Blockchain Press Releases
Trends in Focus: Ben Zhou Highlights Compliance, Growth, and AI in Crypto
DUBAI, UAE, Oct. 8, 2024 /PRNewswire/ — Ben Zhou, co-founder and CEO of Bybit, shared his candid views on crypto compliance, sensible AI deployments, and new growth drivers at TOKEN2049. Sharing the main stage with panelists from other leading exchanges, Ben addressed the growing pains of mainstreaming exchanges, and how they are adapting to meet increasing regulatory requirements at the annual premier crypto event, attended by over 30,000 participants and amplifying leading voices in the blockchain and crypto economy.
Advance Compliance: A Necessary Luxury
“Compliance is not cheap, but the penalties are more expensive. And it comes with not just monetary but also other consequences,” Ben Zhou, co-founder and CEO of Bybit remarked.
Steering the world’s second-largest cryptocurrency exchange by trading volume, Ben Zhou admitted Bybit was on the same learning curve as other major exchanges.
“We are not the first ones, and we have the opportunities to learn and adapt the business,” he said about the rapid changes in the compliance landscape, acknowledging that all exchanges including Bybit are ramping up their compliance efforts.
Only a year ago, exchanges used to place an amount limit on compliance checks; but Bybit has been taking a prudent approach of standardizing compliance and safety checks on practically transaction of any amount, after witnessing “what had happened in the industry,” he disclosed.
Compliance overhead has increased accordingly. “The operations are getting a lot heavier with a lot more manpower,” he said, adding that third-party tools such as Chainalysis have been useful in improving due diligence and KYC, adding costs but also efficiency.
At the time of writing, a team of over 50 risk experts operate Bybit’s AI-enhanced risk engine alongside a growing legal and compliance function comprising compliance officers of various specialities and in-house counsel.
Ben also took pride in crypto’s contribution to improving compliance practices and raised the bar to make it harder for rogue actors to bypass sanctions. “In our industry, we have revolutionized how compliance has been done. For instance, someone trying to access our platform from a sanctioned address would be identified within minutes and the address would be blocked. The industry is revolutionizing the old ways of doing things in compliance,” he said.
Incorporating AI Tools and Finding Growth
Bybit takes a “slightly different approach” to AI and recognizes the gap between the native interfaces and users’ demands.
“We don’t like to use APIs because retail users don’t understand them. Instead, we think about the user experience when they interact with exchanges: we use AI to make it a little easier with automation,” he explains.
In the fast-moving world of crypto, users seek not Wikipedia-style explanations of a newly listed token, but hard data and community feedback. Bybit uses AI as a co-pilot to produce a timely summary to break down data points and guide users doing their research to analysis, project background, and social noise. “Basically we look at which part of the process is mundane, and try to streamline it,” he said of the way Bybit deploys AI.
Ben also revealed the geography of growth as crypto continues to serve as a driver for financial inclusion. He commented on the fast-growing TON ecosystem and play-to-earn games, drawing in diverse user groups from Africa, India to parts of Eastern Europe, mapping out a new trend of onboarding users from emerging economies.
Crypto offers an engaging way to empower these communities, he said, where traditional financial infrastructure may fall short for retail users.
Themed “Exchanges at the Helm: Driving Crypto from Niche to Mainstream”, the panel was moderated by Michael Casey, Chairman of the Decentralized AI Society featuring prominent speakers including Ben Zhou at Bybit, Gracy Chen at Bitget, Vivien Lin at BingX, Sonia Shaw at Coin W and Alicia Kao at KuCoin.
#Bybit / #TheCryptoArk / #TOKEN2049
About Bybit
Bybit is one of the world’s top three crypto exchanges by trading volume with 50 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
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PLAY, the leading platform integrating Web3 technologies into gaming, has partnered with TapNation to bring mobile games to the forefront of the Web3 movement. This partnership will expand the PLAY ecosystem by integrating blockchain features into TapNation’s well-known mobile games, beginning with the fan-favorite, Rock Crawling: Racing Games 3D.
