This interview delves into BitMart's development history and the broader cryptocurrency industry. BitMart Global CEO Nenter Chow shares his journey from traditional finance to Web3, highlighting the market's shift from pure speculation to fundamental utility and the construction of genuine financial infrastructure. Key points include BitMart's strategic focus on providing access to all assets, including real-world assets (RWA) and US stocks; operating in all 50 US states to ensure compliance; and user education initiatives such as partnerships with UNICEF. The interview also covers the application of artificial intelligence in internal operations (e.g., auditing and monitoring), the increasing convergence of traditional finance and cryptocurrency, career advice for entering the Web3 space, and an objective assessment of current selling pressure and future opportunities in the cryptocurrency venture capital arena. The guest's statements do not represent Wu Shuo's views and do not constitute any investment advice. Please strictly adhere to local laws and regulations. The audio transcription was done by GPT and may contain errors. Please listen to the full podcast on platforms such as Xiaoyuzhou and YouTube. Xiaoyuzhou: https://www.xiaoyuzhoufm.com/episodes/69b81e19f8b8079bfaaf82fb YouTube: https://youtu.be/mM9U7wjKaJE From Traditional Finance to Web3 Colin: Welcome to Wu Shuo Bu Cikai. Please introduce yourself to our audience. Nenter: Thank you very much for the invitation. My name is Nenter, and I am currently the Global CEO of BitMart exchange. Our company has been established for about eight years. Before joining BitMart, I was a partner at Animoca Hong Kong venture capital fund. I previously worked in the traditional finance sector for about seventeen and a half years, mainly in leveraged financing and cross-border M&A banking. Colin: You mentioned that you worked in global banking for 17 years and were also a partner at Animoca. Animoca is a very influential crypto company in Hong Kong. When you joined BitMart, a global cryptocurrency exchange, how did you see it as different from traditional banks and other crypto companies? Nenter: My years on Wall Street laid the foundation for my knowledge, teaching me how capital flows in capital markets, risk committees, and cross-border balance sheets. It's a very traditional way of thinking. Now, coming to the Web3 space, especially after my experience as a partner at Animoca Ventures, has forced me to think more from the perspective of an all-weather market, rapid iteration across sectors, and community and ecosystem building. These are key differences. In short, compared to traditional markets, Web3 places greater emphasis on cross-sector collaboration.BitMart's Evolution and Shift Towards Pragmatism Colin: We know BitMart has been around for eight years. It's not actually a new exchange and has a large user base. When you joined the company, what did you see as the biggest challenge? Or what did you want to achieve at that time? Nenter: I think that over the past eight years, BitMart has evolved from a pure trading platform into an infrastructure dedicated to achieving financial freedom. We've transformed from simply listing tokens to a full-asset platform supporting everything from spot and derivatives trading to wealth management and real-world assets (RWA). For us, the biggest internal shift has been at the cultural level. We no longer focus solely on the launch of the next hot token, but rather on risk control, compliance, and user education. These core elements determine whether users can trust us in the long term. The biggest change in the entire industry, which I don't see as a challenge but rather a positive shift, is that we've moved from pure speculation to pragmatism. This is mainly due to institutional adoption, regulatory clarity, and the rise of stablecoins and asset tokenization as genuine financial infrastructure rather than experimental tools. For me, all of this is very positive because the biggest challenge facing our industry has always been bad actors and excessive speculation, which siphon a lot of quality capital from the ecosystem. Now things look more promising because the standard by which we are judged is no longer just speculative price fluctuations, but our ability to provide a more inclusive and interoperable financial system at scale. Market Maturity and the Return to Fundamental Value Investing Colin: This year, the industry has changed a lot. For example, many altcoins and ICO projects have failed, but people are still trading gold, oil, or US stocks on exchanges. This year is completely different. What are your thoughts on this? You have worked in traditional banking and crypto institutions. How do you view this huge shift in the market this year? Nenter: Overall, this is indeed a sign that market participants are maturing. Looking back at the last cycle, everyone was chasing the DeFi craze, the NFT craze, and then DeFi 2.0, and many of these projects had Ponzi scheme characteristics. Now, many market participants have lost a lot of money because of those predatory token issuance models. They are beginning to realize that investments must have intrinsic value and growth potential. This is a good thing for me because, ultimately, looking back at the value proposition of the earliest crypto asset—Bitcoin—it was actually designed to hedge against the risks of the current fiat currency system and achieve value preservation and appreciation.In a sense, the crypto industry has always been strongly driven by financial attributes, which isn't necessarily a bad thing. The