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Bybit Diverts $110,000 to UNICEF from 200 BTC World Series of Trading Prize Pot

 
Bybit Diverts $110,000 to UNICEF from 200 BTC World Series of Trading Prize Pot
Breaking News / Bitcoin / BTCUSD
  • Bybit has announced it will make a donation of 10 BTC to UNICEF.
  • The Singapore-based exchange confirmed the philanthropic gesture in concert with its tentpole campaign, the World Series of Trading (WSOT). 

Cryptocurrency derivatives exchange Bybit has announced it will make a donation of 10 BTC to the United Nations International Children's Fund (UNICEF). The Singapore-based exchange confirmed the philanthropic gesture in concert with its tentpole campaign, the World Series of Trading (WSOT). 

The trading competition is grabbing significant interest, thanks in no small part to its grand prize pool of 200 BTC, worth a cool $2 million at time of press. In a show of conscientious philanthropy, the exchange has now earmarked 5% of that pool, 10 BTC, for the international children’s fund. The money will further UNICEF’s developmental projects and provide humanitarian aid to benefit some of the most disadvantaged children from across the globe.

Explaining the donation, Bybit CEO Ben Zhou said: “As the Covid-19 pandemic continues to cast its long shadow around the globe, its secondary impact is being felt by vulnerable children, who are the future of our world. Their situation is exacerbated by school closures, inadequate care, and shortages in food, sanitation supply, and medical resources. We at Bybit urgently feel it is incumbent upon us to support the ongoing efforts to safeguard our future.”

Trading Competitions Ramp Up

Bybit, a fast growing player in the derivatives market, with over $1 billion in daily volume, is no stranger to trading competitions. Competitive trading events are rocketing in popularity as exchanges look to grab user attention in an increasingly competitive field. Last year the derivatives exchange hosted a similar contest dubbed the “BTC Brawl.”

That competition, which lasted from November 28 to December 12, saw over 7,000 participants from 54 countries battle it out for their share of a 100 BTC prize pot. Now the exchange is doubling down on its strategy with a much enhanced competition for 2020. Pre-registration for the August event has concluded after attracting 8,000 signups, and official registration for WSOT is now underway. 

Bringing together cryptocurrency influencers, forex traders, legendary poker players and highly ambitious crypto enthusiasts, the WSOT is staking a claim to being one of the biggest trading competitions in the history of crypto. The WSOT might not yet be at the same level as the World Series of Poker on which it is modeled, but it is rapidly gaining ground in both scope and ambition.

Conscientious Crypto

Bybit’s offer was directly welcomed by UNICEF NZ Executive Director Vivien Maidaborn who said “We thank Bybit and traders for their generous bitcoin donations during this unprecedented global emergency.”

UNICEF is no stranger to the wider benefits of crypto and its potential to transform charitable giving. In July of this year the organization announced that it would invest 125 ETH in eight companies from seven different countries as part of its own CryptoFund. UNICEF is becoming a wider advocate for crypto as traditional financial services have broken down during the Covid crisis. In particular, the “real-time transparency [of blockchain] for our donors and supporters” is seen as a huge benefit.

Meanwhile, the number of crypto companies and influencers who have pledged their time and energy to good causes has increased, with many donating under the banner of GiveSafely. Binance has led its own headline-grabbing campaign, Crypto Against Covid, which has so far helped to distribute essential PPE equipment to Italy, the US, Turkey and Japan among others.

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