Video: 10 Minute IT Jams - Who is Bybit?

Bybit wants to be the world's most reliable cryptocurrency exchange.

That is the message from Igneous Terraness, Head of Communications at the crypto firm, which first launched in 2018 and has since become the world's second largest exchange for Bitcoin and Ethereum derivatives by both trading volume and open interest.

Speaking on the 10 Minute IT Jams podcast, Terraness explained that Bybit began with a focus on the derivatives market but has steadily been building out its product line. "What we are trying to do is really fine-tune our products and become the most reliable crypto exchange for everyone to enjoy," he said.

Reliability is "a commitment that we make to our customers," Terraness said, highlighting that Bybit has never suffered any downtime since its inception in 2018. "That includes last month when we saw unprecedented volatility and many of our fellow exchanges experienced problems, but our exchange stayed up and completely functional and executed all the orders that people placed," he added.

From 'Bubble' to Future of Finance

The world of cryptocurrency has moved at breakneck speed and, as Terraness pointed out, "weeks feel like decades" in the emerging sector. He reflected on how rapidly mainstream attention and regulatory focus have shifted over the past three years: "The level of adoption is just mind-concentrating to watch. Before, people were all talking about, 'Oh, is this a bubble, is this a tulip?' Now, all the regulators are finally giving the attention that is due, which I think is good in the long run."

For Terraness, debate is no longer about whether crypto should exist, but how to guide its future responsibly. "No one is thinking about how we can get rid of this, but they are truly waking up to the reality that this is not only here to stay, it is very likely the future of money and future finance and future of how people manage their wealth," he said.

Bybit's own approach, he believes, is one of stewardship: "What we really want to be is the responsible player to guide and guard it and to bring about the future that will benefit everyone."

Widening the Audience – and the Product Range

Bybit's early success has been among sophisticated users - institutional traders and retail customers from the worlds of forex and commodities. But Terraness noted a shift in demand towards more user-friendly products and wider access. "We are definitely looking at expanding our product line so that we can serve a more general population. Right now, our products are mainly in the derivatives range and they require a level of expertise already."

He pointed out that many customers want "easier and more intuitive products that don't really require too much of a learning curve." In response, Bybit recently launched a "cloud mining" wealth management product. "This helps people mine crypto but they don't need to own the hardware or run the operations," he explained. Bybit sources stranded renewable energy and uses it for mining, allowing users to participate in crypto mining without the technical obstacles. "We get to support climate action that we are very passionate about, we also get to take care of the bottom line so it's like a win-win situation," said Terraness.

Bybit is also working to launch a spot exchange to complement its derivatives offerings. "We are now looking at expanding to spot so that we can really cater to the needs of more customers, just beyond the first crop which we are serving," he added.

Empowerment in Unstable Economies

While crypto trading can be seen as wealth generation or speculation in stable economies, Terraness turned to what crypto means for those in more difficult circumstances. He pointed to countries like Argentina and Venezuela, where extreme inflation makes it impossible to save using local currency. "Crypto is this thing that has a very minimal threshold for entry," he said. "To open a bank account, you need credit score. It's actually the people who need bank accounts most who can't get them."

Terraness believes crypto's ability to empower the "unbanked" is a powerful force for good. "Crypto in a way enables it. Like a supervised smartphone really enables people to pursue whatever their dreams," he said. "What we are trying to do is to bring that to more and more people who desperately need it, who can really benefit from it."

Asia-Pacific Roots, Global Reach

Bybit was founded in, and retains its largest concentration of staff in, the Asia-Pacific region. "Asia-Pacific is where our roots are," Terraness said. The company has more than 500 employees, most of whom are based in the region, though half of Bybit's business is now conducted in Europe. The single largest market is still South Korea, but there is healthy adoption across ASEAN countries as well. "We have always seen this as our home ground and we really want to serve the customers here as well as we could be, but we are also expanding beyond this," he explained.

Engagement and Looking Ahead

For enterprises and users looking to engage with Bybit, Terraness remarked on the accessibility of the company's business development team, active across social channels and ready to field proposals. "We are working with some of the largest quant funds in Asia and we have very attractive incentives for market makers," he said.

The company is preparing to build liquidity for its new spot trading exchange, with Terraness asserting Bybit's reputation for deep liquidity and low slippage in its core derivatives offering. "We really take good care of our institutional partners and everyone who has used us really loves us," he said.

Looking ahead, Bybit wants to balance its commitment to professional traders with ambitions to broaden its appeal. "We are just really built for traders currently, especially professionals, but in the future we want to really embrace all crypto lovers while we still take good care of the professional traders and institutional partners," Terraness concluded.