Sheldon Xia: BitMart will be a gateway into the Metaverse and Web 3.0
Singapore – TimesNewswire – From March 15th to March 29th, Bitmart held its fourth anniversary celebration. Sheldon Xia, its CEO and founder, was interviewed by reporter Awais Ahmed and presented his vision of his crypto empire to the world.
Founded with complete transparency and compliance in 2018, BitMart has remained a top-tier cryptocurrency exchange that continues to attract venture capital worldwide.
Now serving more than nine million users, BitMart is stronger than ever and continues to look toward future challenges with optimism and hope. No matter what setbacks occur in the wider crypto market, BitMart is confident in its ability to innovate and incorporate the best solutions to move boldly forward.
“BTC Could Change the World”
Many people use the original Bitcoin whitepaper as a “crypto bible” and Sheldon is undoubtedly a believer.
According to him, he first came across digital assets sometime in 2013. After reading “A Peer-to-Peer Electronic Cash System” by the mysterious Satoshi Nakamoto, the idea that “Bitcoin could change the world” came to his mind. Even though this seemed ridiculous to many at the time, he had no qualms about introducing BTC as an emerging asset to people around him. Of course, those who recognized the importance of this technology either became a HODLR or joined the crypto industry to build the necessary infrastructure for all the different coins and tokens popping up. Still in his twenties and eager to dive deep into all the emerging industry had to offer, Sheldon made a bold choice: he decided he wanted them all.
In the early stages of the crypto world, the infrastructure could only meet the most basic needs of investors, and there was not a significant volume of user experience. Investors who wanted to deposit money could only do so to the exchange’s account, with which Sheldon had experience. “My personal crypto experience, coupled with my optimism about the development of the industry, eventually prompted me to choose to enter the niche track of building an exchange. Experiencing the chaos of the industry at that time also made me put the overall ease of use and high-quality user experience at the top of my list and made full compliance the heart of BitMart’s development.”
Compliance is an Attribute Engraved in BitMart’s DNA
Why did BitMart choose compliance as a central point at its inception?
Sheldon answered that “it has to do with my personal experience and the team’s DNA.”
In 2015, Sheldon started using Coinbase for quantitative trading while studying in the United States. Out of curiosity, he went to study the history of the company and learned a lot, but he also began to understand the vast differences between Western and Asian exchanges.
“In the current crypto world where exchanges are the core component, exchanges naturally carry strong financial and service attributes. Therefore, in the mainstream educational and socio-cultural environment of Western countries, the first reaction of tech-driven engineers, when they think of exchanges, is to move toward compliance and embrace regulation.” Sheldon paused before continuing: “regulation is not exactly a bad thing in the development of the crypto world. At this stage, embracing regulation can allow crypto assets and technology to better interact with the traditional world and improve the acceptance of the crypto industry by traditional financial investors and even the general public, which essentially boosts the industry.”
With the CEO’s active promotion of the exchange and most BitMart employees possessing financial and technical backgrounds, the company has a positive attitude towards regulation. So on the first day of the exchange’s existence, the compliance process was already one of the priorities.
“In the early stages of development, our plan was based on the current market situation and international dynamics to become ‘Asia’s version of Coinbase,’ and we wanted to occupy a certain proportion of the market while seeking compliance support in Asia.
While the market share in Asia was expanding, we also noticed that the proportion of Bitcoin settlements in Asian countries continuously declined. Hence, we promptly adjusted our strategic direction and shifted our development center to Europe and America. It proved that changing the company’s development strategy at the right time in a rapidly developing market is a necessary survival skill for a qualified company.”
With the compliance attribute coupled with timely adjustment to market policy, BitMart has received high praise from users and investors. In November 2021, BitMart received Series B financing led by Alexander Capital with Alpha Square Group and Chaos Ventures participation at a valuation of $300 million.
Expand the Ecological Breadth Horizontally & Explore the Product Depth Vertically
Throughout four years of growth, BitMart has ranked among the top 10 exchanges in the crypto industry. Focused on satisfying the basic trading needs of users, Bitmart has also been enriching its product types and playing methods, trying to meet the growing financial needs of all types of crypto investors. Bitmart’s product lines currently cover spot trading, futures, leverage, financial management, staking, and a premium launchpad serving more than nine million crypto users worldwide. At the beginning of this year, it also ranked sixth in 2021 Digital 100 U.S. — Financial Services.
