"We position ourselves as the infrastructure connecting customers to the Web3 world."
In this keynote speech, Bybit CEO Ben discussed the company's significant growth, product innovation, and future strategic plans. He elaborated on the response measures following the $1.5 billion hack incident, explaining Bybit's transparent approach and the 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 in different regions.
Key product developments include Megadrop, the AI tool TradeGPT, and the introduction of tokenized stocks, aimed at bridging the gap between cryptocurrency and traditional finance. Ben also highlighted Bybit's commitment to Web3, integrating decentralized technology and collaborating with partners like Mantle. Additionally, Ben mentioned Bybit's ongoing efforts in fulfilling social responsibility, focusing on transparency and building trust within the cryptocurrency industry.
Opening
Ben: Hello everyone, I am Ben, co-founder and co-CEO of Bybit. We have been hosting keynote speeches for five years, and I meet with our customers every six months. Today, we are also live-streaming, and the theme is "Incremental Breakthroughs, Reshaping the Future, Rewriting Success, and Redefining Standards."
In the past few months, Bybit has delivered many results while also facing some significant challenges, as you all know. So today we will discuss what we have done, the challenges we have overcome, and the innovative products and services we have launched in the past six months. More importantly, we will showcase some upcoming products, services, and partnerships. A lot of new things are happening, so please stay tuned and leave your questions.
First, thank you all for your support; Bybit now has 74 million users. Over the past six years, we have grown from a small exchange to the second-largest exchange in the world, which means that one in every eight cryptocurrency enthusiasts has a Bybit account. Thank you very much for your support.
Bybit's Response to the $1.5 Billion Hack Incident and System Upgrades, Emphasizing Transparency and Social Responsibility Initiatives
Ben: Alright, the first topic we need to discuss is, of course, the hack incident that made Bybit widely known. I want to take a moment to reflect and thank everyone for their support throughout the hack incident. We experienced the largest hack in history, with losses reaching $1.5 billion. We have done a lot of work on both internal systems and security, and during this incident, we also saw the entire industry become stronger, and now Bybit has become stronger as well.
After the incident, we did a lot of work internally at Bybit. Although this hack did not occur on Bybit's infrastructure, we conducted a comprehensive third-party review and a thorough reconstruction of our internal systems in the past few months. Today, Bybit's hot wallets, cold wallets, and systems have all been fully audited, and we have collaborated with multiple third parties, including the on-chain auditing firms you saw in the video, for code reviews. Furthermore, we believe this was not just a hack against Bybit; it was actually an industry-wide hack incident that could have gone down the wrong path if not handled properly. I really want to thank our partners who helped us during this process; they are still working to track these events and help us through this incident. Now I would like to invite Dyma from the auditing firm Hacken to say a few words.
Dyma, great to see you. Yes, I think many partners, industry participants, and even other regulatory bodies have asked us, knowing that we demonstrated complete transparency during the incident, and you are one of the auditing firms we worked with, helping us a lot throughout the process. Do you think transparency is key? What are your thoughts from a retrospective perspective?
Dyma: I think this is a perfect example of why proactive transparency is important. If there hadn't been a reserve proof like yours beforehand, or if it had only been made public afterward, trust might not have existed.
I think this is an example that other participants in the industry should follow. I am very pleased to see that within hours of the incident, the entire community and industry knew that your funds were safe and that this incident would not affect your future. Now we can also say that Bybit has successfully become a perfect case in history for handling such incidents.
Ben: No, I think Bybit was very fortunate. Since the collapse of FTX, we have implemented monthly reserve measures. I believe that during this hack incident, our third-party auditing firm was able to verify that our assets remained fully solvent, which helped us a lot throughout the incident. So we also know that we are still collaborating on our nonprofit initiative — BGA (Blockchain for Good Alliance). Perhaps you can share what we have done in this regard.
Dyma: Again, just like the reserve proof, Bybit was not required by any regulatory body to implement such proactive security measures, but Bybit also does not need to be forced to do the "Blockchain for Good" initiative.
Our educational product "Trust Army" was selected to participate in this project. Trust Army is a course that helps people learn how to "do your own research" (DYOR). We basically provide a framework and guidelines to help everyone analyze projects and avoid falling into scams, fraudulent projects, and any other suspicious projects.
