After moving its global headquarters to the United Arab Emirates (UAE) and obtaining a cryptocurrency license in Dubai, the cryptocurrency exchange, Bybit shared another update related to a product enhancement. According to a press release seen by Finance Magnates, the platform is exploring ways to expand its typical cryptocurrency offering by adding a wealth management service.
Bybit to Offer Wealth Management
Bybit claims that this latest offer is targeted at more experienced investors looking to protect their capital and limit risks while ensuring satisfactory returns.
Bybit's Wealth Management deploys strategies combined with risk management techniques. It introduces tailored financial products that match specific investor goals and risk preferences. This ensures that every investor can customize strategies to their needs.
The roll-out of this initiative is planned in two distinct phases. Initially, investors will have access to the Fund Pool, a diversified asset portfolio curated by industry experts. Later on, Bybit plans to unveil Structured Products, broadening the investment opportunities for its customers.
"We are thrilled to introduce Bybit's Wealth Management, a product that epitomizes sophistication and caution in the crypto investment space," commented Ben Zhou, the Co-Founder and CEO of Bybit. "With tailored options, stable returns, and low-risk strategies, our Wealth Management product provides effortless access to the abundant opportunities in the crypto market."
The wealth management offering is not limited to individual clients but is also intended to expand to institutional clients. However, the company has not disclosed whether the strategy will be based solely on cryptocurrency assets or on other financial products.
Bybit Moves to Dubai, Exits Canada
Almost four months ago, Bybit unveiled its new global headquarters in Dubai. Shortly after that, it secured a local license to deliver cryptocurrency services. Bybit FinTech FZE, Bybit's arm in the Middle East, shared that the Dubai-based Virtual Assets Regulatory Authority (VARA) had provided them with a preliminary Minimum Viable Product (MVP) license.
Meanwhile, regulatory authorities in Kazakhstan granted Bybit an 'in-principle' license, and the exchange also acquired a new license from the Cyprus Securities and Exchange Commission (CySEC). However, aligning with recent changes in Canadian regulatory norms for the sector, Bybit has decided to withdraw its operations from the Canadian market.
