Bybit CEO Ben Full Speech: Incremental Breakthroughs, Reshaping the Future, Rewriting Success, Redefining Standards
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Bybit CEO Ben Full Speech: Incremental Breakthroughs, Reshaping the Future, Rewriting Success, Redefining Standards
"We are the bridge and the road. No matter where our clients want to go, we provide the products they need and ensure they can pursue their goals with confidence."
Navigating Web3 tides with focused insightsCompiled by: Wu Shuo Blockchain
In this keynote speech, Bybit CEO Ben discussed the company's significant growth, product innovation, and future strategic plans. He detailed the response measures following the $1.5 billion hack incident, explaining Bybit’s transparent handling approach and improvements made to system security. Ben also emphasized Bybit's global expansion, particularly the launch of Bybit EU, and shared the company's compliance plans across different regions.
Key product developments include Megadrop, the AI-powered trading tool TradeGPT, and the introduction of tokenized stocks, aiming to bridge the gap between cryptocurrency and traditional finance. Ben also highlighted Bybit’s commitment to Web3, integrating decentralized technologies and collaborating with partners such as Mantle. Additionally, Ben mentioned Bybit’s ongoing efforts in fulfilling social responsibilities, focusing on transparency and building trust within the crypto industry.
Opening Remarks
Ben: Hello everyone, I’m Ben, co-founder and co-CEO of Bybit. We’ve held our keynote address for five years now, meeting our clients every six months. Today’s session is live-streamed, and the theme is “Incremental Breakthroughs, Rewriting Success, Reshaping Standards.”
Over the past few months, Bybit has delivered many achievements while facing significant challenges, which you’re all aware of. So today we’ll discuss what we’ve done, the challenges we’ve overcome, and the innovative products and services launched over the last six months. More importantly, we’ll showcase upcoming products, services, and partnerships. A lot is happening, so stay tuned and feel free to submit your questions.
First, thank you all for your support—Bybit now has 74 million users. Over six years, we've grown from a small exchange into the world’s second-largest crypto exchange, meaning one out of every eight crypto enthusiasts owns a Bybit account. Thank you so much for your support.
Bybit Responds to $1.5 Billion Hack, System Upgrades, and Emphasizes Transparency and Social Responsibility Initiatives
Ben: Alright, the first topic we need to address is undoubtedly the hack that brought Bybit into the spotlight. Let me take a moment to reflect and express my gratitude for everyone’s support throughout the incident. We experienced the largest hack in history, resulting in a loss of $1.5 billion. Both internally and in terms of security, we’ve done extensive work. Through this event, we’ve seen the entire industry grow stronger, and Bybit has emerged even more resilient.
Following the incident, we undertook significant internal work at Bybit. Although the hack did not occur within Bybit’s infrastructure, in the past few months we’ve conducted comprehensive third-party audits and thoroughly restructured our internal systems. Today, Bybit’s hot wallets, cold wallets, and overall systems have been fully audited. We’ve partnered with multiple third parties, including on-chain auditing firms shown in this video, for code reviews. Beyond that, we believe this wasn’t just an attack on Bybit—it was an industry-wide incident. If mishandled, it could have taken a wrong turn. I’d like to sincerely thank our partners who helped us during this process; they continue to assist in tracking down these events and supporting us through recovery. Now, I’d like to invite Dyma from audit firm Hacken to share a few words.
Dyma, great to see you. Many partners, industry participants, and even regulators asked us about our full transparency during the incident. You were one of the audit firms we collaborated with, providing crucial support throughout. Do you think transparency was key? Looking back, what are your thoughts?
Dyma: I believe this is a perfect example of why proactive transparency matters. If there hadn’t been proof-of-reserves like yours beforehand, or if disclosure only happened post-incident, trust might not exist today.
I think this is a model other industry players should follow. I’m glad to see that within hours of the incident, the entire community and industry knew your funds were safe and that this event wouldn’t affect your future. Now we can say Bybit has become a textbook case in successfully managing such incidents in history.
