The maiden edition World Series of Trading (WSOT) contest organized by Singapore-based crypto derivatives exchange service Bybit has come to an end with the winners earning about $1.27 million in prizes. The news marks another successful incentivized crypto games event created by the platform which continues to gain greater prominence in the cryptocurrency derivatives arena.
Bybit Successfully Completes Another Crypto Trading Contest
Bybit announced the completion of the event via a press release shared with Blockonomi on Thursday (September 3, 2020). According to the press statement, the competitions ended up winning about $1.27 million in total prizes.
South Korean team W.T.C dominated the tournament with outfit winning the BTC Troop Showdown which was the showpiece contest of the WSOT event. “Junki84,” a member of the W.T.C team also emerged the winner in the USDT Solo Throwdown category.
Salsa Tekila, captain of the Jalapeño outfit led the team to a second-place finish. Tekila also came second in the individual category with a personal profit and loss (P&L) position of 3,956.56%. Live Traders Suck captained by Mike McDonald completed the top winning trio coming in the third position.
In all, 135 teams competed in the inaugural WSOT with about 12,368 traders from around the world participating in the event. Together, these contestants competed for a 100 BTC prize pool in the team event and a 90,000 USDT pot in the individual category.
Apart from the main competition winners, the contestants also reportedly enjoyed a raft of bonuses and perks including trading fee discounts and merchandise items. As previously reported by Blockonomi, the WSOT is the newest addition to the Bybit games calendar with the event doubling the prize pool for the platform’s BTC Brawl of 2019 which attracted a total pot of 50 BTC.
Commenting on the success of the maiden WSOT event, Bybit CEO Ben Zhou remarked:
We are honored to bring the exhilaration of competitive trading to the crypto community with WSOT, and grateful for the incredible enthusiasm and support the competition received. WSOT will return even bigger and better in the next edition.
Decentralized Finance Continues to Gain Ground
Apart from rewarding competition winners, the WSOT also achieved a landmark in raising funds for charity. Back in July, Blockonomi reported that Bybit was donating $100,000 from the WSOT prize pot to support UNICEF in its COVID-19 relief efforts.
The $100,000 donation was specifically for vulnerable children hardest by the ongoing coronavirus pandemic. At the time, a statement issued by UNICEF New Zealand revealed that Bybit’s donation would go some way in plugging the funding gap for providing humanitarian aid to the over 1.6 billion children affected by the viral pandemic.
Bybit along with other crypto businesses have continued the established trend of companies in the industry doing their bit to offer support to communities affected by local and global disasters. Several firms like Binance and Ripple have through their in-house charity organizations contributed funds to frontline workers combating the coronavirus pandemic.