Earlier this week, I spoke with Michael Hung, the CMO at BitYard exchange, a one-stop trading platform for global investors. He told me about trading options, perpetual futures, listing criteria and plans for 2022. We also discussed his crypto portfolio and why he loves meme tokens so much. Don’t miss this piece!
U.Today: Can you tell us about your background and how you got interested in blockchain technology and the crypto market?
Michael Hung: It's a long story. I've been in a number of industries, but never one as fast moving and challenging as this. I joined BitYard in 2019, then our team was split up to work all over the world - Singapore, Vietnam, the Philippines, the USA, Europe, etc. I was based in Singapore before, but now I work in my country. I only met the founder once or twice and then we worked remotely.
We see Binance as the goal we want to chase in the long run. In the short run, we are trying to move into the top 10 exchanges in the world. I am in love with Bitcoin, and the idea of decentralization is very attractive, so it was necessary and essential to get into this industry to make the world a fairer place.
Take Elon Musk, who has brought Tesla and Starlink to our world. Now, he is changing the world with cryptocurrencies. I think we are as much about making the world a better, fairer place as anyone and helping people grow with us.
We recently partnered with TheGivingBlock.com, a crypto donation organization. We are doing more and more with the charity organization.
U.Today: You are the CMO at BitYard exchange. Tell us about this project. What distinguishes BitYard from other exchanges?
Michael Hung: To be honest, the competition for small exchanges like us and medium-sized exchanges is very hard at the moment. Especially during the current economic situation around the world, we did not have much cash to spend on online advertising; all we could do was listen to our users, so we did the following.
First of all, we provide more than 400 trading pairs on the spot market. You can find almost every popular coin on BitYard. From the main crypto, we offer BTC, ETH and also small-cap coins that have potential, such as FLOKI, SHIB and Babydoge. You can easily buy/sell them with BitYard.
No need to bother with many exchange accounts and remember a bunch of passwords. Moreover, our spot trading system is powered by Binance and Kucoin, which guarantees liquidity for each trading pair.
The second thing we offer is copy trading: just like eToro in the crypto industry, we will always invite professional traders to share trades on BitYard, and users can easily follow them. For nonprofessional traders, the inability to professionally control positions and trade with emotion is one of the main reasons to cause liquidation. Trading with professional traders can also prevent users from liquidating in extreme market conditions.
Last, we will launch our platform token BYD in Q2. We are anticipating more in-depth cooperation with NFT and Web 3.0 projects.
U.Today: How do you list tokens? What are the criteria?
Michael Hung: Our criteria are very simple: as long as projects are listed on Binance or KUCOIN, we hope that the project owners can come to us at any time and we can list your token within a week. We only select coins that are future-proofed with liquidity and stability for listing on BitYard's platform.
U.Today: How many coins are available via BitYard spot trading?
Michael Hung: We have more than 400+ trading pairs on the spot market.
U.Today: That’s a lot! What about daily trading volumes?
Michael Hung: The very least is about 1,000 BTC in spot in one day, and 1,000-2,000 BTC in derivatives, including lite futures and perpetual futures.
U.Today: Can you tell us about inverse perpetual futures on BitYard?
Michael Hung: Briefly, an inverse perpetual future is a contract that uses crypto BTC/ETH/DOT/XRP as a margin. Users use crypto to open positions, and profits and losses are settled in crypto.
When a user wants to trade a perpetual future, if there is only a USDT margined contract, the user will worry about whether they will miss the price pump if they do not buy coins. With inverse perpetual futures, users can buy crypto first and then trade inverse perpetual futures.
In addition, when users buy crypto but are worried that the price will fall, they can use inverse perpetual futures in synthetic hedging to maintain their asset value when the unpredictable price movement happens in volatile market conditions.
Of course, we will also launch USDT-margined perpetual futures around April, and we will list more crypto on inverse perpetual futures.
U.Today: Do you have any major plans for 2022? Can you share them with us?
Michael Hung: I believe this year will also be a very busy and fruitful year, so I would like to share our roadmap for 2022 here.
In the second quarter, USDT-margined perpetual futures will be onboard, and we will launch the earning function and play-to-earn mining pools. In Q3, we will have the BYD platform token. In Q4, for our BYD platform token, there will be a launchpad, and maybe we will list Binance or KuCoin or FTS. We will try our best to do it.
U.Today: What is the main thing you are most proud of about BitYard?
Michael Hung: We always put the user first. We always collect users' opinions and update and correct product functions every Monday. We always have one week for one update. I believe we are also one of the few exchanges on the market that provides customer service to the community.
Users with questions can basically have them answered within 10 minutes. That is why our users love our platform; we can always listen to and list their favorite quickly. We always give our customer feedback within 10 minutes.
U.Today: What are your thoughts on meme coins?
Michael Hung: I am very passionate about coins such as DOGE and Shiba Inu. A lot of users buy Doge and Shiba Inu on our platform. I think we are in the world of maybe 500 big whales, you know. Many people do not know that. So, you will find that we have many meme tokens on our platform, and our users come from all over the world to support these tokens.
As I said, we have over 400+ trading pairs, and maybe 30% of them are meme coins on our platform. We are crazy about this.
U.Today: Do you have them in your portfolio?
Michael Hung: Yes. I mainly focus on the exchange's platform tokens, such as FTT and BNB. Because I believe in the power of exchanges. I have SOL and MATIC. As for meme coins, I have DOGE, Shiba Inu, Floki, Baby Doge and SafeMoon. I have a lot of them, I just love them. I also believe Layer 2, Web 3.0 and GameFi will bring us more surprises in 2022.
U.Today: What will the Bitcoin price be one year from now, in your opinion?
Michael Hung: Many people say that the risk of a financial crisis in 2022 is very high, but I believe that Bitcoin still has the chance to reach more than $80,000. Facing the problem of inflation, more and more people will invest in cryptocurrencies and get a profit. So in a word, I have full confidence in the crypto industry.