cryptobriefing.com
Bybit CEO Ben Zhou advocated for decentralized finance (DeFi) and interoperability between traditional finance and crypto during his keynote at the DACOM Singapore 2024 event.
“The landscape isn’t solely defined by full decentralization or complete centralization. Rather, there exists a diverse spectrum of hybrid DeFi models,” said Zhou. He highlighted the industry’s trajectory towards interconnectedness between conventional and decentralized financial systems.
Zhou also addressed misunderstandings around DeFi and its relationship with traditional finance. He highlighted crypto’s value proposition as a choice, especially where local financial infrastructure struggles.
Bybit’s one of the top three crypto derivative exchanges, with almost $30 billion in futures trading volume for the past 24 hours at the time of writing.
Offering an industry outlook, Zhou predicted increased institutional participation and a retail trend toward self-custody. He underscored the importance of adaptability in navigating the dynamic crypto landscape, stating Bybit’s commitment to evolving alongside market demands. Bybit’s CEO also stressed maintaining market integrity and preventing manipulation given the exchange’s institutional client focus, mentioning a proactive regulatory engagement stance and emphasizing constructive dialogue and diverse compliance frameworks.
Moreover, Zhou reiterated collaborating with regulators, particularly central banks, to enable licensing and financial innovation while acknowledging cross-jurisdiction engagement challenges. He concluded by highlighting compliance’s imperative role in fostering industry growth and legitimacy.