Bybit Seeks US Partnership With Local Firm to Compete With Robinhood
Summary
- Bybit said it is reviewing a partnership with a local company as part of its US market entry plan.
- Zhou said the exchange is considering working with a company that has an established local customer base to compete with Robinhood and other players.
- Zhou cited Interactive Brokers (IB) as a potential partner and said Bybit is also exploring an entry into the UK market.
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Crypto exchange Bybit is considering a partnership with a local company as it seeks to enter the US market. The plan is to work with a firm that already has a customer base in the country and compete with established players such as Robinhood.
Bybit Chief Executive Officer Ben Zhou told CoinDesk on Oct. 21 that working with local partners when entering new markets is part of the exchange's standard strategy.
To compete with Robinhood and other firms in the US market, Bybit is reviewing ways to partner with a company that already has an established local customer base, Zhou said. At this stage, he added, the best option is to work with a company that already has US customers and wants to expand into the crypto business.
He named online brokerage Interactive Brokers, or IB, as a potential partner.
Bybit is also exploring an entry into the UK market.