Ben: Indeed, Bybit was fortunate. Since FTX collapsed, we implemented monthly robust reserve measures. In this hack, our third-party auditors were able to verify our assets remained fully solvent, which greatly supported us throughout. We’re also jointly working on our nonprofit initiative—the BGA (Blockchain for Good Alliance). Perhaps you can share what we’ve done in this area.
Dyma: Again, just like proof-of-reserves, no regulator required Bybit to take these proactive security steps, nor did they require the “Blockchain for Good” initiative.
Our educational product, “Trust Army,” was selected for this project. Trust Army is a course helping people learn how to “do your own research” (DYOR). We provide a framework and guidelines to help analyze projects, avoid scams, fraudulent schemes, and any suspicious activities.
Ben: Thank you for joining us. Next, we’ll dive deeper into corporate responsibility (CRS), the BGA nonprofit initiative, and other projects we’re involved in.
Bybit Infrastructure Upgrades and Global Compliance Expansion Update
Ben: Let’s return to the major work we’ve done over the past six months—system upgrades and product updates. I’ll also invite several key team members to share insights.
First, let me share some internal infrastructure metrics. Bybit continuously improves its infrastructure, and I’d like to highlight some important figures. We remain extremely proud of our system availability—meaning we’ve never had a system failure. Since launch, we’ve never had scheduled downtime or offline upgrades. All updates are rolled out via version releases and hotfixes. This means our availability stands at 99.99%, with less than 52 minutes of total annual downtime.
Another critical metric I want to mention is latency—crucial for institutional users. Our latency is under 10 milliseconds, meaning when you send an order to Bybit, the response time is under 10ms. This is absolutely top-tier in the industry.
Now, regarding customer concerns about our compliance roadmap—we’re about to announce a major update. Bybit is now officially compliant with the MiCAR regulatory framework across the entire European Union. This means we launched bybit.eu last month and now fully meet requirements to serve all 29 EU countries, offering localized exchange services. European users can now directly access bybit.eu. Additionally, our app supports registration and trading via bybit.eu.
What makes Bybit EU different? We aim to position Bybit EU as a localized exchange. Whether you're from France, Germany, Italy, Romania, or elsewhere, we offer local fiat on/off ramps. We’re also establishing local offices in key countries.
By the way, Bybit’s headquarters is located in Vienna, Austria. We welcome all customers and partners to visit and meet us. We’re also actively developing local fiat solutions to ensure you get a truly localized experience on Bybit EU. Meanwhile, we’re applying for a MiFID license, aiming to launch derivative trading products compliant with this license within six months.
Beyond EU expansion, we’re continuously advancing our products and services in other regions. Earlier this year, our headquarters received preliminary approval in Abu Dhabi. We’ve also obtained in-principle approval from the UAE Securities and Commodities Authority (SCA) to operate a virtual asset platform under the SCA regime.
One of the latest updates concerns India. We’re now fully registered with FIU, meaning Bybit is fully operational in India—you can now access Bybit’s products and services here. This is a major upgrade and milestone.
Bybit and Mantle Collaboration and Future Development
Ben: Next, I’d like to share a tweet from yesterday by the Mantle team—an important announcement. For context, Mantle is a project supported and incubated by Bybit for about three years, originally the world’s largest DAO—BitDAO. About a year and a half ago, it transitioned into a Layer 2 and has since become one of the largest EVM-based Layer 2 solutions.
Yesterday’s big announcement, as you see on screen, is that I’m thrilled to announce Helen (my co-CEO) and Emily (one of Bybit’s spot and Web3 leads, founder of the Byreal project) are now appointed as key advisors to Mantle. This means greater synergy between Bybit and Mantle, as our key personnel are now involved in decision-making.
At the same time, I look forward to seeing more collaboration between Mantle and other ecosystems, driving forward the entire Layer 2 movement and accelerating Mantle’s infrastructure development. I hope Mantle will now launch with stronger leadership, deeper strategic restructuring, and renewed momentum. I believe more announcements will follow. Congratulations to Helen and Emily—more exciting things are coming.
