Editing by Nathaniel Cajuday
Ben Zhou, the CEO of Bybit Exchange, has called for the traditional markets to embrace the future of money through the use of cryptocurrencies. Zhou made the comments at the Pantera Blockchain Summit in Victoria, Seychelles.
Zhou discussed the convergence between traditional financial institutions and cryptocurrency during the event last September 28, 2022.
“The infrastructure is already in place and large institutions are already exploring and engaging at multiple levels with crypto leaders,” he said.
Zhou also said he believes Wall Street can use crypto innovation to keep the market relevant, and he hopes that traditional financial services companies won’t become obsolete like Nokia.
“Wall Street could do a lot more to truly embrace the innovation in the market and remain relevant. Wall Street has much more to gain if it embraces crypto, rather than the other way around,” he added.
The Bybit CEO referred to the traditional approach taken by Wall Street by assimilating innovation, within its increasingly outdated business model. In the process, innovations are suppressed and suffocated under its internal processes and restrictions.
“There is a new financial services model for the world that is rapidly evolving. The energy, innovation, and momentum are all with crypto,” Zhou said.
To emphasize his point that Wall Street needs to catch up in this crypto race in order to avoid being beaten by top performers, Zhou even used the phrase “talent exodus”; he added that “talent is attracted to crypto by its faster-paced environments, its hunger, and its unrestricted ability to innovate.”
Franklin Bi, the moderator of the event, affirmed what Zhou shared when he was working on Wall Street, it would take two to three years to bring a new product to market and not the two to three weeks it takes Bybit to do.
Zhou co-founded Bybit in 2018 as a cryptocurrency derivatives exchange with a handful of trading pairs. Since then, it has grown into a one-stop shop for crypto-related financial services with a 10 million strong user base. Quoting Zhou, he achieved this partly because of crypto’s “can do” attitude.
Bybit had their Ask Me Anything (AMA) event with Tao Tuan Linh, CEO of Ookeenga, last September 10, 2022, which was held at the Bybit Filipino community on Facebook. Ookeenga is a 3D gaming project which is built on the Binance Smart Chain.
This article is published on BitPinas: Bybit Chief to Traditional Markets: Adopt Crypto
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.