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.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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View original content:https://www.prnewswire.co.uk/news-releases/trends-in-focus-ben-zhou-highlights-compliance-growth-and-ai-in-crypto-302269781.html
2024-DNA Fund, the Financial Institution of the future in high-ticket emerging tech and web3 investments, has announced its acquisition of Coral Capital Holdings LLC, an established investment management firm that has previously managed millions in the DNA founders’ personal funds.
As early-stage investors in established Web3 brands and founders of some of the sector’s most notable projects, DNA and its founders have invested in or founded projects such as Tether, EOS, Mastercoin, Bancor, and Hedera Hashgraph. The acquisition will see the DNA Fund manage an additional AUM of over $50 million, which includes Coral’s high-yielde hedge funds and venture funds focused on DeFi, Al, blockchain, and other emerging technology sectors. Some of Coral’s top-performing investments include Near Protocol and Atmos Labs.
Thomas L. McLaughlin, Coral’s Chief Investment Officer, will continue in his role, managing the funds with a unique focus and strategy aimed at maximizing investor returns.
Regarding the acquisition, Christopher Miglino, CEO of DNA Fund, said. “By bringing Coral Capital under our umbrella, we are not only expanding our investment capabilities but also enhancing our ability to offer unique, high-growth opportunities to our clients. Our combined expertise allows us to navigate the complexities of the digital asset landscape and continue delivering value to our investors.”
Thomas L. McLaughlin, CIO of Coral Capital Holdings, added, “Joining forces with DNA Fund is an exciting new chapter for Coral. Our shared vision for leveraging technology to drive financial growth is perfectly aligned. Together, we are set to redefine what’s possible in digital asset investments and deliver superior results for our investors.”
Since its inception in 2021, Coral has delivered consistent returns with innovative strategies, delivering high multiples on the benchmark of the overall market cap of digital assets. Coral’s Flagship fund, initially started as a market-neutral vehicle, was rebranded in 2023 as a discretionary liquid token, surviving a number of high-volatility events, including FTX and Terra.
With a 61.6% return (net of fees) and a maximum annual drawdown of only 11.6% in FY 2022. these funds have outperformed the broader digital asset market. Over a similar period, Bitcoin returned 36.7%.
Through this acquisition, DNA Fund also aims to capitalize on the growing interest from institutional investors and expand into several new verticals over the coming year, including a Bitcoin & Ether Yield Fund, as well as more speculative funds focused on Al, memecoins and microcaps.
The post DNA Fund Acquires Coral Capital; Adds $50M AUM in Web3 & Emerging Tech appeared first on HIPTHER Alerts.
Blockchain Press Releases
WSOT Fortune Circles: Bybit Tops up Rewards for Crypto’s Largest Trading Competition
DUBAI, UAE, Oct. 17, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, stirs up another airdrop and rewards frenzy in a regional push for the World Series of Trading (WSOT) 2024. For a limited time only, users in selected markets in South Asia get to unlock a new prize pool of 10,000 USDT and a chance to win the latest iPhone.
Between now and Oct. 25, 12AM UTC, the exclusive event is open to eligible users who are gearing up for WSOT 2024. To participate, users may register for WSOT Fortune Circles, and complete designated tasks for a chance to win up to 10 Lucky Draw Tickets. The tickets enable participants to try their luck for a share in the 10,000 USDT prize pool or a new iPhone 16.
WSOT Fortune Circles offers tiered rewards in Lucky Draw Tickets for simple referral, deposit or trading tasks, with exclusive offers for new users. To qualify, the users must complete the registration via their Main Account and complete Identity Verification Level 1.
“WSOT has grown to be the most inclusive and professional trading competition in the crypto space, and its meteoric rise is a true reflection of the incredible journey of the industry itself. This year, we are elevating the games on multiple fronts, one of them being deeper localization and celebration of excellence in trading among smaller communities. WSOT Fortune Circles offers something for everyone in the WSOT family,” said Joan Han, Sales and Marketing Director at Bybit.
Boasting a record prize pool of 10,000,000 USDT, elite prizes in luxury yachts and Rolex watches, and multiple rewards tracks to meet the diverse needs of Bybit’s vast community of traders, WSOT 2024 sets the bar for trading competitions in the crypto industry.
Zero in on the WSOT Fortune Circles in crypto’s longest-running trading competition.
#Bybit / #TheCryptoArk / #WSOT2024
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides 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
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/wsot-fortune-circles-bybit-tops-up-rewards-for-cryptos-largest-trading-competition-302279171.html
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.
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