(Bloomberg) -- Bybit surpassed Coinbase in March to become the world’s second-largest cryptocurrency exchange after Binance, according to a report from crypto research firm Kaiko.

The launch of spot Bitcoin exchange-traded-funds in the US helped Bybit double its market share to 16% in March from 8% in October 2023. Coinbase didn’t benefit nearly as much, however, and only saw a small increase of 1% over the same span, Kaiko’s data show. 

Low trading fees and a growing offering of derivatives helped Bybit gain market share as well. The report also states that Bybit saw growth following a US Commodity Futures Trading Commission suit filed against Binance in March 2023. Biance’s market share fell to 54% in March, from 60% in October, Kaiko said. 

Bybit was founded in Singapore and has relocated its headquarters to Dubai, where local officials are seeking to attract more crypto companies. 

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