In the past year, the competition in the centralized exchange (CEX) track has taken on a new trend.

With the rise of various new narratives such as Inscription, BRC-20, and Re-Staking, wallet-centered asset management services have become a new battleground among CEXs. Major CEXs have entered the game one after another, fiercely fighting. .

Recently, Odaily had the honor to sit down and chat with Emily, the head of Web3 partnership and marketing at Bybit, the leading exchange in the industry, about everything from Bybits layout in the Web3 field, to CEXs competition in this field, to the market and the Web3 industry. Regarding future development trends, Emily gave us insightful answers from an institutional perspective.

The following is the entire content of this interview between Odaily and Emily. Let’s enter Bybit’s vision together.

• Odaily: Bybit recently announced the launch of a new wallet product, Keyless Wallet. This should be another major milestone in Bybit’s efforts on the wallet side since the launch of Web3 Wallet in October 2022. Compared with the Bybit Web3 Wallet that users are familiar with in the past, what are the characteristics of Keyless Wallet? Which user group is it more suitable for?

Emily：Bybits Keyless Wallet is now officially online, which can further improve the security of wallet services through multi-party computation (MPC) technology. Currently, all users can use Bybits private keyless wallet to store private keys in different locations to enhance security and maintain full control over their assets and private keys. In addition, Bybit’s private keyless wallet simplifies interaction with decentralized networks, aiming to bring a new convenient and easy-to-use experience to users of all experience levels.

All in all, from the users perspective, choosing Bybits private keyless wallet can immediately enjoy the following advantages: convenient and easy to use - no mnemonic words are required, making the operation easier; safe and worry-free - private keys are stored in shards in different locations to further enhance security; self-hosted - the private key is still fully controlled by the user, and his own assets are his own decision; audit assured - has passed the independent audit verification of CertiK.

• Odaily: The top exchanges will directly become wallets. This seems to be the general trend of the industry in the past year or two. As a member of the war, in your opinion why is this? Why have exchanges chosen to focus their efforts in this direction?

Emily：There are generally three main reasons why exchanges focus on wallets.

The first is to seize the entrance to Web3.0: In the Web3.0 era, users will have control over their own data. As an important infrastructure of Web3.0, wallets will become the entrance for users to enter the Web3.0 world. The layout of leading exchanges Wallet can seize the strategic high ground of Web3.0 and lay the foundation for future development.

The second is to improve user stickiness and build an exchange ecosystem: As an important tool for users to manage crypto assets, wallets are an important bridge between exchanges and users. By deploying wallets, exchanges can provide more convenient asset management services, improve user stickiness, and attract more users to enter the exchange ecosystem.

The third is to improve security: As a centralized storage platform for digital assets, exchanges have always been the target of hacker attacks. By laying out wallets, exchanges can store users assets in a decentralized manner, improve security and reduce risks.

• Odaily: Someone recently mentioned that for exchanges, the business volume of the wallet side will exceed that of the trading side in the future. Do you agree with this view? From a business focus perspective, is the competition in the long-term online wallet and Web3 sectors more important than the competition in the trading sector?

Emily：In Bybits view, with the development of Web3.0, the wallet business is expected to grow significantly in the future, but it will still take time and conditions to surpass the transaction volume.

In the long term, competition in the wallet and Web3 sectors will become increasingly fierce and may become a new growth engine for exchanges. On the one hand, the competition in the trading business is fierce and the profit margin is limited. With the increasing number of exchanges, the competition in the trading business is becoming increasingly fierce, the handling fees are declining, and the profit margin is limited; on the other hand, Web3.0 is the future of the development of the cryptocurrency industry. direction. The wallet and Web3 sectors represent new growth opportunities. Laying out the wallet and Web3 sectors can help exchanges seize the opportunities of Web3.0 and develop new profit models.

Bybit will continue to increase investment in the wallet and Web3 sectors, provide users with better services, and promote the development and popularization of Web3.0.

