Dubai, United Arab Emirates, October 7, 2024, Chainwire
Bybit, the world's second-largest cryptocurrency exchange by trading volume, is pleased to announce the appointment of experienced banker Shunyet Jang as Head of Derivatives. This appointment underscores Bybit's commitment to investing in talent to drive innovation and maintain leadership in the derivatives business.
Supporting growth amid industry changes
Shunyet Jan joins Bybit at a time of transition for the crypto industry, where the regulatory landscape is changing and new opportunities are emerging. With decades of expertise across both traditional and digital markets, Mr. Schniet is well-positioned to lead Bybit's Derivatives division into its next phase of growth.
Mr. Schniette spoke about the current state of the industry and emphasized his view on the importance of a clear regulatory framework. “The lack of clearly defined regulations slows institutional implementation and creates unnecessary barriers to market growth,” Schniette said. “At Bybit, we are committed to advocating for transparent regulation and developing products that increase the trust of institutional investors.”
He also highlighted his views on the untapped potential of options trading in the crypto market. “While options dominate traditional financial derivatives, they are still underutilized in cryptocurrencies.As the market matures, options are becoming more and more important in managing risk, especially in Asia-Pacific, where their popularity is already surging. My goal at Bybit is to build a world-class options trading platform that reflects the sophistication of traditional options trading platforms.”
Derivatives strategy of major company Bybit
In his new role, Mr. Schniette will oversee the growth of Bybit's derivatives business, which includes perpetual trading, futures trading and options trading. Mr. Schniet will leverage his extensive experience in both Wall Street and Asian high-frequency trading to help refine Bybit's services to meet the evolving demands of institutional and retail traders. His leadership will help deliver products designed for the rapidly evolving crypto space and further solidify Bybit's position as a market leader.
“Bybit has long been recognized as a powerhouse in derivatives, and we are excited to contribute to their vision of 'Crypto Ark,' a secure and innovative platform that takes traders into the next era of cryptocurrencies and Web3. ,” Schniette said.
Schniette's career in finance
Mr. Schniette began his career on Wall Street and held senior positions at various investment banks specializing in programmatic trading, ETFs, and index arbitrage. A move to Asia introduced him to the fast-paced world of algorithmic and high-frequency trading, eventually shifting his focus to the institutional crypto market. His interdisciplinary experience across traditional and digital finance makes him a valuable leader as Bybit continues to bridge the gap between the two worlds.
“Mr. Shunyet's deep expertise in traditional finance and insight into the crypto market will enhance Bybit's platform, especially in serving institutional investors.” Helen Liu, Chief Operating Officer of Bybit, said: “With Schniette leading our derivatives business, we are poised to strengthen our institutional services and expand our reach into more sophisticated retail solutions.”
“I’m excited to be joining Bybit at such a pivotal time for the industry. Bybit’s ambition, innovation, and focus on building user-centric platforms are a key part of where I think cryptocurrencies are headed. I look forward to contributing to the company's growth and bringing more sophisticated trading solutions to the market.” Shunyet Jan, Head of Derivatives, Bybit.
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Founded in 2018, Bybit provides a professional platform where crypto investors and traders can find a lightning-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of the Oracle Red Bull Racing team, F1's reigning Constructors' and Drivers' Champions.
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