Interview with ByBit’s CEO
01.How would you describe the main pillars of the project?
At Bybit, we pride ourselves on putting the client first. When the company was founded in early 2018, our mission was to construct a fair trading and client-focused environment by building a faster, fairer, and more human exchange, and these will always be our core values. We believe our clients deserve the best customer service, fastest order execution and fund safety. Bybit exchange focuses on the fundamentals — that is matching the client’s order and offering an exceptional trading performance, and we gear everything on our platform towards making that happen.
We regard ourselves as being part of the crypto exchange community and so we are always happy to listen to feedback from those who are part of it. As a tagline of ours goes — ‘we care, we listen, we improve’. Our relationships with our affiliates and partners are very important to us too, we are in constant communication with them and endeavor to meet their needs. So, these are our main pillars.
02.About the team and supporters, what are your strengths?
Our team has a wide-reaching and international background which means we can better cater to the specific needs that our customers from around the world may have. Our tech team is top notch, and includes expert professionals with backgrounds from firms such as Morgan Stanley and Tencent. As for the founding team, I have a background in the retail forex industry, and ran a forex broker for 8 years, and so I know what traders really want from a cryptocurrency exchange platform.
My founding partner, Bonnie, has a similar background to the co-founder and CTO of Binance Roger Wang, after also having worked in tech at Morgan Stanley, so he brings with him great IT expertise. Along with another stalwart member of the IT team, Owen, he has been able to recruit some of the crème de la crème from IT securities and product design, to give you the user-friendly platform we have today.
Elsewhere in the team, we have Yaxi, the company CFO. She has a background in corporate investment and deals with the investment and capital financing part of the business. It’s thanks to her efforts that we are so strongly backed by capitals. In her spare time, she’s a professional poker player, and is actually one of the top poker players in China.
We’re a close-knit team and I see that as also a big strength of ours. We treat the employees as our own and that shows in our office culture. We all work very hard to achieve our goals but we like to have fun too when the time is right.
03.Thinking about the future, do you have any roadmap with relevant upgrades or partnerships?
A very exciting development we’re working on at the moment is integration with TradingView, one of the most popular social trading platforms globally. In a first for the industry, traders will be able to trade on ByBit through TradingView, meaning that they can keep up to date with the latest market prices and latest industry developments, and trade cryptocurrency all without leaving the platform. Additionally, our mobile app is in the works. With this, we are looking to develop the best possible trading experience for traders on the go. Our site is already mobile friendly, but the app will optimize the mobile experience even further for our users.
04. What’s the added value of ByBit in comparison with other competitors?
There are several ways in which I think we have added value to the crypto derivative environment. It is an increasingly competitive market but compared to the more traditional ones, traders are not getting the best possible trading experience yet, so we’re aiming to put that right.
Here are some of our platform’s features that I think puts us ahead of the pack:
- There’s no overloads on our platform and no server downtime. We know how frustrating these things can be for traders and that’s why we have built our platform to be an exchange that people can actually trade on without having these worries. We do this by offering a state of the art matching platform offering 100k TPS, low latency (1ms), hot patches, and non-stop maintenance. In fact, our site has never been down for maintenance since we went live.
- Central to our philosophy is that the client always comes first, and so to these ends, we offer multilingual 24/7 customer service live chat and a directly contactable account manager for all of our clients.
- The safety of our clients’ funds is our top priority. That is why we use a hierarchical deterministic cold wallet system to store all funds, and digital asset collections and withdrawals are done through offline signatures.
- Although offline withdrawals can be a slower process, we believe safety should never be compromised. We also know however that regular withdrawals are important to our clients, which is why we have invested more in our human resources to allow withdrawals 3 times a day.
- We are offering trading competitions like never before seen in the industry. Our current Bybit Japan Trading Competition allows any trader from around the world to pit themselves against the best traders that Japan has to offer. We’re offering a whopping prize pool of up to $500,000USD. I think this is a clear sign to our clients that we mean business. You can bank on us to have a fun and safe trading experience, and if you play your cards right, win big! And this is just the start for us, in the future we’ll make our competitions even bigger and better.
- Our affiliate backend and sub-affiliate system is also unprecedented in the industry. We offer up to 30% on trading fee commission cashback, and affiliates can also receive an additional 10% commission of the commission from their sub-affiliates. There is also a daily settlement for commission withdrawals, and an affiliate system that guarantees detailed ROI reports. On top of this, every affiliate will be assigned to a professional BD manager, ensuring they have one-to-one guidance through every step of the process.
05. How are you aiming to provide scalability to your service?
Usually what all the crypto projects lack is scalability to the mainstream public. They focus on and offer the latest security measures and super complex trading algorithms, and many to their credit do these things very well. But they forget how to go grow outside of the crypto niche. So, at Bybit, whilst we understand the need to focus on the latest state of the art technology for our platform, we don’t do this to the detriment of appealing to the mainstream public. Indeed, our company was founded with scalability in mind. We are placing a heavy focus on customer growth, initiatives, UI strategies, and marketing campaigns orientated to appeal to a wider audience outside the more immediate community. The network of employees we are putting in place is helping achieve these aims. As well as our teams of IT experts to deal with the tech side of things, we have also accumulated excellent design and marketing teams so we can expand the appeal of our company to the mainstream. Our relationships with local partners and affiliates also serve our scalability goals. We do this by providing customizable campaigns to help with conversions and retention.
06. Evaluation of the current scenario for ByBit, the blockchain industry and the crypto market.
As for Bybit, we are already a strong contender in the derivative space, despite having only launched our platform last November. Things are going well for us but we will always look to keep on improving. As part of the crypto community, we’re always open to suggestions on ways we can improve. We want to achieve in the derivative market what Binance has in the spot market.
I think the current state of the crypto market is bullish. After some extraordinary growth in 2017, the market turned bearish in 2018 and many people held back to see how the market would pan out. It’s now looking strong again. I’m glad that we formed when the market was bearish and ultimately it will make us stronger in the long run, as we have already proved that we can cope with adversity. We’ll just keep on doing our thing as an exchange, whether the market is bearish or bullish, regardless. We’re in it for the long haul.
Thanks for your time
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