Ben: Alright, thank you for participating. Next, we will discuss more about social responsibility (CRS), some of the things the BGA (Blockchain for Good Alliance) nonprofit initiative is doing, and other projects we are working on.
Bybit Infrastructure Upgrades and Global Compliance Expansion Updates
Ben: Let's go back to the significant work done in the past six months, system upgrades, and product updates. I will also invite a few key members of the team to share.
Okay, first, let me provide some internal infrastructure data. Bybit has been continuously improving our infrastructure, and I want to share some important numbers. Bybit remains very proud of our system availability, meaning our system has never experienced a failure. Since we launched, we have never had planned downtime or offline upgrades; all upgrades have been done through version releases and hotfixes. This means our availability has reached 99.99%, with overall downtime of less than 52 minutes per year.
Another important number I want to mention is latency. This is crucial for institutional users. Our latency level is below 10 milliseconds, which means when you send an order to Bybit, the response time will not exceed 10 milliseconds. So this is definitely top-notch in the industry.
Additionally, some customers are concerned about our compliance roadmap. In fact, we are about to release a very significant update. Bybit is now officially compliant with the MiCAR regulatory framework across the entire EU. This means we launched the bybit.eu website last month, and we are now fully compliant with the requirements to serve all EU countries (a total of 29 countries) and provide localized exchange services. For our European users, they can now log in directly to bybit.eu, and our app can also be registered and traded on bybit.eu.
What is different about Bybit EU? We want to present Bybit EU as a localized exchange. Whether you are from France, Germany, Italy, or Romania, we provide local fiat in-and-out services, and we will establish local offices in major countries.
By the way, Bybit's headquarters is located in Vienna, Austria. We welcome all customers and partners to visit and meet with us. At the same time, we are also working to provide local fiat in-and-out solutions to ensure you enjoy a localized exchange experience at Bybit EU. Meanwhile, we are applying for a MiFID license, which means we hope to launch derivative trading products that comply with the requirements of that license within six months.
In addition to the expansion in the EU, we are certainly also continuously working to expand products and services in other regions. Earlier this year, our headquarters received principle approval in Abu Dhabi, and we have also obtained principle approval from the Abu Dhabi and UAE Securities and Commodities Authority (SCA) to establish a virtual asset platform operator in the UAE.
One of the latest updates is about India. We are now fully registered as FIU, which means Bybit is now fully operational in India, and you can access Bybit's products and services in India. This is a huge upgrade and progress.
Bybit's Collaboration with Mantle and Future Development
Ben: Next, I want to share an important announcement from the Mantle team that was tweeted yesterday. To give you some background, Mantle is a project that Bybit has supported and incubated for about three years, originally the largest DAO in the world — BitDAO. About a year and a half ago, it transformed into Layer 2 and has now become one of the largest Layer 2s based on EVM infrastructure.
The major announcement yesterday, as you can see on the screen, I am very pleased to announce that Helen (my co-CEO) and Emily (one of the heads of Bybit's spot and Web3, and founder of the Byreal project) have now been appointed as key advisors to Mantle. This means there will be more synergies between Bybit and Mantle, as our key personnel are now involved in the decision-making process.
At the same time, I look forward to seeing more synergies between Mantle and other ecosystems, driving the entire Layer 2 process and accelerating the development of Mantle's infrastructure. I hope that from now on, Mantle will launch with stronger leadership, deeper strategic restructuring, and renewed momentum. So, I believe there will be more announcements from Mantle. Congratulations to Helen and Emily; there will definitely be more things happening next.
Next, I want to introduce Emily, whom I just mentioned was recently appointed as a key advisor to Mantle. Emily, welcome, and perhaps you can introduce yourself.
Emily: Thank you, Ben. Good morning everyone, I am Emily, head of Bybit's spot trading business and also a key advisor to Mantle. It's great to see everyone again.
2025 is an important milestone for Bybit, not only for Bybit but also for the entire cryptocurrency industry. We have seen many new initiatives, an acceleration of innovation in the DeFi space, and the gradual emergence of RWA (Real World Assets) into mainstream discussions. At the same time, the industry has also demanded stronger transparency and accountability from crypto-native projects. The pace of development in this industry is faster than ever before. Nevertheless, I believe we are not just following this trend, as it is not merely a trend; it showcases the future direction of cryptocurrency. We are moving towards a more integrated, mature, and user-centric financial ecosystem. For us, as a top cryptocurrency exchange, we are also the first to quickly list the hottest and most in-demand assets. For example, the listing of the Trump token, where we were actually the first top exchange to list this token on the same day, resulted in tremendous success. We captured 65% of the market share on the first day and recorded a trading volume of $6.4 billion within the first week.
