Decentralized Derivative Markets: A Conversation With Bingbon’s Daly Young

The following is an interview we recently had with Daly Young, Product Manager at Bingbon

What's your background? How did you get involved in crypto/blockchain?

DY: After completing my bachelor’s degree in Communication Engineering at Shanghai Jiao Tong University, I kick-started my career journey with Tencent, one of China’s top tech conglomerate giants, and was employed as the product manager for five years. I later moved on to Futu Securities International (Hong Kong) Limited, a fintech company ranked among Asia’s top online brokerages and now I work as the product lead for Bingbon. Funny enough, the first time I heard the term of cryptocurrency was on the news. I was curious about it and wanted to learn more, so I did some research and saw that it had a lot of potential in changing traditional finance. An advantage for me was that I had already gained a wealth of experience and knowledge about the finance and technology sectors before entering the crypto space so understanding certain concepts were straight forward, although there were times when I was a little baffled by some terminologies.

What value does Bingbon bring to users?

DY: We offer our users a wide range of products with great features and will continue to do so. In fact, we were one of the first to derivative exchanges with the Copy trading feature which has been one of our combative weapons. Based on our user’s reviews, our platform is extremely easy to use not to mention that our trading fees are pretty low when compared to other exchanges offering similar products. For this year, we are turning things up a notch and will be introducing several new features so expect to see them soon. There will also be some major upgrades on our platform which we believe will set us apart from the other exchanges while making our platform more user-friendly. User safety is one of our top priorities if not the most important one for us. So far, we have not had any history of any hacks or fundamental security issues, and we hope to keep it that way. Our team has integrated many safety precautionary measures to protect users and will continue to improve our security. The overall endgame however is to keep our users happy with the services we are offering.

Where do you see Bingbon five years from now?

DY: Without question, Bingbon’s has a bright future ahead and if all goes according to plan, we expect to be one of the renowned exchanges in the industry over the next five years. Even so, we are doing quite well though there is much room for improvement. Reality has not missed us, as we are mindful of the fact that the market is becoming more and more competitive. Therefore, it will take much dedication and hard work to stay on top of things to which we are committed. You will certainly be hearing more about us come 2021 and onward. We have some real top of the line products coming out shortly and many upcoming activities to increase engagement and attraction on our platform. This year, we are making some big strides to improve our presence in the Latin American as well as the Turkish markets but eventually, we will branch out into newer markets as time progresses. Our team is hardworking, diverse and is more than capable of helping us hit all our targets. In other words, we have confidence in our employees.

What are the most common misconceptions you hear about derivative markets?

DY: I think one of the most common misconceptions that comes to mind when people hear about the derivative market is that it is just like gambling. There is so much to derivatives than what people think it is. The best way users or people, in general, can learn more about the derivatives is to do research and not just go by “hear and say”.

What’s next for derivative markets in 2021?

DY: Though it is a bit early to predict market trends of the crypto derivatives industry for 2021, I do expect to see a lot of innovation in the industry and new products being introduced by exchanges. Right now, the crypto industry is making significant progress and a lot of investors are getting excited about the future of cryptocurrencies and the entire crypto space. So, this is definitely a great opportunity for derivative exchanges, especially start-ups to grow, rival competitors, and develop excellent marketing strategies to stay relevant.