- Bybit has donated 2.5 bitcoin to the charity Save the Children.
- This came following its BTC Brawl trading competition, which attracted more than 7,600 crypto traders.
Customer-focused crypto exchange, Bybit, has donated 2.5 bitcoin to charity Save the Children following its BTC Brawl trading competition, which attracted more than 7,600 crypto traders.
The contest took place at the start of December and ran for around two weeks. It attracted a global audience, who worked both independently, and in 135 teams, to try and win the 50 BTC prize pool, that was valued at around $800,000.
After partnering with Bybit for the contest, Save the Children received 5% of the prize pool, which translates at 2.5 BTC, or around $18,000 at today’s prices.
The donation was well received by the global humanitarian organisation who urged more crypto exchanges and businesses to get involved with charitable efforts in the run-up to Christmas.
Ettore Rossetti, Save the Children’s global digital lead, said: “Crypto-philanthropy is an exciting and new frontier of giving. Thanks to Bybit and Bybit customers, we will be able to further our ambition in reaching the most marginalised children around the world.”
Save the Children is expected to use the donation to help its efforts to ensure every child gets a healthy start in life.
The winning team recorded an impressive 388% profit and loss ratio meaning the team finished the tournament almost four times up on their initial stake, while the leading individual player recorded a massive profit and loss ratio of plus 1,540%.
Ben Zhou, Bybit CEO, launched the exchange with the aim of becoming the pinnacle of customer service, and education for people new to cryptocurrency trading.
He says he wants the exchange’s partnership with Save the Children to inspire other crypto businesses to follow suit, and commit to working with charities on a regular basis.
“We’re delighted with how our first Bitcoin global trading competition has gone, and it just goes to show how traders from all over the world have a real appetite to put their trading skills against each other,” he said.
“We are proud to partner up with Save The Children. It is important to give something back, and Save The Children do vital work around the world in helping some of the most disadvantaged children in society. So, anything we can do to help we are more than happy to do - something we know our customers support.”
Bybit believes every business and exchange has an obligation to help organisations like Save the Children to benefit from the interest in trading and cryptocurrencies.