Next, I’d like to introduce Emily, whom I just mentioned has recently been appointed as a key advisor to Mantle. Emily, welcome—perhaps you can introduce yourself.
Emily: Thank you, Ben. Good morning everyone, I’m Emily, head of Bybit’s spot sports business and now a key advisor to Mantle. Great to see you all again.
2025 is a pivotal milestone for Bybit—not just for us, but for the entire crypto industry. We’re seeing new initiatives emerge, DeFi innovation accelerating, and RWA entering mainstream discourse. At the same time, the industry demands greater transparency and accountability from native crypto projects. The pace of development has never been faster. But I believe we’re not just riding this wave—it’s not merely a trend; it reflects where crypto is headed. We’re moving toward a more integrated, mature, and user-centric financial ecosystem. As a top-tier crypto exchange, we lead by listing the hottest, most in-demand assets early. For example, we were the first top-tier exchange to list the Trump token on the day of launch, and the results were huge—we captured 65% market share on day one and recorded $6.4 billion in trading volume within the first week.
Ben: That was right during the “memecoin” craze. But afterward, the market quieted down—very quiet. I felt the industry’s focus began shifting toward stocks and even traditional assets. That’s exactly what Bybit started introducing. Now, Emily will tell us what we’ve done.
Emily: Yes, we observed this shift and saw where capital markets are heading. That’s why we proactively launched spot trading for tokenized stocks. Users can now directly trade stock tokens on Bybit—Apple, Tesla, Coinbase, Circle, and more. Spot trading is a critical step in bridging crypto and traditional financial markets. We believe trust is built on transparency, which is vital for Bybit. That’s why we launched a new initiative called “Listing Billboard,” requiring all listed projects to regularly disclose their financial and operational performance.
After listing, yes. The goal is to set a new standard for transparency—helping investors make better decisions and holding projects accountable. Several projects have already publicly shared their performance data. You can view all this information on the announcement page under “Listing Billboard.”
Next, let’s talk about one of Bybit’s most unique innovations—the industry’s first AI trading assistant, TradeGPT. It’s not a new product, but this year we’ve made it smarter by integrating advanced social intelligence technology. With TradeGPT, you now receive data feedback on social signals, market sentiment, and on-chain activity. The feature has received very positive feedback—from professional researchers and top KOLs alike. Imagine TradeGPT as your 24/7 professional research analyst—truly amazing.
We’ve also launched a new token listing product—Megadrop—you’re going to love it. Imagine when you purchase a fixed deposit product, you not only earn deposit rewards but also earn points to claim new token airdrops before official listing. We designed these products after the hack and launched them within a month. So far, we’ve successfully completed five rounds of Megadrop listings, with cumulative orders exceeding $200 million.
Ben: This product has received excellent feedback. Yes, we receive listing budgets from projects, which we pass on to customers via Megadrop. Customers have enjoyed great airdrop returns, successfully earning and farming new tokens.
Emily: Back in September last year, we launched bbSOL—actually, it’s kind of my “baby.” If you’re not familiar with bbSOL, it’s the first LST token backed by a centralized exchange. Speaking of bbSOL, it’s almost one year old, and I must say it’s performed exceptionally well. Born in DeFi, bbSOL is now available across all major Solana protocols. It’s also thriving in CeFi—we’ve integrated it deeply into the BB ecosystem. So bbSOL has become a real showcase of Bybit’s innovation in DeFi. This year, we’ve taken bbSOL to new heights—now you can directly borrow up to 4x Solana from Bybit, stake it, and mint bbSOL, earning over 20% APY on Solana staking. Truly incredible.
