Crypto Industry is Destined for Growth, says Bybit CEO Ben Zhou

CEO of cryptocurrency exchange, Bybit, Ben Zhou shed some light on different factors affiliated with increased adoption of cryptocurrency.

Crypto is once again in the limelight. Speaking at BlockShow Asia 2019, Bybit’s Ben Zhou said that irrespective of institutional investors the adoption of cryptocurrency is bound to grow. Ben discussed various aspects of “Unlocking yield in cryptocurrency assets – encouraging institutions to enter the industry”, as part of an esteemed panel. He shared the stage with Nicholas Merten(DataDash), Justin Chow(Cumberland), Sharan Nair(CoinSwitch), Jasper Lee(eToro Group Asia) and Czhang Lin(PIEXGO). 

Ben made this comment when asked if it’s imperative for institutions to embrace cryptocurrency.

He replied pointing out the fact that the crypto industry isn’t about investing. But, it focuses on providing a utility medium of payment. Thus, if it carries this out efficiently general adoption can’t be stopped.

Bybit CEO also spoke about the triggers institutional investors want to see in order to feel comfortable investing in the industry. Specifically, he said they revolve around improved infrastructures, proper regulations (which makes things hectic for the compliance department), and proper liquidity.

Besides, Ben pointed out that most institutional investors feel more comfortable working with traditional institutions due to the structure they possess. Hence, most of the times they only show interest in the tech (API) front.

Additionally, Bybit CEO noted some misconceptions about the cryptocurrency industry by institutional investors. Notably, Ben spoke about how some of them don’t understand its underlying mechanism.

ByBit Overview

ByBit is a derivative cryptocurrency trading platform. It emphasizes margin trading with up to 100x leverage. The platform competes with already established exchanges like BitMEX and Deribit, which offer similar futures products for trade. Thus, ByBit provides an exchange where users trade contracts that follow the cryptocurrency price. Not just actual cryptocurrency.

Importantly, ByBit offers a 50x leverage ETHUSD futures contract to the trade. This doesn’t exist on BitMEX.

Bybit also claims a “no server downtime” stating their system functionality availability lasts up to 99.99%.

Besides, Bybit promises that the data of accounts and transactions is not subject to compromise. How come? Because of the State-of-the-Art Matching Engine that carries out 100,000 transactions per second. This completes a trade act within 10 microseconds. The exchange also promised to bear the full cost of financial loss due to system error or as a result of downtime.

To use the platform, just go to the ByBit site. Users also stand the chance of claiming a $60 welcome bonus for registering. Also, users can activate 2FA & deposit Bitcoin.

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