With 60 million monthly active users and 1.4 billion downloads across more than 50+ games, TapNation is set to deliver Web3 powered features using PLAY’s Software Development Kit (SDK). With innovations like player-owned assets, NFTs, marketplace integration, and on-chain tournaments, players will soon enjoy deeper engagement and new ways to interact with their favorite games, unlocking new revenue opportunities for themselves and the broader gaming community.
“This partnership exemplifies our dedication to continuous innovation and underscores our confidence in web3 technology. Together with PLAY, we share a unified ambition: to pioneer tomorrow’s use cases and revolutionize the gaming industry.” — Hervé Montoute, CEO, TapNation.
PLAY’s partnership with TapNation aligns with the company’s commitment to democratizing Web3 technology. Mobile gaming is not just a form of entertainment but a central part of digital culture. Their portfolio of games, known for their wide appeal and ease of access, resonate with millions of players from all demographics. This partnership marks a leap forward in scaling Web3 through accessible platforms.
“Our mission at PLAY is to make the excitement and innovation of Web3 gaming available to everyone, no matter where they are or what kind of device they use. Partnering with TapNation is a key part of this vision as they truly are leaders in their space. Mobile games have an incredible reach, especially in regions where access to traditional gaming hardware can be limited. By tapping into this, we’re bringing blockchain-powered games to millions of new players, many of whom will experience Web3 for the first time through their phones.” — Christina Macedo, CEO & Founder, PLAY.
The first game to showcase Web3 integration as part of this partnership will be Rock Crawling: Racing Games 3D, a highly rated mobile game that has surpassed 15 million downloads on major app stores. Utilizing PLAY’s multi-platform distribution tools, including capabilities for Telegram integration, TapNation will roll out exciting new features such as PvP modes, on-chain tournaments, and an in-game marketplace where players can actively trade and customize vehicles.
This partnership between PLAY and TapNation demonstrates how mobile games can successfully integrate into the Web3 space, creating a model for other studios looking to adopt blockchain technologies in their development pipeline.
The post PLAY Partners with TapNation to Bring Mobile gaming into the Web3 Space appeared first on HIPTHER Alerts.
Dynex, a leading provider of quantum computing solutions, today announced its 10-year roadmap, outlining the company’s transition from emulated quantum computing to silicon quantum chips. The strategy positions Dynex at the forefront of the quantum industry, aiming to capture a 25% quantum computing market share by 2034. In parallel, Dynex has also kicked off a $50 million venture capital round to fuel its growth, targeting strategic top-tier industry players and leading venture capitalists.
On Monday, October 14th, in context to the Future Blockchain Summit, Dubai Dynex’s leadership presented their vision for scaling quantum technologies at Web3 Fest in Dubai. From its proprietary DynexSolve algorithm – which has delivered efficient, decentralized quantum computations using GPUs – Dynex is now also making a pioneering leap into Silicon Quantum Chips, which will redefine the dynamics of quantum computing performance and reshape the competitive surroundings across all industries where Dynex will take on a leading role.
“The future of computing is quantum-centric,” said Daniela Herrmann, co-founder of Dynex. “Our 10-year roadmap is not just about advancing our emulation technology but also about transitioning to a quantum chip ecosystem that will transform how industries tackle complex problems at scale. This roadmap, coupled with our $50 million capital infusion, positions Dynex to lead the global quantum computing market.”
Key Roadmap Milestones
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Quantum Nodes: One of the first steps in Dynex’s evolution is the introduction of Quantum Nodes, a distributed computing infrastructure that allows users to deploy high-performance quantum emulation software. This decentralized network is critical in scaling Dynex’s quantum computing power across industries like finance, healthcare, and aerospace.
