Categories
Technology

Bityard: Asian market for digital currencies ‘unimaginable’

Bityard Director Rafael Zhou says the Singapore-based cryptocurrency contracts exchange believes in 'complex contracts, simple transactions'.
Bityard Director Rafael Zhou says the Singapore-based cryptocurrency contracts exchange believes in ‘complex contracts, simple transactions’.

Sure, the world has a lot of cryptocurrency companies nowadays. But how many of them have a multiple-time Muay Thai world champion as their global brand ambassador? That’s one thing that makes Singapore-based cryptocurrency contracts exchange Bityard stand out.

“The characteristic of Muay Thai itself is a martial art that pays great attention to practice, focus, and speed. Just like our platform, Bityard. We focus on accuracy and practicality in doing trading. That’s why we chose Muay Thai kickboxer Buakaw as our global brand ambassador,” Bityard Director Rafael Zhou told Digital Life Asia.

Moreover, just as the legendary Buakaw (real name Sombat Banchamek) conquered the martial arts world, so too is Asia leading the way in digital currencies.

“The complex and changing international situation has also accelerated the use of digital currencies. We see that more and more countries’ digital currency markets are developing rapidly, including Vietnam and Indonesia. In other Asian countries, such as Japan and South Korea, the government is already thinking about how to promote laws to regulate and protect the rights of digital currency holders. In China, the government even issued legal digital currency. The scale of the Asian market for digital currencies will be unimaginable,” Zhou said.

COVID-19 and virtual currency

According to Zhou, the COVID-19 pandemic has accelerated the growth of virtual currency. In particular, he cited India, where domestic economic problems and the pandemic have encouraged it to embrace virtual currency.

In general, he said the COVID-19 pandemic has made virtual currency more popular.

“The factors that accelerated the popularity of virtual currency are as follows. First is 24-hour trading. There is no time limit like there is with traditional markets. As the time to go outside is limited, this transaction method is convenient and fast.

“Also, virtual currency is a decentralized, peer-to-peer, borderless payment mechanism, which corresponds to the current popular situation with COVID-19. COVID-19 has changed people’s lifestyle, and the corresponding trading styles will also change accordingly,” he said.

The Bityard story

How did the idea behind Bityard come about?

According to Zhou, their research showed that in an increasingly mature digital currency market, a very promising consumer group has emerged.

“These users like the idea of using leverage to increase their revenue. However, they also think contract transactions are complicated. Complex functional operations make them wish to avoid being liquidated, so they would rather avoid contract transactions completely. In view of the large number of potential users in the currency circle who desire a simplified contracts experience, Bityard came into existence,” Zhou said.

This is why Bityard embraced the product concept of “complex contracts, simple transactions”.

“Opening an account is simple: providing an email address or mobile phone number will make you a Bityard user in under 30 seconds,” Zhou said.

He also cited the simplified deposit mechanism.

“Currently, Bityard supports seven mainstream digital currencies, and supports topping up for Renminbi and Vietnamese dong for fiat currencies. It is our plan to continue adding more fiat currencies in due time, as well as refining mechanisms to move funds internally on the platform.

“With regards to simplifying trading, the trading interface is greatly simplified when compared to our competitors. Minimum trades come at 5 USDT, creating a minimal barrier to entry and providing a demo account so that novice users can also learn how to place orders,” he said.

Still skeptical about digital currencies? It’s time to accept that they are the future — and that the future is right here in Asia.

By Joey Alarilla

DigitalLifeAsia.com founder. Writer. Geek. Gamer. Science and science fiction lover. Comic book fan. Bookworm. Aspiring minimalist. Gen X. Kayumanggi.

Joey won third prize in the Don Carlos Palanca Memorial Awards for Literature, for his essay Surviving the Zeroes. He is the author of the Philippine Internet Commerce Society’s E-Business Made Easy handbook for SMEs, and contributed an essay to Tikman Ang Langit: An Anthology on the Eraserheads.

Follow him on Twitter: @joeyalarilla

Leave a Reply

Your email address will not be published. Required fields are marked *