Ben: That was right during the "memecoin" craze. But afterward, the market quieted down; it was indeed very quiet. I feel the industry's focus began to shift towards stocks and even traditional assets, which is also what Bybit started to introduce. Next, I think Emily will talk about what we have done.
Emily: Yes, we have seen this shift and the future direction of capital markets. That is why we took the initiative to launch tokenized stock spot trading. Now users can directly trade stock tokens on Bybit, such as Apple, Tesla, Coinbase, Circle, and more. Spot trading is an important step towards bridging the gap between crypto and traditional financial markets. We believe that trust is built on transparency, which is very important for Bybit. Therefore, we launched the "Listing Billboard" initiative, requiring all projects to regularly disclose their financial and operational performance after listing.
After the listing, that's right. So the goal of this initiative is to set a new standard for transparency; we hope to help everyone make better decisions as investors and hold project teams accountable. Many projects have already publicly disclosed their performance data. If you go to the announcement page and check the "Listing Billboard," you will see all this data.
Next, let's talk about one of Bybit's most unique innovations — the industry's first AI trading assistant, TradeGPT. This is not a new product; it has been around for a while, and this year we made it smarter by integrating advanced intelligent technology from social value. Now, through TradeGPT, you can access data feedback on social signals, market sentiment, and on-chain activities. This feature has received very positive feedback, especially from professional researchers and top KOLs. Imagine TradeGPT as your professional researcher working 24/7; it's fantastic.
Now, we have also launched a new token listing product — Megadrop, which you will definitely love. Imagine that when you purchase a fixed deposit product, you can not only enjoy deposit rewards but also earn points and receive new token airdrops before the tokens are officially listed. We started designing these products right after the hack incident and launched them within a month. So far, we have successfully launched five rounds of Megadrop token listing events, with a total order amount exceeding $200 million.
Ben: This product has indeed received great feedback. Yes, we did receive listing budgets from the project teams, and then we passed them on to customers through Megadrop, who also received a lot of good airdrop feedback and successfully earned and farmed new tokens.
Emily: Last September, we launched bbSOL, which I consider my "baby." If you are not familiar with bbSOL, it is the first LST (Liquid Staking Token) supported by a centralized exchange. Speaking of bbSOL, it is about to turn one year old, and I must say it has developed very well because bbSOL was born in the DeFi space, and you can find it in all major Solana protocols. Moreover, bbSOL has also performed very well in the CeFi world, and we have integrated it into the BB ecosystem. Therefore, bbSOL now serves as a true showcase of Bybit's innovation in the DeFi space. This year, we have taken bbSOL to new heights; now you can directly borrow up to 4 times Solana from Bybit, stake it, and mint bbSOL, allowing you to start earning over 20% staking rewards on Solana, which is truly amazing.
Alright, looking ahead, you can see we are taking more steps towards Web3. Yes, we are building the next chapter of Bybit, which is "On-chain Bybit." Do you remember we used to have a Web3 wallet? But that is a thing of the past. Now, the new Bybit Web3 is not just a wallet; we are building an on-chain trading platform for all users. You will be able to trade Trendy Entry tokens directly from your Bybit UTA account without changing or creating an on-chain wallet. You will also be able to participate in content liquidity mining and explore more genuine CeDeFiDF opportunities, all on a unified platform. Additionally, we are enhancing our financial product activities to provide you with more control and flexibility. For example, two key features coming soon are periodic and fixed-rate loans, allowing you to manually borrow through your UTA account, which has been a long-standing demand from our VIP users. Next, you will definitely love this slogan: "Byreal, Crypto Should Be Real." Now let me introduce myself; hello everyone, I am Emily, the founder of Byreal. Byreal is a hybrid decentralized exchange incubated by Bybit, born on Solana. That's right; we are building a decentralized exchange on Solana. Our goal is to combine the liquidity of centralized exchanges with the transparency of decentralization, which is why Byreal was born.
We have also launched a new ideal mechanism — Reset Launch. This is a fair launch platform model that combines smart pressure lasers and a fair share engine. We have successfully launched the first ideal project, and we hope you like it.
