNOWLEDGE OF MOBA

Join our free newsletter for daily crypto updates!