• Odaily: Can you briefly introduce Bybits current achievements in the Web3 field from a data perspective? For example, how many ecosystems are covered, how many users have been accumulated, etc.

Emily：The number of users of Bybit’s hosted wallets has exceeded 1 million. In addition, we have also launched a one-stop Bitcoin and EVM inscription market, will give back through the innovative gamified reward center Airdrop Arcade, and have actively cooperated with the Solana ecosystem.

Our NFT program has also achieved impressive results in increasing artist income and expanding fan base. The two NFT collectibles issued in partnership with Jack Butcher and Snowfro have performed well in the secondary market, including Jack Butcher. The jointly launched Trademark is priced at 0.069 ETH, the secondary price has reached 0.35 ETH, and the transaction volume has exceeded 3,000 ETH.

• Odaily: Judging from Bybits recent actions, it seems that you are very good at cross-border cooperation traffic strategies, such as cooperation with Oracle Red Bull Racing. How effective are these cross-border cooperations? What other surprises can we expect in the future?

Emily：Bybit has been actively exploring the possibility of cross-border cooperation, aiming to reach a wider user group, enhance brand awareness, and bring more diverse experiences to users by cooperating with well-known brands and figures in different fields.

Recently, Bybit’s cooperation with Oracle Red Bull Racing has achieved remarkable results.

The partnership with Oracle Red Bull Racing has enhanced Bybits brand awareness and influence globally, especially within the F1 fan base. This activity not only combines Bybits brand image with positive elements such as high performance and competitive spirit through body advertising, social media interaction, etc., it also provides Bybit users with exclusive F1 viewing experience and benefits, enhancing user stickiness. .

In the future, Bybit will continue to explore more diverse cross-border cooperation opportunities to bring more surprises to users.

Odaily: The development of Web3 is still in an early stage, and there are still many shortcomings compared to the mature Web2 system. In your opinion, what factors limit the further breakthrough of Web3? How can terminal service providers such as Bybit break these constraints?

Emily：Web3 is still in its early development stage. Compared with the mature Web2 system, there are three main limiting factors. First, the technical threshold is high. The underlying technologies involved in Web3, such as blockchain, smart contracts, etc., have high thresholds for users to understand and use, which hinders the large-scale influx of ordinary users. Second, the user experience is poor. Most of the current Web3 applications are in the early development stage. The user experience is not friendly enough, the operations are cumbersome, and the ease of use is poor, which affects user retention. Third, security issues are serious. The decentralized nature of blockchain technology has also caused its security issues to attract much attention. Issues such as hacker attacks and wallet security still need to be further resolved.

As a terminal service provider, Bybit always maintains the vision of Web3 openness and cooperates to create the most abundant and convenient product services and the most fun and profitable Web3 entrance. On the one hand, we provide simple and easy-to-use Web3 products and services to lower the user threshold; at the same time, we actively cooperate with supervision and communicate with regulatory agencies to promote the healthy development of the Web3 industry, such as establishing compliance operation mechanisms and formulating industry self-discipline standards.

Bybit believes that with technological advancement, user experience optimization, security issue resolution and a clear regulatory environment, Web3 will usher in wider applications and development. Bybit will continue to play the role of a terminal service provider, providing users with safe, convenient and reliable Web3 products and services, and helping to break through and popularize Web3.

• Odaily: In recent years, we have also seen CEXs try and make efforts towards the more open and decentralized Web3 mission vision. How does Bybit balance its main centralized trading business with the relatively decentralized DeFi business?

Emily：Bybit actively advocates unity and open cooperation within the industry, transcending traditional barriers to competition. Together we foster a strong sense of community and continue to drive innovation. Openness and co-construction are the core ideas of Bybit Web3. We hope that by opening up our code, we can welcome more believers to build the future of Web3 together. This partnership represents more than just a strategic move, it reflects our commitment to advancing the entire Web3 ecosystem.