Bybit Web3 and Ignition Unite to Enhance Bitcoin and Ethereum Interoperability

Bybit and Ignition Join Forces to Bridge Bitcoin and Ethereum Ecosystems

Dubai, UAE, July 12, 2024 — Bybit, the world’s second-largest web3 platform by trading volume, has announced a groundbreaking partnership with Ignition to bridge the Bitcoin and Ethereum Virtual Machine (EVM) ecosystems. This collaboration, supported by core contributors Mantle and Antalpha Prime, aims to expand Bitcoin’s utility beyond its traditional role as a store of value, integrating it into diverse yield opportunities and cross-chain functionalities.
Key highlights of the partnership include:

• Introduction of FBTC: Bybit Web3 Wallet will support FBTC, an omnichain Bitcoin asset pegged 1:1 to BTC, introduced by Ignition. FBTC enhances Bitcoin’s accessibility and utility within the EVM ecosystem.
• User Benefits:
  • Enhanced Liquidity: FBTC facilitates easier trading and investment in Bitcoin within the EVM ecosystem.
  • Diverse Yield Opportunities: Users can explore various yield-generating strategies with FBTC, such as liquidity pooling, collateral, and staking.
  • Seamless Interoperability: FBTC bridges different blockchain networks, allowing efficient asset movement.
• Upcoming Features: Bybit Web3 users can anticipate swapping and staking FBTC using their Bybit Web3 Wallet by late July.
  Bybit Web3 aims to redefine openness in the decentralized world, offering a suite of Web3 products backed by robust security and expertise. For more information, visit Bybit Web3.
  

  About Bybit
  

  Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 33 million users. Established in 2018, it offers a professional platform with an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is also a proud partner of the Oracle Red Bull Racing team in Formula One. For more details, visit Bybit Web3.