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Interview with Bybit’s CEO, Ben Zhou and Cabital’s CEO, Raymond Hsu

Interview with Bybit’s Founder and CEO, Ben Zhou and Cabital’s Co-Founder and CEO, Raymond Hsu on seamlessly shifting from fiat to crypto.

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Cabital's comprehensive fiat on-ramp solution is now integrated with Bybit, one of the fastest growing cryptocurrency exchanges, enabling users on Bybit to buy and sell crypto effortlessly. Our Head of Public Relations and Content Strategy for Cabital, Baron Laudermilk, caught up with Bybit’s Founder and CEO, Ben Zhou and Cabital’s Co-Founder and CEO, Raymond Hsu about enabling the seamless shift from fiat to crypto.

Baron to Ben: I am excited that Bybit has recently integrated with Cabital to help its customers on-ramp with their fiat currencies to buy cryptocurrencies. How do you feel about this new partnership with Cabital?

Ben: We at Bybit are excited to embark on this new partnership with Cabital, and looking forward to revolutionising the crypto industry together. Cabital’s goals of creating an innovative and reliable crypto experience are aligned with ours to bring forth next level trading to our users and elevate their experience. 

We hope, with this partnership we are able to empower all crypto traders, believers, lovers and the crypto-curious in realising their financial goals.

Baron to Ben: Why did you select Cabital to use their comprehensive fiat-to-crypto solution to help your customers use their fiat to purchase bitcoin, ether and USDT?

Ben: Fiat on-ramp is the first step in a crypto user's experience. Cabital’s well-rounded solution offers an entry point to users looking to expand their financial planning horizon and venture into crypto. 

This partnership is a nod to our dedication to taking every trader’s experience up a notch, and a direction for both Bybit and Cabital to grow into industry leaders focusing on transparency and reliability.  

Baron to Raymond: How is Cabital able to help Bybit’s customers use their fiat to buy and sell crypto? 

Raymond: Cabital, a trusted digital financial institution to buy, sell and earn cryptocurrency — generating competitive APY rates, allows Bybit users to buy and sell crypto without ever leaving its platform. 

The best part is that when Bybit users purchase crypto through Cabital’s fiat gateway solution, they don’t have to pay a hefty gas fee because we transfer the crypto from our platform to their Bybit wallets through an off-chain settlement solution. Cabital’s off-chain settlement mechanism will save Bybit users a lot of money on every transaction. 

When Bybit users go through Cabital’s fiat-to-crypto solution, they will be able to use euros or British pounds to easily and securely buy and sell bitcoin, ether and USDT. 

We have made the customer experience for Bybit users seamless, ensuring that they are able to buy and sell crypto safely and easily with their fiat currencies. Moving your newly purchased crypto from Cabital to your Bybit wallet is effortless and secure.

We are very excited to help all Bybit users buy crypto at some of the cheapest prices in the market. 

Baron to Ben: What benefits will Bybit users acquire since it has partnered with Cabital? 

Ben: Through our partnership with Cabital, our clients will be able to easily buy and convert fiat currencies into crypto assets and vice versa. 

Additionally, Cabital's focus on low risk projects and robust security infrastructure with Fireblocks will help safeguard Bybit users’ funds, which remains a top priority for us. 

Baron to Raymond: What is the user experience like for Bybit users when they go through Cabital’s fiat gateway to buy cryptocurrencies?

Raymond: We believe that it shouldn’t be hard to buy crypto. That is why we have made it easy for Bybit users to use their cash to purchase crypto. 

The user experience when Bybit users go through Cabital’s fiat gateway is smooth and simple. 

Users simply log in, go through a simple KYC process that is quick, painless and easy, connect their bank account of choice, and then buy their favourite crypto - all within Bybit’s app. 

Typically if you want to move ether to different wallets, you have to pay a hefty gas fee, at least until Ethereum 2.0 is rolled out. If you are doing a lot of transactions between wallets, those gas fees, or what some people call transaction fees, add up quickly over time. 

