Key facts
- Bybit CEO Ben Zhou believes the era of "pure crypto exchanges" is ending.
- Customers want to trade stocks, gold, forex, indices, and derivatives alongside crypto.
- Bybit already offers derivatives tied to stocks, gold, indexes, and forex.
- Rival Coinbase is broadening its offerings to include stocks and prediction markets.
- BitMEX ended trading after 11 years.
- CoinEx announced a wind-down this month.
The chief executive of crypto exchange Bybit believes the industry is moving beyond single-asset platforms. Ben Zhou, co-founder and CEO of Bybit, told Cointelegraph on Thursday that customers are increasingly looking for integrated financial services that include traditional assets like stocks and gold alongside digital currencies.
"The people who trade crypto also want stocks, gold, forex, indices, and derivatives," Zhou said. "They want to pay, save, and grow their wealth in the same place." This sentiment underpins Bybit's new global campaign, "Make Your Move," which aims to position the exchange as a comprehensive financial hub. The platform already provides derivatives that offer price exposure to stocks, gold, indexes, and forex without direct ownership of the underlying assets.
Bybit's strategic shift occurs as several established cryptocurrency exchanges face challenges. BitMEX ceased trading operations after 11 years, while CoinEx announced its intention to wind down this month, citing declining trading volumes and increasing compliance costs. BitMart had also announced closure plans in July but is now reportedly exploring a restructuring to potentially resume some operations.
In parallel, competitor Coinbase is expanding its services under an "Everything Exchange" strategy, incorporating stocks and prediction markets into its crypto offerings. "The next generation of financial platforms won’t be built around a single asset class," Zhou added.