- Bybit won the Best Cryptocurrency Market Exchange Award at the Cryptocurrency World Expo 2022.
- Cryptocurrency World Expo 2022 was a two-day event that gathered industry giants and budding companies in blockchain and cryptocurrency.
- Bybit’s Head of Financial Products Bill Xing said centralized exchanges such as Bybit must break down barriers to allow users in.
Bybit bagged the Best Cryptocurrency Market Exchange Award at the Cryptocurrency World Expo 2022. Held from March 9 to 10 in Warsaw, Poland, the affair gathered the crypto and blockchain industry biggest names and promising companies.
This new achievement adds to Bybit’s growing portfolio and acknowledgment as one of the most recognized crypto exchanges in the world. Bill Xing, Bybit’s Head of Financial Products, joined a roundtable discussion to share insights on financial instruments in the blockchain space.
Xing leads his team in researching and designing innovative instruments at one of the world’s fastest-growing exchanges. Xing commented that lowering barriers for users willing to embrace cryptocurrency is the duty of centralized exchanges such as Bybit.
Since decentralized finance (DeFi) started making waves in the mainstream in 2020, Bytbit had been preparing to capture a portion of the growth, Bill explained. Bybit Earn now lives in this space, providing a reliable platform for eligible users to make the most of their crypto holdings at various risk and yield levels.
For example, interested users looking to participate in activities like liquidity farming had to set up and maintain their wallets. Aside from this, they bump into high gas fees should they opt to use the Ethereum blockchain. Xing explained that as a centralized platform, Bybit has been focusing on these two challenges to improve the DeFi user experience by breaking down barriers.
At Bybit, we simplify DeFi for the average user. They can put their assets on the platform, choose their risk appetite and let the platform do the work.
The DeFi space is filled with noise,” he added. At the Bybit Earn, Bybit inspects qualified and promising projects to lessen the due diligence burden with in-house resources an individual user may not have.
We try to lower barriers to entry on all aspects by providing more information and investor education. On the product side, we try to make it more user-friendly for all age groups and skill levels,” he said.
Furthermore, centralized exchanges help retail investors join the DeFi market by eliminating the technical hindrances.
Fiat integration is another bump in the crypto onboarding journey that centralized exchanges are working on,” Xing opined. For the general public starting to adopt cryptocurrency, a robust and secure on-ramp, and off-ramp system is a key consideration.
Xing explained this functionality has been mostly utilized by centralized exchanges. In addition, he expounded on users’ choice not being limited to “crypto or fiat” and that the users need secure gateways in both directions.
Bybit’s booth at the Expo exhibited its trading platform and welcomed hundreds of crypto enthusiasts from across the globe. Over 1,400 guests were physically in attendance in addition to virtual sessions to a global audience.