With the expansion of BitMart’s product ecology, Sheldon adheres to the attitude of stability amid progress. He believes differentiated products should be provided to users in various development phases instead of launching fancy products just for gimmicks.
“An exchange is an infrastructure that provides basic services for users and has a certain level of credibility. It is only when it works well (high-quality user experience), is secured while able to make profits, and completely satisfies users’ needs that it can be called a ‘good’ exchange. We have constantly been educating our users about crypto and paying great attention to the spot sector in the past four years. With the prosperity of the traditional derivatives market and the development of the crypto industry, I think it’s time to expand BitMart’s derivatives market. Along with this, we will also be deepening BitMart’s spot trading.”
The overall development of BitMart’s ecosystem will undoubtedly drive up the value of BitMart’s native ERC-20 token, BMX. Due to the high binding between BMX and BitMart, BMX tokens also developed rapidly in 2021, with an annual increase of more than 1500%. Sheldon said that BitMart would explore the decentralization sector in the second half of this year. BMX may serve as the core fuel, and the application scenario for the token will be significantly improved.
Meanwhile, the establishment of the BitMart investment fund through Cipholio Ventures has also added impetus to the development of the BitMart ecosystem. Sheldon hopes to explore and support early crypto projects through investment funds, further promoting the development of the crypto industry by incubating new projects and accelerating the replenishment of the BitMart ecosystem in many aspects.
Security will also be a significant focus for BitMart in the future. Sheldon did not shy away from the hack that occurred in 2021 and spoke openly about how it has helped the company become more resilient. As he said, “it is never too late to mend, and only when problems are exposed and solved under rapid development can BitMart move forward.” The unfortunate incident also enabled BitMart to upgrade its security, introducing new systems and external partners while upgrading its staffing internally. Sheldon said that “providing users with secure and easy-to-use crypto services is BitMart’s continuous pursuit.”
Aiming to Become the Underlying Facility of the Metaverse
“If I had to define the future direction of BitMart, then I hope that when people mention the word ‘metaverse’ in the future, the first exchange that comes to their mind is BitMart.”
When it comes to why, Sheldon has an exciting explanation. He explained that the business BitMart wants to focus on is currently divided into three parts: transaction services, infrastructure, and an open financial system. If the three are integrated, it becomes the entrance to the metaverse and Web 3.0.
Sheldon is quite optimistic about the future development prospects of the metaverse, and he said that it provides a similar function to cryptocurrency. “Just like how BTC provides a peer-to-peer online payment method that solves the payment problem of cross-regional and cross-system asset-transfer; smart contracts provide the idea of using codes to solve the rules judging and have solved a large number of rules judging of basic finance; the metaverse provides a new entrance and exit for the future spiritual needs of human beings. Although the metaverse is still in early development, we see recognition and experimentation with metaverse applications across a wide range of industries.” As someone with a background in computer science, Sheldon uniquely sees what metaverse can offer and solve in the history of human development, even in its very early stage.
Sheldon especially emphasized that “as a development concept that requires the collaboration of software, hardware, and infrastructure, the existence of the blockchain industry is crucial. Only when the underlying economic system of the metaverse is completed based on the blockchain can people flow freely in the metaverse world and interoperate economically. Therefore, what BitMart wants to achieve is to become the infrastructure of the metaverse and build the underlying data.”
In Sheldon’s vision of the industry, the metaverse will grow into an enterprise beyond the scale of the current Internet in the next 5-10 years. The role BitMart aims to play is as a service hall for the recent game, where users can enter different virtual scenarios, switch account IDs, and exchange and store assets for transactions. Bitmart aims to act as a transportation hub for the free flow of Web 3.0 and the metaverse, providing services to users across the world.
One of Sheldon’s favorite books is Ray Dalio’s Principles, in which the qualities of extreme truth-seeking and transparency are emphasized, which are also Sheldon’s philosophy in running and managing BitMart. He believes radical transparency is not only applicable to company management but is also the central idea of blockchain. Based on these philosophies, Sheldon hopes to make the right decisions on BitMart’s future journey, keep current in the industry, and build a metaverse and Web 3.0 infrastructure map that moves the exchange boldly into the future.
Company Name: BitMart
Contact: Marketing Team
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