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As institutional interest in cryptocurrencies booms, the market is clearly entering a more mature phase – one that’s defined less by speculation and increasingly by integration.
Following a period of caution after high-profile market failures (FTX, Celsius, Luna, etc.), traditional players such as hedge funds, banks, and asset managers, have seemingly re-evaluated their approach when it comes to crypto exposure.
In this interview, Yoyee Wang, the head of Bybit’s Business-to-business Unit (BBU), talks about how institutional participation is evolving, the renewed emphasis on trust and transparency, as well as the emergin collaboration between traditional finance and the digital asset sector.
Dive in to find what will shape further institutional involvement as 2025’s end draws near.
Over the past year, institutional participation in crypto has evolved alongside shifting macroeconomic conditions and regulatory clarity in key markets. How are you seeing institutional appetite and strategies change in this new phase of the digital asset market?
We are definitely seeing growing institutional appetite from two main avenues. First, there are new entrants — including trading firms, hedge funds, asset managers, and wealth management companies — looking to expand their offerings as their clients show increasing interest in crypto investments.
What’s even more interesting is the second group: institutions from the previous adoption wave that had pulled back after the FTX collapse. Many of them are now returning to the market or significantly increasing their exposure to crypto.
Trust and transparency remain critical for institutional adoption. How is Bybit’s B2B unit addressing these priorities — especially in areas like custody, liquidity management, and compliance infrastructure?
That is a very good question. Custody is actually one of the main business focuses of Bybit’s B2B unit. We have built deep integrations across a full span of custodial partners to meet our clients’ diverse preferences — from crypto-native custodians such as Copper and Fireblocks, to bank-backed solutions like UBS, Qatar National Bank, and Sygnum Bank. We also work with hybrid providers like Zodia, which combine bank-grade security with the flexibility of crypto custody.
When it comes to liquidity management, we are bringing the best practices from TradFi to our clients — including features like cross-margining, leverage, and near real-time settlement. This ensures that our clients not only enjoy optimal access to Bybit’s trading liquidity, but also seamless access to their assets’ liquidity — regardless of where they are held or in what forms – crypto, fiat, or even T-bills.
And on compliance, Bybit is fully committed to meeting and exceeding regulatory standards across jurisdictions. We hold licenses and registrations in multiple key markets, reflecting our proactive approach to compliance and governance. These include approvals from the Securities and Commodities Authority (SCA) in the UAE, the MiCAR from Austria’s FMA, and full registrations with FIU in India, among others.
We also implement robust AML and KYC frameworks, maintain transparent reporting, and work closely with regulators and institutional partners to ensure our infrastructure remains secure, compliant, and future-ready — providing institutions with the trust and assurance they expect from a top-tier global platform.
You’ve had an extensive background in traditional banking and asset management before joining Bybit. From your vantage point, what are the most promising avenues for collaboration between traditional finance and digital asset markets today?
I believe that any form of collaboration must create value for all parties involved. If we take a step back and ask, “What are the demands, needs, or challenges that traditional finance can solve for digital assets — and vice versa, what can digital asset markets solve for traditional finance?” then the potential avenues for collaboration become much clearer.
Tokenization is widely seen as the next frontier for blockchain adoption. What role do you see Bybit playing in facilitating or supporting RWA tokenization, and what are the key barriers that still need to be addressed for institutional scale?
We have already offered a comprehensive suite of solutions designed to help RWA projects launch, scale, and integrate — enabling them to expand use cases, build AUM, and enhance profitability.
The key barriers are similar to those facing broader crypto adoption. In some regions, regulatory clarity remains vague, which makes large-scale institutional participation difficult. In addition, the liquidity and standardization of the underlying assets behind RWAs are still evolving, and these factors can constrain project growth potential and slow institutional adoption.
Bybit has positioned itself as a reliable partner for B2B and institutional clients. Could you share more about how Bybit is evolving its infrastructure — from APIs and liquidity solutions to risk management systems — to meet enterprise-level demands?
Our principle is simple and straight-forward: we try our best to bring the most advanced trading features, tools and infrastructure to our clients whenever we can.
For Bybit institutional clients using a Unified Trading Account (UTA),
you can use the “GET wallet balance” RESTful endpoint or subscribe to the WebSocket “wallet” topic to obtain the UTA’s accountIMRate (Initial Margin Rate) and accountMMRate (Maintenance Margin Rate) to monitor the account’s risk level.
API documentation:
Formula for Initial Margin Rate and Maintenance Margin Rate:
This document explains our UTA liquidation rules. Liquidation is triggered when the account’s Maintenance Margin Rate (MMR) reaches 100%.
As we look toward 2025 and beyond, what do you believe will define the next stage of institutional adoption — and how is Bybit’s B2B unit preparing to stay ahead of those shifts?
I believe the sign for the next stage of institutional adoption is when the focus shifts from the mere ownership or allocation of crypto to the integration of crypto as a more foundational element within business models, operations, and balance sheets. When we stop asking specific questions about crypto as the other side of traditional finance or as an alternative asset, but instead view it simply as an asset.
The focus is shifting from mere ownership or allocation of crypto and digital assets to their integration as foundational elements within business models, operations, product lines, and balance sheets.
Disclaimer: The content shared in this interview is for informational purposes only and does not constitute financial advice, investment recommendation, or endorsement of any project, protocol, or asset. The cryptocurrency space involves risk and volatility. Readers are encouraged to conduct their own research and consult with qualified professionals before making any financial decisions. This interview was conducted in cooperation with Bybit, who generously shared their time and insights. The content has been reviewed and approved for publication in mutual understanding. Minor edits have been made for clarity and readability, while preserving the substance and tone of the original conversation.
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