Recently, Bybit conducted an online conference for the media, at which CEO Ben Zhou and Shunyiet Yan, head of institutional and derivatives business, shared plans for the development of the cryptocurrency exchange.
Zhou noted that among the crypto community there is increasing skepticism towards venture tokens, which are often perceived as pump and dump schemes. Instead, meme coins, which are often the result of community enthusiasm and activity, attract Bybit’s attention. For example, some teams have minimal budgets and do not have token reserves, yet they manage to attract attention thanks to community enthusiasm. They distribute tokens directly among users without the goal of making a profit, forcing exchanges like Bybit to support them at a loss. And the exchange seeks partnerships with such projects. This dynamic reflects changes in the industry: exchanges no longer take a leading position but actively seek partnerships with popular projects.
Even though Bybit operates in the cryptocurrency industry, the company owns a relatively small amount of bitcoins. This is due to the fact that most of the exchange’s revenue is generated in stablecoins, with perpetual contracts (USDT-margin) being the main trading product. That is, user transactions are predominantly settled in stablecoins.
About 80% of the company’s assets are in stablecoins, and the rest are in fiat currencies.
Bybit evaluates a project for listing, considering the demand for new tokens, the potential to attract users, and cooperation with other exchanges. The process includes mandatory verification, including financial security and studying the project team.
Requirements for listing on Bybit:
Bybit is actively working on obtaining a license in Hong Kong. The trading volume there is relatively limited. For Bybit, the value of the license in Hong Kong is more in its strategic value and in attracting highly qualified professionals. Candidates from prestigious companies pay great attention to the legitimacy of the company and long-term development plans. Having a license in Hong Kong makes Bybit more attractive to such high-class talents.
Bybit has also applied for a VASP (Virtual Asset Service Provider) license in Singapore and is currently at the interview stage.
Source: Wu Blockchain