28.3 C
Vientiane
Tuesday, May 20, 2025
spot_img
Home Blog Page 2009

Bybit CEO Lays Out His Transparency Roadmap

Ben Zhou speaks out about transparency, and why a blockchain-based world is inevitable

DUBAI, UNITED ARAB EMIRATES – Media OutReach – 18 November 2022 – Ben Zhou, co-founder and CEO of Bybit, the world’s third most visited crypto exchange, has called on the industry to step up together and help reassure nervous customers and governments that crypto is a valuable contributor to the financial system and has a central part to play in the future of financial services.

Zhou made his remarks after laying out a comprehensive framework designed to re-establish trust and commit to comprehensive, industry-wide transparency. Zhou also looked to manage expectations by highlighting that a robust, comprehensive, proof-of-reserves program would need time to develop and could not be created, installed, and implemented overnight.

“Bybit is committed to an industry-wide, fully transparent proof-of-reserves (PoR) solution that demonstrates without a doubt that we hold our client’s funds in custody, and are worthy of their full trust — and that is what we are working on,” said Zhou.

Zhou highlighted the complexity of crypto businesses in terms of scale, scope, and reach, noting that it will take some months for Bybit to complete and provide a comprehensive and true picture of its accounts that is acceptable to every stakeholder and helps re-establish trust — rather than patchy information that could ultimately confuse.

He believed that exchanges must be proactive in creating a new type of transparency, one that improves on those used by traditional financial institutions, which still remain opaque and backward.

The proper way to achieve this is to take a snapshot of all the clients’ UID and balance; package that so it fits into a Merkle tree; send the tree to an independent auditor, and then work with them to verify the numbers. The final step: provide our wallet address and test it to show the auditor that we own the address.

He said Bybit is now engaged in developing this fully transparent solution to show its reserves in real-time using an independently-audited Merkle tree. Bybit is also engaging a reputable auditor to prove its reserves and audit the company’s books and operations.

Zhou reiterated, “To us, proof-of-reserves is a fully transparent solution that proves our clients’ funds are in custody — that is what we are working on.”

This has been a difficult time for many in the industry — customers and many players have been betrayed and deceived by the magnitude of recent events.

He reassured clients that Bybit’s mission, as the Crypto Ark, is to provide true value and live up to customer trust and confidence. Bybit has always been a supporter of affordable and accessible financial access for all.

Zhou also struck a defiant tone. “The crypto community is stronger than one rogue actor and provides many benefits over traditional financial markets. We are at the forefront of financial innovation, and with the continued support of our customers, we will continue to be so.

Hashtag: #Bybit #TheCryptoArk

About Bybit

Bybit is a cryptocurrency exchange established in March 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 racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

For more information please visit:

For updates, please follow Bybit’s social media platforms on








VinES and Gotion High-Tech break ground at a 5GWh/year LFP battery factory

HA TINH, VIETNAM – Media OutReach – 18 November 2022 Today, VinES Energy Solutions Joint Stock Company (a member of Vingroup) and Gotion Inc.a wholly owned subsidiary of Gotion High-Tech), held the Groundbreaking Ceremony the LFP battery cell factory in Vung Ang Economic Zone (Ha Tinh). The project has a total investment of more than VND 6,329 billion ($275 million USD), a scale of 14 hectares (34.5 acres) with a design capacity of 5GWh/year, equivalent of approximately 30 million battery cells per year.

The groundbreaking ceremony of VinES and Gotion joint venture LFP battery factory

The groundbreaking ceremony of VinES and Gotion joint venture LFP battery factory

The joint venture LFP battery cell factory, funded by VinES and Gotion, is situated in Lot CN4-5 in the construction subdivision planning of Central Industrial Park CN4, CN5, Vung Ang Economic Zone, Ha Tinh, Vietnam. The factory’s products are rechargeable LFP (Lithium Iron Phosphate) battery cells, mainly used for EV batteries and energy storage systems (ESS).

With a high level of automation and a cutting-edge, optimized production process, the joint venture LFP battery cell factory will fulfill the needs of VinFast’s electric vehicles (EVs) that require LFP batteries and ESS products developed by VinES. In the later phase, VinES and Gotion will research and expand the project according to the market’s development opportunities and potential.

At the Groundbreaking ceremony, Ms. Pham Thuy Linh – CEO of VinES – said: The LFP battery cell factory is a joint venture with our partner – Gotion. It is an essential component in creating battery supply autonomy for VinFast EVs and VinES’s development goal to become the preeminent energy solutions company. Located next to the VinES battery pack manufacturing in the Vung Ang Economic Zone, this new factory will complete the closed loop production of LFP Batteries in Vietnam, thereby improving localization for VinFast’s EVs and optimizing production efficiency. In addition, the factory will also open up new development opportunities for the Vietnamese EV and clean energy industry.”