problem is that when you consider reducing risk and making long-term investments, you have to start thinking about what value tokens can actually capture or deliver. That's why some people say the market has now shifted to crypto assets oriented towards real returns, but I don't entirely agree with this black-and-white view. I believe this fundamental-driven model will persist for a long time because once investors understand how real value is generated, it's difficult to completely revert to purely speculative assets. This doesn't mean there won't be some hot hype items in the future, but I believe that in most cases, the core will become how to rationally allocate funds across different asset classes. This is why we see crypto investors now diligently studying commodity cycles, different sectors of the US stock market, and the correlation between stocks and bonds and macroeconomic trends. I think this is very positive for the long-term development of the entire industry. BitMart's Unique Position and Core Differentiated Competitive Advantages Colin: We know BitMart has been around for 8 years, and there are many cryptocurrency exchanges now. Could you describe the core differences between BitMart and other exchanges? Nenter: Of course, that's a very good question. For us, BitMart positions itself as a user-friendly portal leading to a multi-layered financial ecosystem that integrates the strengths of centralized finance (CeFi), decentralized finance (DeFi), and traditional markets. This means we don't try to win by frequently listing the hottest hyped tokens. Instead, we are committed to becoming a platform where ordinary users and institutions can safely and reliably allocate financial products, thereby winning the market. Our differentiation strategy is mainly reflected in three aspects. First, full asset access. This means users can easily switch between various assets such as crypto assets, real-world assets (RWA), and wealth management products within a unified and easy-to-use interface. Second, through BitMart Academy and our youth program, we provide market education and inclusive financial services to help users truly develop financial literacy, not just trading skills. Third, we place greater emphasis on compliance and risk control architecture. With increasingly stringent global regulations, we have met the corresponding compliance standards. This is crucial. You may have noticed that BitMart's independent US entity has just obtained licenses to operate compliantly in all fifty states of the US. This is a huge achievement for us, and we are seeking to further expand our global footprint based on this.Colin: You mentioned that BitMart US is now legally operating in all 50 states. Why did you choose to focus on the US market now? What are your future development plans in the US? We also know that the Trump administration was very friendly to the crypto industry, but if US government policies change, will the future prospects of the crypto industry be affected? Nenter: To answer the second part of your question, regulatory risks always exist. But at the same time, I believe regulators also understand that cryptocurrencies and blockchain technology are becoming a core component of financial infrastructure, and this is difficult to reverse. The high efficiency they bring makes them extremely valuable to most industries. For us, the US is a core pillar of our strategy, but not the only one. Ultimately, many regulatory guidelines in other parts of the world are derived from the US, especially in areas such as stablecoins, asset custody, and the tokenization of real-world assets. Achieving compliant operation in all 50 US states is not for show, but to demonstrate that BitMart's infrastructure can meet the highest compliance standards in the industry, thereby promoting these experiences globally. At the same time, our growth engine remains truly global. Currently, we have users in over 180 countries, and some of the most exciting new demand actually comes from emerging or frontier markets where there are significant financial access gaps. Our core objective is to make BitMart a bridge, which means facilitating the smooth flow of capital, quality assets, and talent between mature markets (such as the US) and high-growth regions (such as the CIS, Latin America, and Asia). BitMart Roadmap: Traditional Finance Expansion and Financial Inclusion Education Colin: Following up on the previous question, could you tell the audience about BitMart's most important priorities this year? Also, could you share your development plans for the next two to three years? Nenter: Absolutely. In terms of products, as I mentioned before, we will continue to expand our traditional finance (TradFi) products and services because we aspire to be an all-encompassing application covering real-world assets (RWA). This business segment will continue to grow. Currently, we have launched over 100 US stock trading pairs, approximately 17 global indices, and multiple commodity trading pairs, and these categories will continue to expand in the future. Another key issue we are working to address, and a current priority, is user education and inclusive finance. We are committed to solving real problems for genuine users because there are many predatory growth models in the industry, but we will never follow that path.For the average user, the real issue isn't how to buy their first token, but how to build a sustainable and resilient financial structure in a digital and volatile world. That's why we started partnering with organizations like UNICEF to participate in their "Income