Looking ahead, you can see we’re making bigger strides toward Web3. Yes, we’re building the next chapter of Bybit—“On-chain Bybit.” Remember our old Web3 wallet? That’s history. The new Bybit Web3 isn’t just a wallet—we’re building an on-chain trading platform for all users. You’ll be able to trade Trendy Entry tokens directly from your Bybit UTA account without switching or creating a separate on-chain wallet. You’ll also participate in content liquidity mining and explore genuine CeDeFi opportunities—all on one unified platform. We’re also enhancing our financial product offerings to give you more control and flexibility. For example, two upcoming key features are recurring and fixed-rate loans, allowing manual borrowing via your UTA account—a long-requested feature among VIP users. Next, you’ll love this slogan: “Byreal, Crypto Gets Real.” Let me introduce myself—hi everyone, I’m Emily, founder of Byreal. Byreal is a hybrid decentralized exchange incubated by Bybit, born on Solana. Yes, we’re building a DEX on Solana. Our goal is to combine the liquidity of centralized exchanges with the transparency of decentralization—that’s why Byreal exists.
We’ve also launched a new mechanism—Reset Launch. It’s a fair launch platform combining smart stress testing and a fair-share engine. We’ve successfully launched our first ideal project—hope you enjoy it.
So I think…
Ben: Customers are eagerly awaiting the second project. Yes, the second one is coming soon. I think it’ll launch very shortly.
Emily: Very soon, very soon. Okay, very fast. We aim to transform fragmented liquidity into unified opportunities through Bybit. This is the big direction—the future is here. The future of finance is now. Let’s begin.
Ben: Amazing. Alright, we have a few audience questions to answer. One question is: With recent excitement around Mantle, will we see new use cases for Mantle on Bybit in the future?
Emily: Absolutely, yes. That’s exactly why we joined the Mantle team, right?
Ben: Yes, so expect deeper product integration between Bybit and Mantle—but not just Bybit, I believe this will benefit the entire ecosystem. I’m confident Emily will work some magic here.
Emily: Exactly, it’s not just Mantle and bbSOL—Mantle will also engage with other ecosystem partners.
Derivatives Market and Liquidity Innovation
Ben: Next, we have many innovations and products in the pipeline. Now let’s talk about liquidity. I believe even Byreal is focused on solving liquidity issues. On Bybit’s side, we’re also tackling liquidity in both spot and derivatives markets. Now, I’d like to invite our Derivatives Lead, Shunyet, to share our progress in derivatives and liquidity.
Shunyet: Bybit has set industry standards in liquidity. For traders, liquidity is the most critical factor. Bybit currently offers the best spot liquidity in the market. Measured by order book depth and spreads, our RPI (Retail Price Optimization) liquidity provider innovation, launched in February, has been hugely successful among retail and VIP traders. Our Bitcoin and Ethereum liquidity is triple that of the next-largest exchange. The innovations we’ve made in spot markets will now be replicated in perpetual contracts and options markets.
What’s next? Initially piloted with select market makers, we’ll expand RPI to all Pro6 and MM3 clients. All newly listed products will have RPI liquidity from day one. This further enhances liquidity, and we’ve set differentiated rebate structures for RPI and API orders to ensure everyone enjoys Bybit’s best liquidity.
Another exciting update: TradFi is now live on your Bybit App and MT5 platform. We’re the first major exchange to offer liquidity access. All gold, commodities, indices, forex, and stocks are now tradable via CFDs. We know you love trading crypto, but sometimes other asset classes rise too—we want you to experience those as well. We’ve cut all fees in half. We’re also the first exchange to offer stop-loss on stock trading, so your copy trading and free trading bots can benefit from this protection. Our analysis shows this reduces losses by over 60%. Bybit remains committed to building powerful tools to protect traders’ and investors’ capital.
Bybit Payment Services and Card Expansion
Ben: Next, I’d like to introduce Bybit Pay and the Bybit Card. Now I’ll invite David to join us—thank you, David, and thanks for bringing cool new merchandise today.
David: No problem. Because crypto is no longer just for trading—it can be part of daily life. That’s actually how I bought this cup—I used my Bybit Card.
