Ben Zhou, CEO, ByBit
From a small startup to a big venture, innovation is core competitiveness and the key to success. Established in March 2018, Bybit is one of the fastest-growing cryptocurrency derivatives exchanges, with more than a million registered users. The company is formed out of necessity, given the still inadequate financial expertise in the nascent industry, driving new levels of innovation in a relatively new market. Bybit's founder and CEO, Ben Zhou, was formerly from XM, one of the world's largest forex and CFD trading brokerage firms. He says, “From day one, our goal has been to create a fair and transparent trading environment built around customers’ needs.”
Bybit aims to create a cryptocurrency derivatives exchange designed for retail traders, professionals, and investment institutions alike. With the crypto market still relatively new to many, the company can capitalize on its own experience in the traditional financial markets and combine the best of both worlds to bring about the industry’s safest, most reliable, fairest, and most user-friendly exchange to date.
The company has seen significant growth across all key metrics since its launch. By the end of 2019, Bybit had around 150 employees. “Between then and now, we’ve more than doubled our headcount. In terms of trading volume, we’ve grown from just over $92 billion in 2019 to more than $528 billion in Q4, 2020 alone,” states Mr. Zhou.
Providing Innovative Solutions
Bybit currently offers BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, ETH/USDT, LTC/USDT, XTZ/USDT, and LINK/USDT perpetual contracts on its trading platform, and is one of the first crypto exchanges to offer risk management tools and strategies from the traditional financial world. Bybit is also unique in its own ways. One of the many things that make Bybit stand out in this space is the emphasis it places on its core value. “Listen, Care and Improve”, which it uses both internally and externally. “Even though we are still a young company, we are slowly building an identity and work culture that we can be proud of, and are crafting today wide adoption ready products for the future of asset and money.”
Built on customer-centric values, the company endeavors to provide a professional, smart, intuitive, and innovative trading experience to better serve its customers on time. The team is committed to creating a fair, transparent, and efficient trading environment, and offer 24/7 multi-language support as part of its service.
“Everything we do — from the introduction of new products and features, improving and updating our platform with no downtime for our traders, ensuring strong liquidity and market depth, and even providing 24/7 live customer support — we do for our customers,” affirms Mr. Zhou.
A Rapidly Changing Industry
According to Mr. Zhou, trust is one of the biggest issues plaguing the industry. As a result of the catastrophic failures caused by a handful of crypto and blockchain platforms, it’s only natural that traders would have some level of skepticism when entrusting their funds with another company.
At Bybit, the team tried to alleviate any sense of distrust by providing customers with innovative yet simple, speedy, and safe service. The company’s goal has always been to raise the bar and set the industry standard in providing the best possible security and trading experience for its customers.
“When developing the platform, we put ourselves in the positions of traders. We regularly request feedback from our customers to ensure that we’re constantly improving for the better,” explains Mr. Zhou.
Bybit’s product and tech development teams have done a fantastic job in creating a robust platform that offers fast trade executions with the help of its matching engine. Besides, its multilingual customer service team operates 24/7, so no matter when or where a customer needs, someone, will be around to help and answer any questions and concerns.
The company operates with a relatively flat hierarchical structure, which fosters a more collaborative working environment. The different departments and teams regularly meet up to discuss planned and prospective projects, learning from one another, and supporting each other.
The Forthcoming Endeavors
Bybit aims to continue to grow and to improve its services to provide customers the very best trading experience. It will continue to grow and build a strong and resilient team to help traders reach their financial goals. The company also focuses on shoring up the fundamentals behind the scene to allow for a frictionless trading environment for its customers.
“Thanks to the unprecedented bull run of Bitcoin and cryptocurrencies, 2021 is already looking to be quite an exciting year for us. We have some highly innovative developments in the pipeline, including our MT4 integration and the introduction of sub-accounts to give forex and institutional traders direct and seamless access to crypto trading. After a banner 2020, we are confident that the new year will bring about even greater success, as we keep building and pushing out new features to fulfill our vision — to listen, to care, and to improve our clients’ trading experience and address their trading needs in the post-pandemic recovery,” concludes Mr. Zhou.