So I want to…
Ben: Customers are looking forward to the second project. That's right; the second project is coming soon. I think it will be launched very shortly.
Emily: Very soon, very soon. Alright, very soon. We hope to transform decentralized liquidity into unified opportunities through Bybit. This is a big direction; the future has arrived, and the future of finance is here. Let's get started.
Ben: Awesome. Alright, I think we have some questions left; let's answer a few from the audience. One of the audience questions is that the recent excitement around Mantle has brought a lot of attention. Will we see new application scenarios for Mantle on Bybit in the future?
Emily: Absolutely, that's right. This is exactly why we joined the Mantle team, right?
Ben: Yes, so everyone can expect more product integrations between Bybit and Mantle, but not just Bybit; I believe this is an interaction of the entire ecosystem. I believe Emily will work some magic in this.
Emily: That's right; not only Mantle and bbSOL, but Mantle will also interact with other ecosystem partners.
Derivatives Market and Liquidity Innovations
Ben: Alright, next, I think we have many innovations and products coming soon. The next topic we need to discuss is liquidity. I believe that even including Byreal, we are all working to address liquidity issues. On Bybit's side, we are also striving to solve liquidity problems in both the spot and derivatives markets. Now, I would like to invite our derivatives head, Sun Ye, to share with everyone our efforts in the derivatives market and liquidity.
Shunyet: Alright, so Bybit has set the industry standard for liquidity. As a trader, the most important factor is liquidity. Bybit now has the best spot liquidity in the market. If you measure it by order book depth and spreads, the RPI (Retail Price Optimization) liquidity provider innovation launched in February has achieved great success among retail and VIP traders. Our Bitcoin and Ethereum liquidity is three times that of the next largest exchange. The innovations we have made in the spot market will be replicated in the perpetual contract and options markets in the future.
What’s next? Initially, this project was piloted for some market makers, and we will expand it to all Pro6 and MM3 clients, ensuring that all newly listed products have RPI liquidity on the first day. This is to further enhance liquidity, and we have set different rebate standards for RPI and API orders to ensure everyone can enjoy the best liquidity on Bybit.
Another interesting thing is that our TradFi is now live on your Bybit App and MT5 platform. We are the first major exchange to launch liquidity access. All gold, commodities, indices, forex, and stocks can now be traded through Contracts for Difference (CFDs). We know everyone loves trading cryptocurrencies, but sometimes other asset classes are also rising, and we want you to experience those as well. We have halved all fees. We are also the first exchange to launch stock trading stop-losses, so your copy trading and free trading bots can enjoy this protection. Our analysis shows that this measure can reduce losses by over 60%, and Bybit is always committed to building powerful tools for our traders and investors to protect their investments.
Bybit Payment Services and Card Expansion
Ben: Next, I want to introduce that Bybit now also has its own payment service and Bybit card. Next, I invite David to join us; thank him, as he also brought new merchandise today.
David: No problem. Because cryptocurrency is no longer just for trading; it can also be a part of daily life. This is actually how I bought this cup; I bought it with my Bybit card.
Next, Bybit has done a lot for us, especially regarding users. Your support has driven our growth, allowing us to surpass 2 million users. Many users come from Latin America, Europe, and Southeast Asia. You even trust us to use the Bybit card for purchases, leading to a significant increase in our spending volume. Based on your feedback, we have redesigned the rewards system, and now you can earn more cashback through increased spending. We have also partnered with many important partners, such as Rapid, FIFA ticketing, and Fits Master. We are very grateful to everyone, which is why we decided to collaborate with one of the world's largest music festivals, Tomorrowland. This event attracts thousands of people every year, and Bybit card users can purchase tickets in advance, with ticket sales starting as private allocations.
Now, they can still enjoy a 20% cashback on music festival tickets, merchandise stores, and the official website. We will also launch a specially designed virtual card for Tomorrowland. In summary, we will include tickets for these exciting events in all our activities.
Currently, there is also a DJ party in São Paulo, where everyone can go and enjoy the fantastic atmosphere. We certainly hope to do more. We just entered the Asia-Pacific region in June and plan to enter Europe and Georgia in August. By the end of the year, we will wrap up this quarter's goals and launch in Colombia and Peru in the fourth quarter. We not only want to expand geographically but also hope to enter new markets. Therefore, we are trying to enter new corporate markets. For our VIP clients, we will also allow dual card flexibility, meaning they will have two cards, one Visa and one MasterCard. More benefits, higher limits, and a more premium experience. Additionally, we are continuously enhancing our security, and our dispute support is much better than before.