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Silicon Quantum Chip Rollout: Dynex is soon to launch its first Apollo Silicon Quantum Chip by 2025, featuring 1,000 qubits and 1,000 quantum gates. Over the next decade, the platform will also release advanced product versions, including Athene, Hera, Hades, Poseidon, and Zeus, scaling up to 1 million qubits by 2034. These advancements aim to enable real-time quantum computations, opening new possibilities in industries requiring high-speed problem solving, from drug discovery to cryptography.
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Ethical Integrity at Scale: A cornerstone of Dynex’s roadmap has been and is its unwavering commitment to upholding ethics in quantum computing. Every quantum computation is screened by propriety ethic-tech and is strengthened by the declarations of principles and purpose to immutably be recorded on the blockchain, ensuring full transparency and compliance.
“Ethical integrity is at the heart of everything we do,” Herrmann emphasized. “Our blockchain-backed Quantum-as-a-Serivce ensures that all computations are secure and transparent, maintaining the highest ethical standards across our decentralized infrastructure.”
Strategic $50 Million Venture Capital Round
To support its ambitious growth plan, Dynex is launching a $50 million venture capital round, with the goal of attracting strategic high-profile investors from both the technology and finance sectors. This round focuses on equity investments, allowing top-tier venture firms and industry partners to invest directly in Dynex’s vision.
“This is a key moment for us,” said Carsten Snedker, Global Head of Business Development at Dynex. “The $50 million equity round will not only fund our technical expansion but will also help us establish strategic partnerships with key industry players, further positioning Dynex as a market leader in quantum computing.”
A Quantum Economy Powered by DNX
At the core of Dynex’s ecosystem is DNX, the quantum currency that powers all computational transactions, ensuring a seamless and efficient quantum economy. The utility token, DNX, drives every computation and fuels the platform’s growth.
As part of its new economic model, Dynex is introducing gas fees for quantum computations, further enhancing the utility and demand for DNX. By aligning gas fees with actual network usage, Dynex aims to create a sustainable economic model while scaling its quantum infrastructure.
Looking Ahead
With a bold 10-year roadmap that scales its quantum capabilities from GPU emulation to full-scale silicon quantum chips, Dynex’s decade begins today. Through its dedication to tech innovation and its commitment to ethical integrity, Dynex is set to renew how quantum technology is deployed across industries worldwide.
The post Dynex Unveils 10-Year Quantum Computing Roadmap appeared first on HIPTHER Alerts.
Blockchain
ChainSwap Announces Plans to Integrate Solana for Faster Multi-Chain Transactions During Future Blockchain Summit
ChainSwap, the cross-chain swap platform, has announced during its attendance at the major Dubai conference Future Blockchain Summit, its plans to integrate Solana into its decentralized application (dApp), further expanding its multi-chain transaction capabilities. This planned integration will allow ChainSwap users to perform same-chain and cross-chain token swaps on the Solana network, known for its high-speed transactions and low fees.
The integration, expected to launch in the coming months, will enable faster and more
Ethereum, Binance Smart Chain, and Polygon.
“Integrating Solana into our platform is a strategic step to improve the user experience and
expand the range of supported blockchains,” said Fitzy, CEO and Founder of ChainS wap
“Solana’s fast and affordable transactions make it a perfect fit for our platform, and we are
excited to bring this option to our users in the near future.
Once completed, the integration will offer:
- Same-Chain Swaps: Users will be able to swap tokens within the Solana network leveraging its fast transaction speeds and low costs.
- Cross-Chain Swaps: Users will benefit from secure and efficient token swaps between Solana and other major networks like Ethereum, Polygon, and Avalanche.
Solana’s integration is a crucial step forward in ChainSwap’s mission to deliver an accessible and scalable platform for decentralized finance (DeFi) users, offering a broad range of multi-chain options to meet the growing needs of the DeFi ecosystem.
The post ChainSwap Announces Plans to Integrate Solana for Faster Multi-Chain Transactions During Future Blockchain Summit appeared first on HIPTHER Alerts.
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