Bybit CEO Ben Zhou on perps, RWAs, and what’s next for 2026
Episode 52 of The Crypto Beat was recorded with hosts Kelvin Sparks, Tim Copeland and Bybit CEO Ben Zhou.Listen below, and subscribe to The Crypto Beat on YouTube, Apple, Spotify, Twitch, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected] episode 52 of the Crypto Beat, Kelvin Sparks and Tim Copeland were joined by Bybit CEO Ben Zhou to discuss how he bootstrapped a derivatives-focused exchange and grew Bybit into a one-stop crypto platform. Ben also reflects on managing a $1B hack with radical transparency, surviving brutal bear markets, and why he thinks RWAs and on-chain capital markets will be a defining theme going into 2026. OUTLINE 00:00 - Introduction 02:05 - Derivatives-First Bybit 05:09 - Cards & User Acquisition 08:21 - Prediction Markets & Competition 11:33 - CEX vs On-Chain Perps 13:44 - Mantle, BitDAO & L2 Strategy 18:28 - Market Outlook & Liquidity 21:40 - Hiring, Culture & Layoffs 28:14 - Bootstrapping & Product Focus 30:41 - $1B Hack & Hard Lessons 36:46 - RWAs, Tokenized Stocks & 2026 Guest links: Ben Zhou - https://x.com/benbybit Bybit - https://x.com/Bybit_Official The Block Newsletters The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters.Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test. Faster hiring, stronger teams.Sign up for a trial today: theblock.co/campusDisclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.