Bybit announces Bitcoin trading competition that involves unnamed poker pros

Posted on: July 07, 2020 09:23 PDT

The World Series of Trading combines the popularity of both poker and cryptocurrency

Bybit, a cryptocurrency trading platform, is getting inspiration from poker to develop a new trading game called the World Series of Trading (WSOT). This idea draws its name from the biggest poker event in Las Vegas and, to honor the origin of its name, the event will count on the participation of a few pro players. Instead of betting chips, the competitors will be laying down leveraged longs and shorts. This event, which comes with a 200 Bitcoin (BTC) prize, will base the criteria for winning on the "profit vs. loss" percentage. Currently, 200 BTC is worth about $1.85 million.

So far, Bybit has not revealed any of the pro players who said yes to participate, and we should expect a great deal of them as the tournament offers almost $2 million in prize funds that will easily attract anyone. Just because this event will count on the presence of poker legends doesn't mean that there isn't space for the rest of the world to participate. WSOT is an open event for all types of traders with all levels of abilities and position sizes. Those competitors who are not lucky enough to walk out with a portion of those $2 million will at least get a 20% discount on trading fees during the two weeks the competition lasts. In addition to that, there will be around $9,400 worth of USDT bonuses.

Trading competitions are a trend among exchanges, many of whom offered several events that award prizes based on volume. So, those who trade the most crypto during the promotional periods are the ones getting the biggest rewards. Exchanges like Binance, CoinFLEX, KickEX and many others have held similar events in the past.