Dubai, United Arab Emirates | January 05, 2023 08:45 AM Eastern Standard Time
Ben Zhou, co-founder and CEO of Bybit, the third most visited cryptocurrency exchange in the world, shared Bybit's journey in becoming a Crypto Ark and a gateway to empower users to level up to Web3 in a candid exchange at a virtual event last week. Featuring speakers and product specialists from marketing, options, financial products, and Bybit’s decentralized exchange (DEX) partner ApeX Pro, the live event wrapped up a dramatic year in crypto for the exchange and its fourth birthday celebrations.
Zhou reflected on building cadences towards a Web3-ready ecosystem, surviving and thriving in bear markets, and the future of centralized exchanges (CEXs) — amidst a stream of shining milestones and product drops in his year-end review.
Bybit’s 2022 in Numbers
In a rollercoaster year that saw many peees succumb to market adversity, Bybit delivered its “Best 10”:
2023: Sailing into Web3
Zhou shared Bybit’s blueprint for 2023 and expanded on the exchange’s Web3 ambition.
“We believe mass adoption is going to happen, and it is going to happen from within crypto.
The Crypto Ark is there to help people ease their ways into Web3 and get them to where they want to be,” said Zhou.
He said the idea behind Bybit's Web3 push was to enable users to explore more with fewer clicks, starting with the Bybit Web3 Wallet.
Designed as a centralized wallet to give the same user experience as decentralized ones secured with MPC solutions, the new wallet solution attracted over 38,000 users within two months. The next step, Zhou said, was to accelerate its connectivity across chains, product types and as a secure browser plugin in early 2023, including Initial DEX Offerings (IDOs) where users and projects can take part in or bootstrap their own IDOs in a new decentralized way.
Hao Yang, Head of Options at Bybit, revealed the “endgame” for Bybit’s account system in 2023 with the Unified Trading Account. Zhou said the “significant upgrade” will enable users to leave no P/L unrealized in their holdings. The roadmap also includes a fully enabled Portfolio Margin mode for all open positions across product lines.
“This will be the ultimate version of the capital efficiency of your assets, whatever you are trading on,” said Zhou.
In 2023, VIPs and whitelisted users in select markets will be able to access the much anticipated Bybit Card for everyday use of crypto. The debit card promises enticing rewards programs, the best exchange rates and lowest fees.
Smarter and more powerful trading bots and tools were also part of the roadmap — MultiCopy, Smart Copy Mode and the revamped Follower Center will take the overall trading experience to the next level.
Shifting Sentiment, Same Commitment
Zhou reiterated Bybit’s pledge to keep client funds separated when introducing its Proof-of-Reserve program, confirming the Merkle-Tree solution on its website would continue to be updated.
“I want to highlight that Bybit is committed to openness and transparency with all of our users, delivering the highest level of trust, integrity and security,” said Zhou.
Zhou gave a special shout out to Oracle Red Bull Racing, of which Bybit is the Principle Team Partner. “We will continue to collaborate with Oracle Red Bull Racing and come up with more exciting Web3 applications, fan tokens, NFTs and activations for the fanbases.”
Weathering its second crypto winter since inception, Bybit’s growth horizon stretches beyond temporary bullish or bearish market conditions.
“We have observed that in the last bull run of the DeFi Summer, it only benefited the very core groups of crypto people. Newcomers could not really enjoy it because the onboarding process was simply too long and difficult,” said Zhou.
“Bybit Web3 was born solely for that reason. We built it so that when the next bull run happens, our wallet will be so easy to use — it will take one click for everyone to participate in Web3, and so powerful that it can support all the exciting projects,” he said.
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Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.
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