Bybit has done a lot for our users, and your support has driven our growth past 2 million cardholders. Many users come from Latin America, Europe, and Southeast Asia. You’ve trusted us enough to use the Bybit Card for everyday spending, causing our transaction volume to surge. Based on your feedback, we redesigned the rewards system—now you earn more cashback with increased spending. We’ve also onboarded key partners like Rapid, FIFA ticketing, and Fits Master. To show our appreciation, we partnered with Tomorrowland—one of the world’s biggest music festivals. Every year, thousands attend, and Bybit Card holders get priority access to tickets, which initially go out via private invitation.
Cardholders still enjoy 20% cashback on festival tickets, merch stores, and the official website. We’ll also launch a special-edition Tomorrowland virtual card. Across all our events, we’ll include access to these exciting experiences.
Right now, there’s a DJ party in São Paulo—come enjoy the vibrant atmosphere. We definitely want to do more. We just entered APAC in June, plan to launch in Europe and Georgia in August, wrap up Q3 goals by year-end, and roll out in Colombia and Peru in Q4. We don’t just want geographic expansion—we want to enter new markets. That’s why we’re exploring enterprise markets. For VIP customers, we’ll introduce dual-card flexibility—one Visa and one Mastercard. More benefits, higher limits, premium experience. And we’re constantly enhancing security—our dispute resolution is now significantly improved.
Now, let’s talk about Bybit Pay—sister product to the Bybit Card. Local QR code payments for LATAM and Southeast Asia are now live in the Bybit App, growing at an astonishing rate—over 700% quarter-on-quarter. User activation surged 3,000%. We’ve also launched a 10% cashback program for cards and payments.
Bybit Pay is now live—you can pay with any crypto you love, like USDT, USDC, BTC, etc. Coming soon: FX, remittances, bill payments, installments, and crypto-backed loans. This year we’ve launched several major features: January in Brazil, covering 150 million people. June in Vietnam and the Philippines, over 100 million users. July in Argentina, joining Transparency 3.0.
Next, we’ll launch in Mexico in Q3, followed by Peru and Thailand. We’ll also enable unified support across broader Asian markets, especially diverse payment methods in Southeast Asia.
Before I wrap up, here’s a quick question. The first viewers to answer correctly will share a $500 prize pool. The question is: Which Bybit update are you most excited about? The Lite App or the expansion of Bybit Card and Pay? Vote now—keep voting. I’ll hand it back to Ben for final updates. Thanks everyone, really appreciate it!
Private Wealth Management and VIP Experience
Ben: Great, amazing. Next, we have a few new questions. This one comes from Coin Telegraph: How does Bybit’s new wealth management solution differ from existing market offerings for average crypto investors? Excellent question—and the topic of my next segment: Bybit’s Private Wealth Management.
We launched our private wealth management product about a year ago. Since then, we’ve received overwhelmingly positive feedback, as shown in these numbers. This product is tailored for Bybit clients with over $1 million in assets. A dedicated account manager will reach out to design a customized wealth plan. Tell us your needs—maybe keep $200K liquid, gradually buy ETH, allocate funds to BTC, or seek high-yield long-term products with existing BTC holdings. Whatever your goals, we’ll tailor a solution exclusively for you.
This is a service highly valued by our private wealth clients. Performance so far has been strong. I’m a user myself, and more clients are requesting this service. If interested, contact your account manager—we can build something similar for you. As far as I know, we’re one of the few exchanges truly customizing solutions per client. Next, I’d like to discuss VIP experience and services for our VIP clients. VIPs are core to Bybit.
Over the past six months, we’ve done a lot. One major change came from VIP requests—not just lower rates and better products, but offline events. How can we help VIPs connect in person? In the past six months, we’ve hosted over 40 offline events. In the “Me” section of the Bybit App, you can see nearby and upcoming events. As a VIP, you can register and attend any event for free.
We host workshops, bring in speakers, and organize social gatherings for clients to network, exchange ideas, and discuss market outlooks. We also offer market intelligence services for VIPs.