But with Cabital’s unique off-chain solution, we can ensure that Bybit users are able to move their crypto from our platform to Bybit’s in an affordable manner - all within Bybit’s app. 

Baron to Raymond: How does Cabital’s comprehensive fiat-to-crypto solution meet regulatory demands in each jurisdiction of operation? 

Cabital’s compliance programme is modelled after leading global financial service providers and we place compliance and licensing at the heart of our business.

When Bybit users enter Cabital’s fiat on-ramp gateway, they will go through a simple and painless KYC process. 

Cabital’s identity verification procedure requires the customer to provide us with reliable, independent source documents, data or information (e.g., national ID, international passport). 

We will then take steps to confirm the authenticity of the documents and information provided by the users. After that, customers can easily link their bank accounts to Cabital’s cryptocurrency exchange and start buying and selling crypto with their fiat currencies. 

Baron to Raymond: As more institutional investors and corporations embrace, what is the future of fiat-to-crypto solutions and why is this important? 

One day in our lives, every major business will have to embrace and accept cryptocurrency as a form of payment. It may be stable coins, bitcoin, ether or even CBDCs, but it will happen one day in the future as the world becomes more digitised. 

The development of the metaverse will force all Web 3.0 companies, from NFT organisations to gaming firms, to find a way to make it easier for their customers to on-ramp to crypto with fiat, so that they can easily participate in the DeFi world. Companies that do this well will survive, companies that don’t make it easy for customers to use fiat to on-ramp to their platform, will struggle. 

That is where we come in with our comprehensive fiat on-ramp solution. We are able to help corporations that do not have fiat on-ramp capabilities acquire them - easily and safely. 

Baron to Ben: What cryptocurrency do you think will impact the financial system the most in our lifetimes?

Ben: Crypto has changed the global financial system — we are seeing more institutional buy-in as market makers embrace crypto assets in their portfolios; and global regulators working around the clock to adopt and start to regulate the industry. We recently celebrated the 13th anniversary of the Bitcoin Genesis block. BTC has since revolutionised the world, especially in El Salvador. 

Ether, the second largest crypto after BTC, powers the infrastructure layer for DeFi and NFT. Its blockchain hosts thousands of decentralised applications (dApps) in areas such as GameFi. USD stablecoins like Tether (USDT) and USD Coin (USDC) offer crypto traders a way to enter and exit positions in more volatile crypto as they are pegged to the U.S. dollar to ensure value stability and minimise fluctuations.

Baron to Ben: Do you think Bitcoin will become a global reserve currency?

Ben: With an average of 200% annual growth since its inception, Bitcoin might be the best bet for now to potentially become a global reserve currency. But aside from Bitcoin, other altcoins such as Ether are also rising to the occasion due to their popularity, diverse use cases and waning public trust in current monetary policies. One thing’s for sure — crypto has gone mainstream. 

Unlike fiat currencies, the value of crypto of scale like Bitcoin is universal in the global marketplace and agreed upon on the respective blockchain with respect to what each individual holds. Additionally, crypto is constantly reinventing itself in the hope of becoming a more stable store of value against the backdrop of over a decade of relentless monetary easing and inflation spiral. 

Crypto ultimately holds a lot of promises, and I am honoured to work on this crucial movement that shows no sign of slowing down in the coming years. 

Baron to Raymond: Which cryptocurrency do you think will transform the world?

Raymond: Bitcoin and ether have already transformed the world in many different ways. 

Bitcoin has become digital gold, a store of value, in the cryptocurrency space. 

Many companies have tried to copy bitcoin but all have so far failed. With the Lightning Network, bitcoin can also be used for payments, which is the reason why it was created in the first place. We are already seeing some countries making bitcoin legal tender, such as El Salvador, and more will come on board over the years.

The Ethereum smartchain network will spur the development of Web 3.0 and transform the way we work, game, invest and much more. When Ethereum 2.0 is rolled out, I expect to see DeFi become part of our everyday lives across the globe.

Baron to Ben: What are your favourite activities outside of work?

Ben: When I do get the downtime from work and traveling, I am grateful for the opportunity to enjoy the simple pleasures of life and spending time with my family.