Passport" programs. These programs aim to help young people develop real digital finance skills, improve their employability, and bridge the gender gap in mobile internet use, not just teach them how to trade. This is a direction we highly value. Our educational programs must ensure three things: first, reduce information asymmetry; second, genuinely improve users' income levels or access to resources; and third, maintain product neutrality when necessary. If any of these three points are not met, even if it generates huge trading volumes in the short term, we will not launch it. For me, BitMart should be a reliable partner on people's long-term financial journey, not just a place to complete their first transaction. The Role of Artificial Intelligence in BitMart's Internal Operations Colin: We know many crypto institutions are trying to use artificial intelligence for company management. BitMart is no exception. Have you been involved in any AI-related projects, internally or externally? Nenter: I think artificial intelligence is very important right now, and not just for BitMart. It's applicable to all companies, aiming to improve operational efficiency and significantly enhance everyone's capabilities. We believe that AI and data analytics must be a core focus, whether in areas like transaction monitoring, anomaly detection, liquidity management, or user protection tools, and not just marketing automation. Interestingly, seemingly dry and tedious areas like internal controls and auditing are precisely the ideal application scenarios where AI can play a huge role and trigger the next wave of institutional trust and adoption. For us, this is a core initiative this year, and we will continue to expand the application of AI in all aspects of our business. Prospects for Collaboration with Traditional Finance and Wall Street Colin: We know that BitMart is deeply involved in the US market. Recently, we've also seen news about investments in institutions like OKX. Do you think this is a very good example of collaboration between the traditional financial industry, Wall Street, and cryptocurrency? Also, what are BitMart's future plans? Will it engage in more collaborations with Wall Street, or even seek investment from traditional financial giants? Nenter: That's a very good question.I think the investment from traditional financial giants in institutions like OKX is a huge positive for the entire industry because it truly demonstrates the deep integration of traditional finance (TradFi) and the crypto market, and I believe this trend will continue. It's very encouraging. Currently, we're not necessarily seeking external capital, but being able to collaborate with traditional financial players in some form is crucial. If you've followed the recent developments at Kraken and Nasdaq, you'll see that collaborating on tokenized equity products is a very positive move. Looking ahead, we'll see more and more of these collaborations, synergies, and investments emerging in various forms. We're also very happy to participate. Market Outlook and Coping with Cyclical Volatility Colin: Let's go back to this year. Whether in the global financial system or the crypto industry, it seems no one can truly predict whether it will be a bear market or a bull market. What's your perspective? As for BitMart, will your team remain proactive in exploring all opportunities, or will you become more cautious because many people predict an impending bear market? Nenter: That's a good question. Looking back at 2025, we achieved record results. I want to especially thank every member of the BitMart team; I truly believe our founder, Sheldon, has built an exceptional team. Over the past year, we've made significant progress in many areas, including product development and market expansion. Therefore, we are confident in the overall development of BitMart's global business in 2026. I understand that we are currently in a typical period of price volatility, but such volatility often masks more important structural shifts. When prices fall, the market always faces challenges and puts pressure on many participants. However, the transformation of crypto assets into a truly integrated regulatory framework, corporate balance sheets, and global payment systems is significant. I believe that the apparent price pullback actually masks many fundamental positive changes that are taking place. This is a necessary and challenging step in the transformation of an asset class from purely speculative to a systemic financial asset. To me, the market is the market; there will always be ups and downs, highs and lows. Ultimately, I cannot accurately predict short-term price movements, such as the next few weeks, months, or even six months. But we have a longer-term perspective and strategic approach to the industry, and therefore remain highly optimistic. From Traditional Finance to Web3 Colin: I have another question. You have worked in traditional banking for many years. Why did you choose to switch to the crypto field?Additionally, what advice do you have for those looking to transition from traditional finance to Web3? Nenter: My primary reason for moving from traditional finance to Web3 was to build a better, more inclusive financial system. Currently, many people in the world are still excluded from traditional banking systems; they cannot open bank accounts or even make basic payments. The true meaning of Web3 lies in providing equal opportunities for everyone and building a more equitable society. I firmly believe this because, ultimately, business cannot be just about money; it must also