The crypto track is attracting more interest from ordinary investors and large institutions, and crypto colleagues are also experiencing unprecedented opportunities and challenges. It is said that one day in the cryptocurrency world is like one year in the real world. Since its establishment in March 2018, Bybit has been sitting firmly on the throne of the front row of exchanges through continuous efforts, and its derivatives trading volume has ranked second in CEX. How did this exchange giant, which serves more than 39 million users, achieve rapid growth? What is the development focus of BGA's business? What are the future plans of BGA and Bybit? What is the future regulatory compliance direction of the crypto industry?
Golden Finance recently interviewed Helen, partner and COO of Bybit, at the Ethereum Developer Conference Devcon to discuss the above issues. Helen pointed out:
Blockchain is decentralized. It already has a complete management system and traceability system. Therefore, it is not necessary to make it centralized.
In the early stages of the blockchain industry, practitioners still need to respect its decentralized nature.
The government's clear policies are also support and encouragement for the industry. Blockchain and cryptocurrency represent an advanced technology and productivity. Future compliance development is inevitable.
The following is the transcript of the interview.
Golden Finance: First of all, please introduce yourself and your experience in the crypto industry.
Helen:I am a partner and COO of Bybit. I first joined Bybit as an HR. In the past four years, I have witnessed the expansion and growth of the company.
After the company expanded exponentially, we found that the biggest challenge facing the company was efficiency. How to make information and organization consistent and actually implement it was a big challenge. After that, I became the CEO's Chief Staff, helping every new leader to attend every meeting of the company and assist in the implementation of every plan. When helping them review the plan, I will try my best to guide the plan to make it more in line with the direction proposed by the CEO and help the CEO achieve the goal vision.
Later, I often did such guidance work, and the company leaders began to let other leaders report their work directly to me, so I became the company's COO.
Golden Finance: Can you share what motivated Bybit to initiate and create the Blockchain for Good Alliance? What role did Bybit play in the establishment of BGA? In addition, what major impacts do you think this initiative will have?
Helen:This is a very good question. First of all, BGA means Blockchain For Good, which means that we hope to use blockchain to help human society solve some real and necessary problems. Therefore, we established an independent company - BGA.
At present, the company has been established for a year. Bybit provided initial funds and has been continuously supporting the development of meaningful projects. For example, the United Nations' water resources, climate, and the traceability of halal food in Malaysia. The project we are currently working on is to help Mexican coffee farmers with micro loans so that they can have enough money to buy fertilizers and seeds. All of the above cases are recorded and realized through blockchain.
Bybit dares to be the first and has the courage to take on social responsibility. It rewards industry creators who contribute to society and encourages them to apply for BGA funds.
Golden Finance: Trump was successfully elected as the next president of the United States. He made many promises about Bitcoin. What impact do you think Trump's becoming the president of the United States will have on the crypto industry?
Helen: We believe that the Trump administration or governments of other countries will increasingly recognize cryptocurrencies and provide clearer guidance and regulatory policies for cryptocurrencies. When the policies are clear, crypto practitioners will have a clear goal and operate with ease.
The government's clear policies are also support and encouragement for the industry. Blockchain and cryptocurrency represent an advanced technology and productivity. Future compliance development is inevitable.
Golden Finance: Since the results of the US election came out, the crypto market sentiment has been high, and it is very likely that a large number of institutions and investors will pour in. Do you agree with this view? If so, how do you think organizations like BGA can better educate and guide these new entrants to grow?
Helen:The crypto market has indeed attracted a large number of institutions and investors to pour into it, which may be the educational mechanism of the blockchain industry. Among the projects supported by BGA is EDU Three Club, which is also the winning project of today's hackathon. This project is an on-chain learning platform that puts a lot of teaching materials about blockchain on the Internet.
Its advantage is that after content creators create content, they can get some rewards by uploading these materials. We are encouraging more people to write materials and support EDU Three Club, so that we can get more users and more readers.
Golden Finance: Compliance supervision will be the theme of the crypto industry in recent years and even in the long run. In this regard, what do you think Bybit has done more brilliantly? At the same time, compared with traditional industries, how can crypto companies balance the dual challenges of decentralization and compliance?
Helen:Since its birth, blockchain has had technical advantages - on-chain records, traceability, and non-tamperability. Such technology should be used in all walks of life. It has its own application space in medical, logistics and financial systems, which is of great help to our actual life.
In daily life, the value of cryptocurrency is highly volatile, which will affect the lives of ordinary people. This is why the cryptocurrency industry needs a clear regulatory policy. As practitioners, we hope that someone can help us formulate clear regulatory laws and regulations and educate the public about the industry.
From the perspective of early practitioners, we also hope to contribute some strength, such as how to help users understand cryptocurrency, how to formulate regulatory laws and regulations, and provide industry support. We can make many suggestions on these issues.
Many countries have very professional supervision. When formulating policies, government officials will discuss with us. We have obtained licenses in many countries, such as Georgia, Kazakhstan, Cyprus, Austria, Argentina, the Netherlands, etc.
We all know that blockchain is decentralized. It already has a complete management system and traceability system, so it is not necessary to make it centralized. If users are allowed to manage their own wallets, they will be more assured.
We need to respect the essence of blockchain and understand the essence of blockchain - decentralization. In the decentralized world, on-chain lending, on-chain games, etc. are all proceeding in an orderly manner. A new technology must have a free growth environment in order to gradually develop and mature. When it matures, we will support regulation and ask regulators to give some guidance. I think in the early stages of the blockchain industry, practitioners still have to respect its decentralized nature.
Golden Finance: What are the future plans of Bybit and BGA? What vision and expectations do you have for their future?
Helen: In the second year, we will set up more funds and continue to invest to help more partners. High-quality teams such as Solana will cooperate with us to launch funds, and some others are under discussion. We will also jointly establish some funds with the government to help these national governments support blockchain projects and achieve better growth through funds.
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