10 Oct 2025
This interview explores Bybit's journey to becoming a leading crypto exchange, highlighting its core philosophy of persistence, product innovation, and transparency amidst fierce competition. It also delves into the Mantle ecosystem's strategic evolution and offers critical advice for aspiring crypto entrepreneurs on resilience and direct action.
Bybit employs over 2,000 people, demonstrating the incredible character and belief required to build such a large entity in the crypto industry. The biggest driving force behind Bybit's vision is a core cultural value of doing things first, emphasizing action over speculation, coupled with building a solid product and ensuring client satisfaction through professionalism and transparency.
Bybit differentiates itself from competitors like OKX and Bitget by focusing on product innovation and attracting new users to the growing industry, rather than solely competing for existing market share. The company continuously evaluates competitor products for good ideas, such as Binance's offerings, to adapt and present similar solutions to its clients.
Bybit's successful products include the Bybit Card, which encourages daily usage, and Bybit Pay, widely adopted in regions like Latin America and Africa as a payment app that gradually introduces users to crypto deposits and yield-earning opportunities. Obtaining regulatory licenses, such as in the EU, is a key focus that opens doors to partnerships with local banks and family offices, attracting significant new volume and users.
Mantle, previously BitDAO, was incubated and founded by Bybit four years ago and possesses the largest treasury in crypto, estimated at two to three billion dollars. It evolved into a Layer 2 solution on Ethereum about a year and a half ago, initially running independently. Recently, Bybit sent senior management, including its co-CEO, to lead Mantle, fostering significant synergy between the exchange and the project, which is leveraged for new project listings and using Mantle tokens for fees and VIP tier upgrades within Bybit's ecosystem.
Mantle aims to implement a deflationary model for its coin and is strategically positioning itself as an RWA (Real World Asset) chain, rather than just an exchange token. Bybit plans to bring numerous RWA projects through its platform to Mantle, establishing Mantle as the fundamental, fast, and transparent layer for these asset-backed initiatives.
The most crucial advice for crypto entrepreneurs is to adopt a 'just do it' mentality, as success often stems from direct action rather than meticulous planning. Entrepreneurs must be relentlessly persistent and not get discouraged by the constant challenges, such as employee issues, tech theft, partner betrayals, fundraising difficulties, and exchange listings; continuous effort is paramount despite constant setbacks.
Bybit envisions itself being fully regulated in all operating regions within the next five years, acknowledging that this compliance is the future for any exchange. The company is also considering an IPO route to tap into capital markets, facilitating M&A deals and achieving significant growth and expansion.
To succeed as an entrepreneur in crypto, one must adopt a 'just do it' mentality, maintain relentless persistence through challenges, and possess unwavering belief in their vision.
| Concept | Description | KeyTakeaway |
|---|---|---|
| Bybit's Core Philosophy | Building a massive crypto exchange like Bybit requires incredible character, belief, and a 'do things first' mentality, focusing on action over speculation. | A solid product, client satisfaction, professionalism, and transparency are fundamental to Bybit's success. |
| Competitive Differentiation | Bybit's strategy against competitors focuses on continuous product innovation and attracting new users to the growing crypto industry. | Developing user-centric products (e.g., Bybit Card, Bybit Pay) and securing regulatory licenses are crucial for market expansion. |
| Mantle's Strategic Evolution | Mantle, incubated by Bybit, has evolved into a leading Layer 2 solution with a significant treasury. | Bybit now integrates senior management into Mantle to foster synergy, positioning it as an RWA chain and enhancing its ecosystem value. |
| Entrepreneurial Success in Crypto | Achieving success in the crypto industry demands a 'just do it' attitude and unwavering persistence in the face of constant challenges. | Entrepreneurs must relentlessly overcome obstacles like funding, legal issues, and team conflicts without discouragement. |
| Bybit's Future Outlook | Bybit aims for full global regulation and considers an IPO within the next five years (by 2030) to tap into capital markets. | Future growth involves prioritizing compliance and utilizing capital for M&A to become a significantly larger entity. |