create value for society. I believe Web3 perfectly balances both aspects, truly helping to build a more robust financial infrastructure. This is my main motivation for making this career transition. Today, many traditional finance professionals have shown great interest in joining Web3. My advice for those looking to make this transition is: when I first joined Web3, publicly available learning and participation resources were far less abundant than they are now; you must possess extremely strong self-motivation and initiative. While numerous opportunities have emerged across the entire industry value chain, I still believe that maintaining a thirst for learning, actively expanding one's network, integrating into different communities, and connecting with various market participants are key to successful transformation. Ultimately, community building remains at the heart of the Web3 concept. Therefore, actively participating and contributing to different ecosystem communities in various ways remains the most effective way to enter this industry. Recruitment Standards and Web3 Mindset Colin: My last question is, if someone wants to apply for a job at BitMart, or when you are recruiting, what do you consider to be the most important qualities in a candidate? Also, what advice do you have for university students applying for positions at BitMart? What aspects of talent do you value most during the job search process? Nenter: I believe a candidate's qualities can be divided into hard skills and soft skills. We currently have openings in various departments, including marketing, finance, and business development; if you have a technical background, you can also join our technical or product teams. Our recruitment scope is very broad, so from a hard skills perspective, specific requirements will vary depending on the position. From a soft skills perspective, I believe candidates need to have a very proactive learning attitude. One of the defining characteristics of the Web3 industry is that it truly operates 24/7. I can tell you that I myself am usually online around the clock.I believe anyone wanting to enter this industry should possess two things: first, a passion for Web3; and second, a desire to absorb as much new knowledge as possible and be prepared for a high-intensity work pace. As is often said in the industry, the crypto sector's cycles are calculated in "Year of the Dog" increments; one year in the Web3 space is often equivalent to seven years in traditional industries. Therefore, being mentally prepared and maintaining the right mindset is crucial. The Current State and Future of Crypto Venture Capital Colin: I suddenly have another question. I feel that centralized exchanges are increasingly resembling super financial applications, as people may be able to trade all assets here in the future. Regarding crypto venture capital, you previously worked at Animoca. Do you think crypto venture capital is currently in decline? Especially in Hong Kong or the US, many individuals or funds want to get involved in this field. What advice do you have for them? Nenter: That's a very good question, and it's the question I get asked the most. Crypto venture capital is indeed facing a very difficult period right now because traditional venture capital funds that raised capital in 2020 and 2021 are currently in their exit phase. The sell-off activity in the market is very active, and I think this situation will continue for some time. This is why we're seeing various altcoins, especially VC-backed projects, facing immense selling pressure. Fortunately, some larger funds have successfully completed new rounds of funding, although the overall size isn't as large as it was a few years ago. Therefore, the amount of capital available for allocation in the market has indeed decreased. On the other hand, while venture capital used to focus primarily on early-stage growth projects, crypto funds today typically employ more diversified strategies, no longer limited to primary market venture capital but also considering secondary market liquidity strategies. They also pay more attention to actual capital market performance or exits through strategic acquisitions. Therefore, the focus of investment is shifting towards Series B and later stages. Overall, I don't believe crypto venture capital is dead. This is indeed a difficult period of adjustment, but in the long run, it's a good thing because, over time, projects with flawed token economics or lacking real-world use cases will eventually be weeded out by the market. I remain very optimistic because many new founders and teams are building in a more transparent way. Their goal is no longer just to cash out through token issuance, but to genuinely commit to building a viable business model with sustainable revenue metrics.Therefore, I am full of hope for the future of the industry and look forward to a new round of high-quality project iterations. Disclaimer: The statements or opinions expressed in this event represent only the author's personal views and do not necessarily reflect the views of BitMart or its affiliates, nor should they be considered professional financial investment advice. All cryptocurrency investments are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results. The value of cryptocurrencies may rise or fall, and buying, selling, holding, or trading cryptocurrencies may involve significant risks. You should carefully consider whether trading or holding cryptocurrencies is suitable for you based on your own investment objectives, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice. [Wu Shuo]