Next, let's talk about Bybit Pay. This is the sister product of the Bybit card. Now, local QR code payment functionality for LATAM and Southeast Asia has been launched in the Bybit App, and its growth rate is astonishing, with quarterly growth exceeding 700%. User activation rates have surged by 3000%. We have also launched a 10% cashback rewards system for cards and payments.
Now, Bybit Pay is also live, and you can pay with any cryptocurrency you like, such as USDT, USDC, BTC, etc. Upcoming features will include foreign exchange, remittances, bill payments, installment payments, and cryptocurrency-supported loans. This year, we have launched several important features. In January, we launched in Brazil, covering 150 million people. In June, we entered Vietnam and the Philippines, reaching over 100 million users. In July, Argentina also joined to support Transparency 3.0.
Next, we will launch in Mexico in the third quarter. Then Peru and Thailand, and we will also establish unified support in a broader Asian market, especially for various payment methods in Southeast Asia.
Before I conclude, let me pose a question to everyone. Audience members who answer this question correctly will have the chance to share a $500 prize pool. So the question is: Which new update from Bybit are you most looking forward to? Is it the lightweight app or the expansion of Bybit card and payment features? Vote now, keep voting. I will hand it back to Ben to bring you the latest updates. Alright, thank you all, and thank you very much!
Private Wealth Management and VIP Experience
Ben: Alright, fantastic. Next, we have some new questions to answer. This is a media question from Coin Telegraph: What differentiates Bybit's new wealth management solution from existing market products for ordinary cryptocurrency investors? This is a very good question and is the topic I want to discuss next, which is Bybit's private wealth management product.
In fact, we launched the private wealth management product about a year ago, and until now, we have received extremely positive feedback from clients, as you can see from these numbers. This product is tailored for Bybit clients with assets exceeding $1 million. We will have client managers contact you and design a customized wealth management plan for you. That is to say, you can tell us your needs. Perhaps you want to keep $200,000 liquid, or you want to invest a portion of your funds in Bitcoin, gradually purchase Ethereum, or you already own Bitcoin and want to obtain long-term high-yield products. Whatever your needs are, we can tailor it for you, deploying products entirely based on your requirements.
This is a service that our private wealth management clients love very much. So far, the product has performed quite well. I am also a user of this product, and more and more clients are requesting such services. If you are interested, please contact your client manager, and we can design similar products for you. As far as I know, we are one of the few exchanges that customize needs for clients. Alright, next, I want to talk about the VIP experience and the services we provide for VIP clients. VIP clients are very important to Bybit; they are our core customers.
In the past six months, we have done a lot. One of the biggest changes is that VIP clients are asking for more than just rate and product demands; they are also requesting offline events. How can we help VIP clients get to know each other through offline events? In fact, in the past six months, we have held over 40 offline events. If you go to the "Me" page in the Bybit App, you can see the events happening around you and upcoming events. As a VIP client, you can register for free and attend any event.
We usually hold some workshops, sometimes inviting speakers, and even social gatherings among clients to get to know each other, exchange ideas, and discuss market prospects, etc. In addition, we also provide market intelligence services for VIP clients.
This service is exclusive, and based on your positions held, we will push analyses regarding your positions and market prospects monthly, actually weekly, to give you a general understanding of market trends. Besides that, we have launched some other products, such as the first gender partner and ML (machine learning) bots to help you speed up processing when you encounter ML or KYC issues.
Bybit App 5.0 and New UI Upgrade
Ben: Next, the update we are making is the Bybit App version 5.0. At the same time, we have also launched the Bybit Lite version, which is a lightweight app. This feature has been long requested by customers, as many clients want a simpler app that is suitable for beginners. This version has been released on Android and will soon be available on the iOS store. In addition, we have recently conducted a complete UI upgrade for the Bybit App. Now, the Bybit App looks smoother and faster, and the UI design has also undergone some adjustments. The current feedback is very positive; now you can quickly buy and sell more conveniently.
