Bybit CEO: cryptocurrencies will be widespread in two years
Bybit CEO Ben Zhou: cryptocurrencies will be widespread in two years
According to Ben Zhou, cryptocurrencies will surpass traditional financial institutions in terms of transparency of reporting, as they already offer proof of reserves available for real-time verification
Cryptocurrencies will become widespread in two years, said Ben Zhou, CEO of cryptocurrency exchange Bybit, speaking at the Blockchain Life 2023 cryptoconference in Dubai. The head of the exchange is confident that Merkle Tree's review of trading platforms' reserves will increase public confidence in the crypto industry.
"In two years, you will see signs of mass adoption. Your uncles, your aunts, your cousins will start using cryptocurrencies," Zhou said.
Bybit is a cryptocurrency exchange founded in 2018. According to CoinGecko, the platform serves more than 10 million customers and offers 287 cryptocurrencies and 367 trading pairs. Bybit's ecosystem includes a trading floor, a cryptoproject incubator, revenue products and an NFT marketplace.
According to Bybit's head, the crypto industry is one step closer to reaching its full potential. Crypto exchanges already have what it takes to surpass traditional financial institutions in terms of reporting transparency, he said.
The openness and ability to check reserves in real time that blockchain technology offers are far superior to traditional financial institution solutions, Zhou said. It can also protect the financial industry from various forms of fraud, he said.
It is about real-time validation of reserves using the Merkle Tree method, a data-building concept patented back in 1982. The essence of validation is to audit the state of the blockchain and the information recorded in it without having to download it completely.
How to reduce the likelihood of new "crypto-bubbles." Exchanges have found a way.
According to Zhou, such blockchain-based technology is a way to avoid abuse by service providers not only in the cryptocurrency sector but also in the traditional financial sector.
After the collapse of the FTX exchange in November 2022, leading cryptocurrency exchanges began publishing confirmations of their Merkle Tree reserves. OKX, Binance, KuCoin, Poloniex, Huobi, Gate.io and other exchanges have implemented similar practices.
However, SEC Chairman Gary Gensler believes the practice does not meet the disclosure requirements needed to protect investors. Late last year, he said the Merkle Tree reserves report does not account for all of a company's assets and liabilities and does not meet the securities law's requirement to segregate customer funds.
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