Bybit Weighs Partnership With Local Firm for US Entry to Compete With Robinhood
Summary
- Bybit said it is considering a partnership with a local company as part of its US market entry plan.
- Bybit said it is reviewing cooperation with a company that has an established local customer base in order to compete with Robinhood and other firms in the US.
- CEO Zhou mentioned Interactive Brokers as a potential partner and said Bybit is also exploring an entry into the UK market.
Forecast Trend Report by Period
Cryptocurrency exchange Bybit is considering partnerships with local companies as it seeks to enter the US market. The strategy is to work with a company that already has a domestic customer base and compete with established players such as Robinhood.
CoinDesk reported on Oct. 21 that Bybit CEO Ben Zhou said partnering with local firms is the exchange's standard strategy when entering a new market.
Zhou said Bybit is reviewing ways to work with a company that has an established customer base in the US to compete with Robinhood and other firms. At this stage, he said, the best approach is to partner with a company that already has US customers and wants to expand into crypto.
He cited online brokerage Interactive Brokers, or IB, as a potential partner.
Bybit is also exploring an entry into the UK market.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.