Day: February 8, 2022

SINGAPORE – Media OutReach – 8 February 2022 – Bybit, one of the world’s fastest growing cryptocurrency exchanges, announced its partnership with leading global digital assets institution Cabital today.

Through this partnership, Bybit users can buy crypto using EUR and GBP seamlessly and directly on the Bybit platform via bank transfers, and transfer crypto between their Bybit and Cabital wallets with no deposit fees required. As a fiat on-ramp is the first step in a crypto trader’s experience, this offers an entry point to users looking to expand their portfolios and venture into crypto trading.

Additionally, Cabital’s system scans numerous exchanges to provide users with the best rates for full price transparency. It is also fortified with technologies from the market leader in crypto security and infrastructure, Fireblocks, which safeguards users’ funds with best-in-class, institutional grade protections.

“Cabital’s goals of creating an innovative and reliable crypto experience are aligned with ours to bring forth next level trading to our users and elevate their experience,” said Ben Zhou, co-founder and CEO of Bybit. “We at Bybit are thrilled to embark on this new partnership with Cabital, and look forward to empowering folks from all walks of life in realizing their financial goals through crypto. Let’s revolutionize the industry together.”

“Cabital believes that it should be easy to buy crypto,” said Raymond Hsu, co-founder and CEO of Cabital. “We are very excited about partnering with Bybit and helping their customers buy crypto in a seamless and safe fashion. With Cabital’s fiat on-ramp solution, Bybit users can now buy crypto at some of the most competitive prices in the market. We achieve this through an off-chain settlement mechanism with Bybit, allowing their users to avoid hefty gas fees. Let’s take the crazy out of crypto and help millions of more people achieve financial independence.”

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class.

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About Cabital

Cabital is a trusted digital financial institution to buy, sell and earn cryptocurrency — generating up to 12% APY . The company’s purpose is to empower people to earn passive income safely and securely with their cryptocurrencies. Our main product is Cabital Earn, a cryptocurrency wealth management platform that enables customers to earn high yields on their digital assets. Cabital’s compliance programme is modelled after leading global financial service providers. We use SumSub’s biometric identity verification solution to manage the risk of identity fraud. To provide our customers with peace of mind, all customers’ crypto assets are held with Fireblocks, one of the world’s most trusted digital asset custody, transfer and settlement platforms. We have been using Chainalysis’ KYT and Reactor products since our formation to empower us to meet applicable regulatory requirements on Anti-Money Laundering (AML) in each of our markets with ease and agility. Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency depository wallet operator. Cabital carries out its activities in accordance with Lithuanian regulations on AML/CTF, and is subject to the European Union’s General Data Protection Regulation. Cabital is audited yearly by an external auditor and places compliance and licensing at the core of its business.

Cabital was founded by Raymond Hsu in 2020. Prior to establishing Cabital, Raymond worked for over a decade, holding leadership positions in fintech companies such as Airwallex and global banks including Citibank. Cabital’s leadership team has extensive experience working in leading traditional financial institutions, including JPMorgan Chase & Co, Nomura Securities, UBS and AIA Group.

Atradius’ latest economic report on the Middle East and North Africa (MENA) acknowledges the importance of the growth in oil prices for the energy-exporting economies of the region. However, it also notes the limits to growth presented by an underdeveloped private sector and the ongoing downside risks to the economic outlook caused by the pandemic.

 DUBAI, UAE – Media OutReach – 8 February 2022 – Rising oil prices are boosting economic growth throughout the oil producing economies of the MENA region, with predictions that GDP will largely return to pre-pandemic levels during the course of 2022. Oil prices are expected to level out at about USD70 per barrel, with global demand for oil picking up. In the countries of the Gulf Cooperation Council (GCC) oil activity is expected to grow by up to 8% in 2022, a huge increase on the 0.5% recorded last year.

Many of the energy-exporting nations have also enacted strong vaccine strategies, which in turn has enabled them to lift lockdown measures and reopen domestic sectors such as retail and tourism.

However, despite a brief role when they led the economic recovery during the oil price shock, several non-energy exporting nations have now slipped behind their GCC neighbours when it comes to short-term growth predictions. For Jordan and Lebanon, in particular, ongoing high Covid-19 infection rates are negatively impacting their economic rebounds and contributing to weak economic growth.

The development of the region’s private sector is also likely to have an impact on the size and speed of the region’s economic recovery. As the report outlines, without private sector reform, economic growth will slow. This is true of most GCC countries where the share of the state-owned hydrocarbon sector dwarfs their various private sectors, but also in Algeria and Egypt where restrictions on imports and foreign investment, and a preferential treatment of state-owned companies over private companies in public tenders are additional factors that are stifling business.

Although vaccine programmes and the development of the private sectors are important for the region’s economy, growth is still heavily dependent on oil. Niels de Hoog, Senior Economist, Atradius, acknowledged that the world economy will still require energy from fossil fuels on a large scale for several decades. However, he noted that despite plans to expand the capacity of hydrocarbon production, many GCC nations are also investing in renewable energy. He said: “Investments in renewable projects are being stepped up simultaneously to increase the share of domestic energy consumption that comes from renewable sources. The additional fossil fuel production will mainly be destined for exports.” At the same time, the rise in home-grown renewables is also changing the economic prospects of the region’s non-hydrocarbon producers for the better as they become less dependent on imported energy.

Schuyler D’Souza, Managing Director Middle East, Atradius said: “The Atradius Regional Economic Outlook for the Middle East and North Africa paints a varied picture. On the one hand we are seeing a rebound from the economic crises of the pandemic downturn and the oil price shock. However, on the other hand, additional factors are impacting projected growth in the region. Primary among these are the slow rate of vaccine roll-out in some of the economies and heavy dependence on state-owned hydrocarbon businesses. This picture may change over the next few years as some of the region’s countries expand investment in renewable energy and enable growth among the private sector.”

Get the Atradius Economic Research Report here: https://atradius.com.hk/en/publications/economic-research-petrodollars-boost-mena-private-sector.html

About Atradius

Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world. You can find more information online at www.atradius.com.hk

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