Cryptowatch: Bybit’s New License and P2P Hotswap Feature, and the New 'Bridge' Between Cryptocurrencies

Last week's top stories about the crypto industry are here on CryptoWatch, with the developments centering on Bybit securing its license to operate in Cyprus.

However, that is not all the news for the world's third largest crypto exchange platform, as it also introduced a new P2P Hotswap feature that enables offline payment channels for purchases.

There is also a massive development for the crypto industry as researchers introduced building a "bridge" that would allow secure exchanges from one coin to another.

Bybit Secures License to Operate in Cyprus

One of the biggest successes of the third largest crypto platform in the world was getting its license to operate in Cyprus, making it a legitimate operation in the country that adheres to its laws and regulations.

That means that Bybit would have a chance to leverage its services and allow crypto pairs and fiat currency pairs to be exchanged on its platform. This was a monumental success for Bybit, as Cyprus is best known for its thriving crypto business.

The country is also a growing hub for cryptocurrency activities, with a growing community of crypto enthusiasts and a favorable regulatory environment. Bybit aims to bring the "Crypto Ark" to Cyprus after the country's regulatory authorities granted its license.

Bybit's P2P Hotswap Feature for All

The new feature on Bybit's platform presents a way to simplify one's purchase of blockchain-based coins, calling it the P2P HotSwap, which is now available.

Instead of buying from peer-to-peer transactions or from those who own cryptocurrencies, users may purchase directly and use offline payment methods such as debit cards, e-payment channels, and more.

Bybit enables users to get prices based on their quotations from P2P advertisers and third-party providers to give users the best value for their holdings.

With this feature, users can buy cryptocurrencies directly, and they are no longer required to buy USDT before exchanging it for other decentralized coins they intend to own.

'Bridging' Crypto Exchanges

Cross-currency exchanges on the blockchain are a complex operation, and sometimes, this may not push through. However, researchers from TU Wien have introduced a "bridge" between different cryptocurrencies, promising efficient, decentralized, and secure exchanges.

This new protocol, called "Glimpse," facilitates exchanges between various cryptocurrencies. Unlike traditional methods that rely on centralized crypto depots, this protocol enables decentralized exchanges without compromising security.

It must be noted that cryptocurrencies operate on blockchains, which record every transaction and maintain a history of all transfers. These transactions can be more complex than simple bank transfers, as cryptocurrencies offer programmability through smart contracts.

These contracts stipulate specific conditions that must be met for a transaction to be valid, ensuring the successful completion of the transfer or its cancellation if conditions are not fulfilled.

While such transactions are possible within a single blockchain, cross-currency transactions between different cryptocurrencies pose challenges and are not supported by default.

According to the team, the newly developed Glimpse protocol addresses this issue by enabling efficient, decentralized, and secure exchanges between different cryptocurrencies.