Mr. Li Zhen, Chairman of Gotion High-Tech, said: “Vingroup is a highly respected enterprise in the world. We are very honored to cooperate with VinES of Vingroup, to build the factory and contribute to the energy revolution, climate friendly and economic development of Vietnam. The VinES Gotion Ha Tinh Battery factory is an integral part of Gotion’s globalization strategy and the first LFP battery factory in Vietnam. I firmly believe that the battery factory will boost the development of Vietnam’s new energy industry with the cooperation of both sides, and jointly contribute to the energy revolution and climate friendliness of human society.”

The facility will be the first LFP battery plant in Vietnam and will begin mass production in the third quarter of 2024 and is expected to create approximately 500 new jobs for the local community. This is an important part in Vingroup’s “3-prong” battery strategy: (1) Buying batteries from the world’s best manufacturers, (2) Cooperating with partners to produce the world’s best batteries and (3) In-house battery production research and development.

In December 2021, VinES started constructing a battery manufacturing and packaging factory with a scale of 8 hectares (20 acres) in the first phase, and a total investment of VND 4,000 billion. After 11 months of construction, the factory is in the final stages of completion and will begin operations in December 2022, producing Lithium batteries for VinFast electric vehicles and e-buses.

Hashtag: #Vingroup #VinES

About VinES

VinES Energy Solutions specializes in the R&D and the manufacturing of advanced batteries for mobility and energy storage applications. VinES cooperates with many world-leading battery cell manufacturers and is investing in modern battery manufacturing plants in Vietnam. For more information, visit .

About Gotion High-Tech

Gotion High-tech Co., Ltd. is a world-leading provider of new energy solutions. It focuses on the R&D, production and sales of EV lithium-ion batteries and ESS batteries, and ranks among the top in China and the global market in terms of comprehensive strength.

For more information, visit

Bybit Kicks Off World Cup Fever with Crypto Fan Token Competition

VICTORIA, SEYCHELLES – Media OutReach – 18 November 2022 – Bybit, one of the world’s fastest growing crypto exchanges, is giving away 300,000 in USDT to celebrate this year’s World Cup. Soccer fans around the world can now celebrate the fiesta by supporting their favorite clubs in Bybit’s Fan Token Trophy competition on Nov. 18, 2022.

Bybit boasts one of the most extensive fan token selections in the market including tokens issued by legendary soccer teams such as Paris St. Germain, Barcelona, Juventus, AC Milan, Inter Milan, Arsenal, and Manchester City.

Bybit’s commitment to fan tokens is part of the crypto exchange’s overarching support of the sporting space, which includes being the Principle Team Partner of Oracle Red Bull Racing and listing exclusive Oracle Red Bull Racing NFTs. The exchange provides an intuitive platform for sport teams, clubs and esport organizations to take fan engagements to the next level.

To celebrate World Cup 2022, all Bybit users who accumulate a trading volume of $100 or over trading any of the fan tokens stand to win a share of the massive prize pool. The exchange has recently extended its Zero Fees campaign to the full advantage of Bybit traders who want to support their favorite teams.

For crypto fans, they can trade the tokens using any one of Bybit’s free trading bots — that trade on your behalf 24/7 within set boundaries — will also be eligible to enter the Fan Token Trophy competition.

“Bybit shares many core values with professional sports: resilience, perseverance, passion, and performance. We constantly strive for excellence and deliver the best and widest range of products in the market” said Gary Hamilton-Walter, head of corporate affairs at Bybit. “We are fully focused on the future of crypto integration with sporting brands and communities worldwide and we’re ready to take things to the next level, just like those teams assembled for the World Cup. We invite crypto traders and enthusiasts to join us on our journey.”

Hashtag: #Bybit #TheCryptoArk

About Bybit

Bybit is a cryptocurrency exchange established in March 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 racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

For more information please visit:

For updates, please follow Bybit’s social media platforms on









Air Canada to Start Direct Flights to Thailand in December

Air Canada will operate a direct flight between Canada and Thailand.

Air Canada has announced that it will launch a direct flight to Bangkok next month. This would also be convenient for people traveling between Laos and North America.

Laos Receives UXO Clearance Assistance from the Russian Army

Lao military personal welcomed Russian soldiers on Tuesday at Wattay International Airport.

The Lao Ministry of Public Security and the Ministry of Defense of the Russian Federation will discuss ways of explosive ordnance disposal and provide training to Lao soldiers in Nakai District, Khammouane Province.

Vietnam Border Control Works to Prevent the Smuggling of Firecrackers From Laos

Residents of Vietnam have been quite successful at smuggling firecrackers across the border from Laos around the Se Pon river despite high security.

Laos, Thailand and Myanmar Join Hands to Combat Drug Trade in Golden Triangle

Government officials from Laos, Thailand and Myanmar at 2nd meeting of Golden Triangle Prosecutor Network.

Officials from the three governments participated in the 2nd meeting of the Golden Triangle Prosecutor Network between 16-18 November in Luang Prabang to devise cooperation methods and curb drug trafficking in the region.

US Arrests Cambodian Officials for Smuggling Endangered Monkeys

Masphal Kry, the Cambodian Deputy Director of the Department of Wildlife and Biodiversity was one of the eight people who were detained at New York’s John F. Kennedy International Airport.