(Singapore) Michael Hung: BYDFi is a cryptocurrency trading platform for global investors, previously known as BitYard

May 25, 2023
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A QUICK INTRODUCTION ABOUT WHAT YOUR COMPANY DOES/YOUR VALUES/MISSION.

 
BYDFi is a cryptocurrency trading platform for global investors, previously known as BitYard. It has continued to bring professional, convenient and new trading services to global users since 2020.

BYDFi stands for “BUIDL Your Dream Finance”. BUIDL is a slang term for build that is popular in the cryptocurrency community. In addition to the word’s original meaning, this word also encourages people who believe in the future of cryptocurrency to take action to achieve their dreams. The “F” in BYDFi stands for Finance and the “i” stands for each individual person.

In the future, the potential uses of cryptocurrencies will be more expansive and not limited to hrecent applications like NFT, Metaverse, and GameFi. To keep up with the ever-evolving digital landscape, we change our brand name to reflect our vision and mission for the crypto market and to show our commitment to our users. BYDFi presents our core value of BUIDL-ing the possibilities that will shape the future.

TELL US ABOUT YOURSELF?


I am a university graduate with a background in computer science. I have worked in the technology industry for several years, with experience in software development, system architecture, and project management. I have had the opportunity to work in various countries, including China, the Philippines, and the United States. After returning to Taiwan, I discovered the growing importance of cryptocurrency and blockchain technology. I was fascinated by its potential to revolutionize the way we think about money, security, and trust. This realization led me to join BYDFi, where I have the opportunity to work with a team of passionate individuals who share my passion for cryptocurrency and blockchain technology.

IF YOU COULD GO BACK IN TIME A YEAR OR TWO, WHAT PIECE OF ADVICE WOULD YOU GIVE YOURSELF?

 
I wish I had entered this fascinating industry earlier, and of course, if I had been able to buy lots and lots of Bitcoin and Ethereum back then, I would be very happy!

WHAT PROBLEM DOES YOUR BUSINESS SOLVE?


Help more people buy and sell crypto easily, and enjoy the benefits of decentralized and web3

WHAT IS THE INSPIRATION BEHIND YOUR BUSINESS?

 
When the cryptocurrency exchanges were still not fully established in 2020, I saw an opportunity and chose to join BYDFi because I believed that large exchanges lacked challenge. On the one hand, my personality enjoys challenges, and on the other hand, I deeply felt that this industry needed more new companies to join and deepen the competition and progress of this industry.

The user problem that I most wanted to solve was the limited choices of exchanges available at the time, even when I wanted to trade myself. Therefore, solving the problem of exchange selection at that time was the initial intention. At that time, users did not have many exchanges to choose from and it was close to a monopolistic market, which was unhealthy for the industry. Of course, even in 2023, it is still a winner-takes-all era. We still hope to provide users with different choices.

The next goal was to create an exchange that I myself would want to use. Until now, in the traditional financial stock market, there are many service providers to choose from. You can customize your interface, data sources, and analyze a lot of information to decide whether to invest in a particular stock. In the cryptocurrency field, information is very closed and there is asymmetric information. This leads to many emotions such as FOMO and FUD spreading in the market. I believe that exchanges do not provide users with the clearest sources of information and verification of project parties. Therefore, BYDFi hopes to establish industry standards in 2023 to address this issue.

WHAT IS YOUR MAGIC SAUCE?


– 600+ trading pairs
– Recommended by Forbes: https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/
– Copy trading
– Free $100K in demo trading

WHAT IS THE PLAN FOR THE NEXT 5 YEARS? WHAT DO YOU WANT TO ACHIEVE?


I hope that in the next five years, we can offer services to people just like traditional banks do. The cryptocurrency industry still has some way to go before it becomes mainstream, and there are many people who do not trust this industry. However, the number of users in this industry has been growing exponentially over the past three years. I believe that in the next five years, more than one hundred million people will be exposed to cryptocurrencies.

Of course, this growth will also bring many revolutions and changes to the financial industry. I hope that we can coexist and prosper with the traditional industry, rather than confront it. I want to enable both developing and developed countries to enjoy the benefits of industry development. Moreover, I hope we can bring some changes to this world, making it more flat and fair, allowing everyone to decide their financial plan, and making their dreams come true through various cryptocurrency services.

WHAT IS THE BIGGEST CHALLENGE YOU’VE FACED SO FAR?


The industry is undergoing rapid changes, with two to three bull and bear markets occurring within three years. From a low level of regulation, the world is now focused on compliance and regulation. While we strive to be compliant, the biggest challenge is the inconsistency of global regulations and various new forms of attacks, which can cause devastating losses for companies.
We used to be able to move forward quickly, but now we must move steadily and cannot sustain the continuous growth we experienced three years ago. The industry is advancing rapidly, and the pressure from the top exchanges has increased the industry standards in terms of products, features, and marketing, presenting a significant challenge for our growing company.

HOW DO PEOPLE GET INVOLVED/BUY INTO YOUR VISION?


We want anyone who is interested in cryptocurrency to come and experience BYDFi, whether you are a professional trader or a web3 newbie, I am sure you will find your favorite features in BYDFi

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