This exclusive service delivers weekly analysis based on your positions and market outlook, giving you a clear sense of market movements. We’ve also launched other products, like priority partner access and ML (machine learning) bots to speed up KYC and ML issue resolution.
Bybit App 5.0 and New UI Upgrade
Ben: Next update: Bybit App 5.0. We’ve also launched Bybit Lite—a lightweight version. This was a long-standing customer request—many wanted a simpler, beginner-friendly app. It’s already live on Android and coming soon to iOS. Additionally, we recently completed a full UI overhaul of the Bybit App. It’s now smoother, faster, with refined design. Feedback has been excellent—buying and selling is now easier than ever.
Ben: Actually, one viewer asked—he loves the new Bybit App. Great to hear. His question: Can you explain what “Open” and “Close” mean in the trading section, and how they work? Maybe Eric can give a quick demo of the new app. Where can you see Open and Close in the trading section? I assume he means chart functions, right? By the way, what you’re seeing now is the new UI version of the Bybit App. If you go to the trading page, click any trading pair, you’ll see Open and Close options. Eric, can you take it from here?
Eric: Sure. Here’s the upgraded version of App 5.0. Go to the “Futures” page, and you’ll see “Long” and “Short” positions.
Ben: Right, an interesting point—if you go into the chart, you can now trade directly on it. Eric, show the chart area. Click the chart icon in the top-right corner. Now you can place orders directly from the bottom of the chart. This wasn’t possible before—some users said, “I’m watching prices on the app, how do I quickly enter?” Now we’ve added that function.
Also, the Bybit App is highly customizable. Enter the “Customize” section—you can adjust many elements to your preference. On the chart, choose what to display or hide. In the trading area, switch to the trading page—you’ll find many customizable options. Bottom panels, top navigation bar—if you only do spot or derivatives trading—you can customize the top bar accordingly. Everything adapts to your needs.
I emphasize: if you only do certain types of trading and don’t want to see others, Bybit App gives you that customization power. Also, if you use the search bar on the homepage, you can now access all Bybit features—including TradFi we mentioned earlier. Search “gold” or “Tesla”—for example, search “gold,” and you’ll see TradFi appear at the bottom—click and trade.
In short, everything is in the Bybit App—every need fulfilled in one app. That’s our mission.
Next, we’re updating the “Earn” page. It’s now simplified. Previously split into multiple product lines, it’s now grouped into three categories: Easy Earn, On-Chain Earn, and Advanced Earn. This page shows how to invest and manage idle assets through personalized recommendations. The streamlined interface makes navigation clearer.
This upgraded “Orders” page makes subscribing, tracking, and managing earnings extremely simple. Another major piece of feedback—viewer questions: How can we make the Assets page, transaction history, and position history easier to navigate? This is a major upcoming update—likely launching by end of month.
Specifically, transaction history was previously limited and not user-friendly. Users had to select funding accounts, UTA cards, and distinguish between them. Now we’ve completely revamped it—all transaction records are consolidated into one entry, making all needed info easily accessible. Improvements will also come to PNL and transaction views. This update brings a fresh Assets page UI—I believe you’ll love it. Stay tuned.
Coming next is the RFQ feature. Many VIP institutional clients, especially options traders, have requested this. It’s launching soon—you’ll enjoy instant quotes and block trades across all Bybit trading products, executing multi-strategy trades with lower fees and tighter spreads.
Alongside RFQ, Bybit’s OTC desk will also launch—stay tuned. I believe options traders and institutional users will love this. We mentioned VIP events earlier—let’s preview what’s coming. If you’re in these regions, we welcome your participation.
Upcoming events in the second half of the year, especially APAC VIP dinners. If you’re a VIP, you’ll be invited—last year in Bali, this year planned somewhere in Indonesia. Also, EMEA VIP dinners are coming. Many VIPs are asking about this year’s dinner—yes, it will definitely happen as planned.
Q&A Summary
Will Bybit go beyond TradFi CFDs and tokenized RWA to offer true multi-asset investment accounts, including custodied stocks, forex, and commodities ownership?