Ben: In fact, one of the audience members mentioned that he really likes the new version of the Bybit App. Great, I'm glad to hear that feedback. The question is: Can you explain what "open" and "close" mean in the trading section? How do they work? Perhaps Eric can give us a simple demonstration of the new version of the Bybit App. Where can we see the open and close in the trading section? I guess he is referring to the features on the chart, right? By the way, what you are seeing now is the new UI version of the Bybit App. If you go to the trading page, click on any trading pair, and then you will see the options for open and close. Eric, can you continue with the operation?
Eric: Alright, no problem. Here is the upgraded version of our App 5.0. Enter the "Futures" page, and you will see the positions for "Long" and "Short."
Ben: Yes, an interesting point is that if you enter the chart, you can now trade directly on the chart. Eric, show us the chart area. Click on the chart in the upper right corner, and we can see it. Now you can place orders directly at the bottom of the chart. This was not possible before because some clients said, "I see the price on the app and want to enter quickly; what should I do?" Now, we provide this feature.
Additionally, the Bybit App is highly customizable. If you enter the "Customize" area, you can adjust many things and set it according to your preferences. For example, on the chart, you can choose what to display and hide information you don't want to see. Once you enter the trading area and switch to the trading page, you will find many customizable options. The bottom panel, the top navigation bar; if you only do spot trading or derivatives trading, or other types of trading, you can customize the settings in the top navigation bar. Everything can be adjusted according to your needs.
I want to emphasize that if you only do certain types of trading and don't want to see other content, the Bybit App can give you this customization capability. Meanwhile, if you enter the search box and search on the homepage, we now support all the features of Bybit, including the TradFi we mentioned earlier. If you search for gold or Tesla, for example, search for gold, and then you will see that TradFi is also displayed at the bottom; find it and you can trade.
In summary, all features are in the Bybit App, and all needs can be met through one app. This is the direction we are striving for.
Alright, the next update is the "Earn" page. Now, this page has become more simplified. Previously, we divided it into different product lines; now we have simplified it into three categories: Easy Earn, On-Chain Earn, and Advanced Earn. This page shows you how to invest and manage idle assets through customized product suggestions. The simplified interface makes operations clearer.
The upgraded "Orders" page makes it extremely easy to subscribe, track, and manage your earnings. Next is the massive feedback we received, including audience questions: How can we make the asset page, trading history, and position history easier to navigate? This is a major update coming soon, and I think it will be released by the end of this month.
Specifically, previously, for example, trading records were limited and not user-friendly in display. Users needed to select funding accounts, UTA cards, and distinguish between these accounts. Now, we have conducted a comprehensive overhaul, and all trading records are centralized in one entry, allowing you to easily view all the information you need to know. At the same time, the changes from the perspective of profit and loss (PNL) and trading perspective will also be optimized. This update will bring a brand new asset page UI design, and I believe everyone will like it; stay tuned.
Next to be launched is the RFQ feature. Many of our VIP institutional clients, especially options traders, have been requesting this feature. This feature will be launched soon, and you will be able to enjoy real-time quotes and block trading across all trading products on Bybit, executing multi-strategy trades with lower fees and tighter spreads.
At the same time, after the launch of the RFQ feature, Bybit's OTC trading desk will also be launched, so stay tuned. I believe options traders and institutional users will really appreciate this feature. We previously mentioned VIP events, so let's take a look at the upcoming activities. If you are in these regions, we welcome your participation.
Some events scheduled for the second half of this year, especially VIP dinners in the Asia-Pacific region. If you are a VIP client, we will invite you to participate. Last year it was held in Bali, and this year we plan to hold it somewhere in Indonesia. Additionally, VIP dinners in the EMEA region are also coming up. Many VIP clients have been asking about this year's VIP dinner, and of course, this event will definitely take place.
Question Summary
Will Bybit go beyond TradFi CFDs and tokenized RWAs to offer a true multi-asset investment account, including customized, custodial stocks, forex, and commodity ownership?
Ben: Currently, what we offer through the TradFi platform on the app and the upcoming desktop version are Contracts for Difference (CFDs). This means that clients do not actually own these stocks or assets but hold them in derivative form. We need to obtain a brokerage license, and we are currently working on that, hoping to provide true asset custody services for everyone soon. So this is the direction we are pushing forward, and we expect to bring it to you shortly.
Will Bybit join the crypto asset reporting framework? If so, when will reporting start?
