The award is a new milestone in Bybit’s compelling growth story from an emerging exchange for traders in 2018 to one of the most celebrated names for all crypto users around the world.
Bybit’s Bill Xing joined fellow panelists at a round table on financial instruments in the blockchain space. As Head of Financial Products at Bybit, Bill leads efforts in researching and designing innovative instruments at one of the world’s fastest growing exchanges.
Bill said he saw it as the duty of centralized exchanges like Bybit to lower barriers to entry for those ready to embrace cryptocurrency.
Since decentralized finance (DeFi) started gaining mainstream momentum in 2020, Bybit had been gearing up to capture a share of the growth, Bill explained. It is now home to the Bybit Earn, offering a hassle-free platform for eligible users to make the most of their cryptocurrency holdings at various risk and yield levels.
Individual users looking to participate in, say, liquidity farming, had to set up and maintain their own wallet. They also faced relatively high gas fees should they choose to use the Ethereum blockchain. Bill said as a centralized platform, Bybit has been focusing on these two aspects to optimize the DeFi user experience by breaking down barriers.
“At Bybit we simplify DeFi for the average user. They can put their assets on the platform, choose their risk appetite and let the platform do the work,” he shared.
“The DeFi space is filled with noise,” he added. At the Bybit Earn, Bybit scopes out qualified and promising projects to lessen the due diligence burden with in-house resources an individual user may not have.
“We try to lower barriers to entry on all aspects by providing more information and investor education. On the product side, we try to make it more user-friendly for all age groups and skill levels,” he said, and centralized exchanges can help retail investors participate in the DeFi market by removing the technical hurdles.
“Fiat integration is another bump in the crypto onboarding journey that centralized exchanges are working on,” Bill said.
For the vast majority of people starting to adopt cryptocurrency, a robust and secure on-ramp and off-ramp system is a key consideration. “This functionality has mostly been taken up by centralized exchanges,” Bill said. For most actual users, the choice is not between “crypto or fiat” and they demand secure gateways in both directions,” he said.
Bybit’s booth at the Expo showcased its trading platform and greeted hundreds of cryptocurrency enthusiasts participating the Expo from across the world with refreshing beer. Over 1,400 visitors attended the conference in person in addition to virtual sessions to a global audience.
About Bybit
Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is the proud partner of Formula One racing team Oracle Red Bull Racing, esports teams like NAVI, Alliance, Astralis, and Virtus.pro; German soccer club Borussia Dortmund and Japanese soccer club Avispa Fukuoka.
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