Ben: Currently, TradFi on the app and upcoming desktop offers CFDs—meaning clients don’t truly own these stocks or assets, but hold them as derivatives. We need a broker-dealer license, which we’re actively pursuing, to offer true custodial asset services. This is where we’re headed, and we expect to deliver it soon.
Will Bybit join the Crypto-Asset Reporting Framework? If so, when will reporting start?
Ben: I assume this refers to Bybit EU’s regulatory framework—possibly under DORA or MiCAR—asking what we report and what we don’t. We’ll fully comply with regulatory requirements under standard frameworks. Additionally, we know new tax regimes will roll out in the EU and globally early next year. Bybit will keep pace. We’re partnering with tax vendors and institutions to simplify tax reporting for clients, offering tools to export documents and reports anytime.
Will Bybit add custom trading view layouts or allow saving charts in the Bybit App or desktop version?
Ben: This has been a long-standing customer request. If you use TradingView on desktop, your chart settings are saved and restored upon login. But customers ask: if it’s saved on desktop, can it sync automatically to the app? We’ve implemented this—ensuring trading view data syncs between app and desktop. Key layouts, including lines drawn on desktop, are pushed to the mobile app. Try it—it’s live now.
Are there plans to enhance funding rate arbitrage opportunities, or how can funding rate arbitrage improve capital efficiency?
Ben: Great question. In the “Trade” tab of the Bybit App, there’s a feature called “Spread Trading.” It enables users to simultaneously trade derivatives, spot, and options. It supports multi-leg strategies—entering futures, spot, and even options positions at once. We offer a 50% fee discount on this feature. So if you’re doing arbitrage between derivatives and spot, use this and save significantly on fees.
How does establishing Bybit’s HQ in the EU help the company strategize in complex regulatory environments?
Ben: While complex, the largest global license today is undoubtedly MiCAR, covering all of Europe. Bybit’s EU HQ in Austria is now fully MiCAR-compliant. We aim to open this office and welcome all customers and partners here. It hosts a fully independent team operating Bybit EU, with segregated custody providers and isolated systems, ensuring EU customers trade with confidence.
What’s your view on Hyperliquid’s rapid rise? Will it challenge centralized exchanges?
Ben: I’ve been asked this many times. I don’t believe DEXs, even ones like Hyperliquid, compete with centralized exchanges. In a way, we’re collaborators—many Hyperliquid or DEX users still rely on centralized exchanges as infrastructure to enter crypto. My view: users start with centralized exchanges to enter the market, understand dynamics, mature. Once mature, they may explore Web3 via non-custodial wallets. That’s why we launched Byreal and our Web3 initiative. We see more clients exploring Web3 and wanting full non-custodial participation. We want to offer that access. But I don’t see DEXs as challengers or competitors to CEXs.
Can you explain Bybit’s auto-lending system?
Ben: Over the past six months, we launched an auto-lending plan. If you have a UTA account with idle assets, you can enable auto-lending to earn interest. This feature is live. We’re also consolidating all lending functions on Bybit. Currently, you can still use UTA and other lending tools, but we aim to unify all lending into one platform with a centralized management hub. Alright.
Will WSOT return, and how will it be different?
Ben: Yes, WSOT will return very soon, differing from 2024 or prior editions. This year we’ve added new formats—one major change is “1v1” battles. You can challenge another trader in a head-to-head competition. Of course, this year’s event will be larger and involve more participants. Stay tuned—can the team share the exact launch date? Oh, August 12 is the teaser announcement date—WSOT2025 teaser drops then. Stay tuned.
How does Bybit position itself not just as a trading platform but as a key enabler of the Web3 ecosystem?
Ben: Yes, as I said earlier, we see ourselves as the infrastructure connecting users to the Web3 world. Whether you need fiat-to-spot, spot-to-spot, or want to explore Web3, we have Byreal launching, deeper integration with Mantle, and more synergies coming. Overall, we’re the bridge and highway—wherever our customers want to go, we provide the products and peace of mind to get there.
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