Dubai-based centralized crypto
ApeX Pro is a permissionless, non-custodial, decentralized exchange (DEX) offering perpetual contracts using Starkware’s scalability engine, StarkEx. It’s being brought onto the Bybit platform via its Web3 wallet, which is a hybrid wallet – similar to MetaMask – that doesn’t store client personal details.
Centralized exchanges (CEXes) have recently come under increased scrutiny after the once-trusted FTX turned out to have been a potential fraud which caused thousands of users to lose billions of dollars.
But the FTX meltdown isn’t the reason for Bitby’s integration of ApeX Pro, which had been “well under way before the saga,” Bybit co-founder and CEO Ben Zhou told CoinDesk.
“It’s part of our mission to become a trusted gateway to Web3 and this integration is an essential step on that path,” he said.
Earlier this week, Bybit announced that it would cut another 30% of its workforce as it tries to refocus its operations amid “a deepening bear market.”
Because ApeX Pro and Bybit are two separate entities, Bybit will not be involved in the operations of ApeX Pro and both teams are separate. “ApeX Pro is a self-sustaining decentralized platform and does not require additional resources from Bybit,” Zhou said.