Ben: I guess this is talking about the regulatory framework for Bybit EU, possibly under the DORA or MiCAR framework, what will be reported and what will not? We will fully comply with the requirements set by regulatory authorities and execute according to the conventional regulatory framework. Additionally, we know that new tax regimes will be introduced in the EU and other parts of the world early next year, and Bybit will also keep pace with this process. We are working with some tax service providers and institutions to help our clients simplify tax reporting and provide products that allow them to export documents and reports at any time.
Will Bybit launch a feature for customizing trading view layouts or saving charts in the Bybit App or desktop version?
Ben: This feature has been long anticipated by our clients. In fact, if you use TradingView on the desktop version, the charts will be saved in the desktop version for your next login. But clients have asked if the features saved on the desktop can be automatically viewed in the app. We have indeed implemented this feature in the app, ensuring that the data for trading views can be synchronized between the app and the desktop. So, for key trading layouts, including the lines you draw on the desktop, they will be updated and pushed to the mobile app, and you can try it out; this feature is now live.
Are there plans to enhance funding rate arbitrage opportunities, or how can funding rate arbitrage be utilized to improve capital efficiency?
Ben: This is a very good question. Under the "Trading" tab in the Bybit App, there is an option called "Spread Trading." This feature helps users trade derivatives, spot, and options simultaneously in the market. Its purpose is to assist you in executing multi-leg operations, meaning you can enter positions in futures, spot, or even options at the same time. For this feature, we also offer users a 50% fee discount. This means that if you try to arbitrage between derivatives and spot, you can use this feature and save a significant portion of the fees.
How does Bybit's establishment of a headquarters in the EU help the company strategize in a complex regulatory environment?
Ben: While it is indeed complex, the largest license globally is undoubtedly the MiCAR license, which covers all of Europe. Now Bybit's EU headquarters in Austria is fully compliant with MiCAR requirements. So we hope to open this office and ensure that we can welcome all clients and partners here. At the same time, there is a completely independent team responsible for operating the Bybit EU site, with independent custodial service providers and system isolation to ensure that clients can trade on Bybit EU with peace of mind.
What do you think about the rapid rise of Hyperliquid? Will it challenge the position of centralized exchanges?
Ben: I have been asked this question many times. I do not believe that decentralized exchanges (DEX), especially DEXs like Hyperliquid, will compete with centralized exchanges. I think, to some extent, we are in a cooperative relationship because many clients using Hyperliquid or other DEXs still need a centralized exchange as infrastructure to enter the market. Therefore, my view is that everyone uses centralized exchanges as the infrastructure to enter the cryptocurrency market, understand market dynamics, and become more mature. Once they become more mature, they may explore Web3 through non-custodial wallets. This is also why we launched Byreal and the Web3 initiative. We know that more and more clients are exploring Web3 and want to participate in a completely non-custodial manner. So we also hope to provide clients with this access. But I do not think decentralized exchanges will become a challenge or competitor to centralized exchanges.
Can you introduce Bybit's automatic lending system?
Ben: In fact, we launched an automatic lending program in the past six months. If you have a UTA account and there are idle assets in the account, you can enable the automatic lending feature to earn interest on those idle assets. So this is a function that is already operational. Additionally, we are now integrating all lending features on Bybit. Currently, you can still use UTA and other lending features, but we hope to unify all lending functions onto one platform, providing a centralized management entry for clients. Alright.
Will WSOT return, and how will it be different from previous ones?
Ben: Yes, WSOT will indeed return soon, and it will be different from the competitions in 2024 or earlier. This year we are introducing some new competition formats. A significant change is the "one-on-one" competition. That is to say, you can have a one-on-one trading competition with another participant. But of course, this year's competition will be on a larger scale, with more participants. Clients can continue to pay attention; in fact, can the team tell me the specific launch date for WSOT? Oh, August 12 is the date for the warm-up announcement, and the warm-up for WSOT2025 will be released on that date, so stay tuned.
How does Bybit position itself not just as a trading platform but as a key driver of the Web3 ecosystem?
Ben: Yes, as I mentioned earlier, we position ourselves as the infrastructure that connects clients to the Web3 world. Whether you need to move from fiat to spot, spot to spot, or even explore Web3, we have Byreal being launched, and now we have more integrations with Mantle, where you will see more synergies. But overall, we are the bridge and the road; no matter where clients want to go, we will provide the corresponding products and enable them to achieve those goals with peace of mind.
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