Talking at Level Zero Discussion board, Ben argues that tokenization solves entry — however liquidity stays the business’s largest problem
DUBAI, UAE, June 25, 2026 /PRNewswire/ — Crypto exchanges are evolving from buying and selling venues into monetary infrastructure suppliers as tokenization, stablecoins, and synthetic intelligence reshape the structure of worldwide finance, in response to Bybit Co-Founder and CEO Ben Zhou.
Talking at Level Zero Discussion board 2026 in Zurich through the fireplace chat “The Change as Settlement Layer: How Tokenization Rewires the Position of a Crypto Platform,” Ben shared his perspective on how exchanges should adapt as monetary belongings turn out to be programmable, settlement turns into instantaneous, and monetary providers turn out to be more and more clever and interconnected.
“The position of exchanges is altering essentially,” stated Ben. “Within the early days, exchanges competed on matching engines, latency, and execution pace. Right now, we have gotten gateways to funds, tokenized belongings, real-world belongings, and international monetary entry.”
Tokenization Solves Entry, Not Liquidity
Whereas tokenization has emerged as one of many defining narratives in monetary markets, Ben argued that the business stays overly targeted on placing belongings on-chain with out addressing the tougher problem of making sustainable liquidity.
“Tokenization solves entry, not liquidity,” Ben stated. “Making an asset out there globally doesn’t routinely create demand for it. The following query is who will purchase it, the place liquidity comes from, and the way that liquidity strikes throughout borders and jurisdictions.”
Ben famous that governments, establishments, and asset issuers around the globe are racing to tokenize all the pieces from cash market funds to real-world belongings. Nonetheless, long-term success will rely much less on issuance and extra on the event of deep and environment friendly secondary markets.
Exchanges Will Turn into Liquidity Networks
As settlement turns into more and more automated and programmable, Ben believes exchanges will proceed to play a crucial position as liquidity hubs and distribution networks.
He in contrast exchanges to main worldwide airports.
“Settlement is just one a part of the equation,” Ben defined. “Airports are necessary not just because planes land there, however as a result of they turn out to be hubs for connectivity, providers, and motion. Exchanges are comparable. Liquidity, distribution, and entry stay the core worth proposition.”
In line with Ben, the long run aggressive benefit of monetary platforms will more and more come from their skill to attach fragmented swimming pools of liquidity throughout merchandise, geographies, and regulatory regimes.
Fragmentation Is the Subsequent Problem
Ben additionally warned that tokenization dangers making a fragmented monetary ecosystem if establishments situation proprietary variations of the identical belongings throughout a number of chains and platforms.
“We’re already seeing a number of variations of the identical belongings emerge throughout totally different ecosystems,” Ben stated. “The problem of the following decade just isn’t creating extra tokenized belongings. It’s creating interoperability and shared liquidity throughout these belongings.”
As tokenized finance matures, Ben expects the business to focus more and more on liquidity aggregation, interoperability, and cross-platform market infrastructure.
Prompt Settlement Adjustments Market Construction
Ben described on the spot settlement as some of the underestimated developments in monetary markets.
Conventional finance depends closely on clearing homes and intermediaries to handle settlement danger throughout multi-day settlement cycles. As blockchain infrastructure permits near-instant settlement, elements of this market construction could progressively turn out to be out of date.
Nonetheless, Ben believes belief, custody, and authorized enforceability will stay important.
“Expertise can automate settlement, however belief nonetheless issues,” Ben stated. “Establishments that present custody, governance, and authorized certainty will proceed to play an necessary position in monetary markets.”
AI Will Turn into the Interface for Finance
Wanting past tokenization, Ben believes synthetic intelligence will turn out to be the interface layer for more and more complicated monetary ecosystems.
As monetary platforms increase past buying and selling into funds, investing, wealth administration, and real-world belongings, AI will simplify interactions and ship personalised monetary experiences.
“The long run monetary platform will turn out to be too complicated for customers to navigate manually,” Ben stated. “AI will act like a private monetary assistant that understands consumer objectives and routinely connects customers with the precise merchandise, alternatives, and techniques.”
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About Bybit
Bybit is the world’s second-largest cryptocurrency trade by buying and selling quantity, serving a world neighborhood of over 80 million customers. Based in 2018, Bybit is redefining openness within the decentralized world by creating an easier, open and equal ecosystem for everybody. With a robust deal with Web3, Bybit companions strategically with main blockchain protocols to supply sturdy infrastructure and drive on-chain innovation. Famend for its safe custody, numerous marketplaces, intuitive consumer expertise, and superior blockchain instruments, Bybit bridges the hole between TradFi and DeFi, empowering builders, creators, and fanatics to unlock the complete potential of Web3. Uncover the way forward for decentralized finance at Bybit.com.
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