Bybit has launched its first Launchpool on its exchange in the European Union. This event occurred in partnership with the XION project and offers users a staking opportunity.
Launchpool Launch on Bybit EU
On August 14, Bybit EU launched its first Launchpool, a rewards program in collaboration with the XION project. The Launchpool allows users to lock up certain tokens and stake them for a set period to earn rewards.
Staking Conditions and Yield
The pool size is 100,000 XION tokens worth about $110,000. Users can stake XION tokens, Mantle (MNT), and USDC stablecoin. Token holders of XION will yield 60% APR, Mantle will yield 36% APR, while USDC will yield 24% APR. However, returns are subject to risks as the underlying asset may decrease in value.
Bybit's Adaptation to New EU Regulations
Bybit launched its platform compliant with MiCA regulations on July 1. According to the exchange, complying with these regulations allows for expansion into the European market. CEO of Bybit EU, Mazurka Zeng, stated that recently securing their MiCAR license in Austria emphasizes the commitment to delivering compliant, innovative crypto services to European users.
The Launchpool launch demonstrates how Bybit aims to integrate into the highly regulated European environment while offering attractive staking conditions to users. This event may mark an important step for the ongoing adaptation of the crypto industry to new regulations.
