Media OutReach – 30 September 2022 – Ben Zhou, co-founder and CEO of Bybit, the third most visited crypto exchange in the world, said that the current bear market was a huge opportunity for the company and it was using the time to bounce back better.
Speaking at a TOKEN2049 panel in Singapore, on the future of crypto exchanges, Zhou discussed how Bybit had seized the opportunity during the bear market to realign internally by streamlining roles, responsibilities, and processes, as well as focusing on products. “We are very comfortable in the bear market,” Zhou added, “we were born in a bear market.”
Given the current economic headwinds, the panelists were asked how crypto would weather the continuing storm, and how ultimately the economic downturn would affect the future of the industry.
Zhou was just as upbeat. “We are bullish. For us, the macro trends are nothing to fear,” he said. “Rising inflation and interest rates, printing vast quantities of fiat currency, low growth or no growth – all highlight the weakness in traditional finance.”
Zhou explained how Bybit’s infrastructure had been designed and constructed differently from traditional exchanges, illustrating how it runs 24/7, and has never been offline since the company launched in 2018.
When quizzed on his ambitions for Web3, Zhou stressed Bybit’s passion for catering to all and being the gateway for people to enter into the digital economy. “It’s our job to innovate,” Zhou added. “In Web3, wherever the client wants to go, it’s our job to take them there: we are the car, we are the bus.”
He also highlighted the importance of education, but not at the expense of user experience. “Education is important but so is simplicity. It’s important to focus on the product. It is our job to make extremely sophisticated products so easy to use straight out of the box, just like Apple.”