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Blockcast.cc: Good morning everyone. This is Jenny Zheng, Co-founder of Blockcast.cc. This morning, Chieh Liu, CEO of Overbit is with us.
Hi Chieh, can you share with us a little bit about yourself and what brought you to the crypto space? How do you keep yourself updated on the latest happenings within the crypto industry?
Chieh Liu: I first learned about Bitcoin in 2013 with my college community and started to invest and mine Bitcoin. I realised that the emergence of blockchain and crypto, had a high potential to revolutionise the digital finance market and gain mass adoption. Hence, I started to become heavily involved in crypto during the end of 2016.
The way I keep myself updated on the latest crypto trends is the same as most from the crypto community – by following news sites and through Twitter.
Blockcast.cc: Please share with us more about Overbit as a brand and what makes the trading platform so different from other exchanges?
Chieh Liu: Overbit is a Bitcoin margin trading platform. We offer a simple trading experience to the users who can use Bitcoin as the underlying asset to trade against crypto, forex and metals with leverage.
Most of the existing exchanges have complex functions and interfaces, which only experienced traders can fully understand, and over 50% of traders are less than 34 years old and over 80% have less than 3 years’ of trading experience.
Overbit only offers the most popular and straightforward contract, that is, perpetual swap, to the users. Nothing fancy. Users can also practice trading on our Demo Trader, which provides 8 virtual Bitcoin for everyone.
Blockcast.cc: Who are your current target audience and what assets can a user trade on your platform?
Chieh Liu: Most of our users are from Asia and we currently provide 8 crypto, 5 forex and 2 metals instruments available for trading. For crypto, the maximum leverage is 100X and leverage for forex/metals is capped at 500X.
Blockcast.cc: Congratulations as Overbit just turned one! So, what are some of the biggest accomplishments that Overbit has achieved thus far?
Chieh Liu: Thank you! The first thing that comes to mind is trading experience. Our development and customer service teams have put in a lot of effort to improve user experience by modifying source codes, identifying UX issues, analysing user behavior patterns and preferences, as well as gathering feedback from our traders. The platform we provide right now is much more secure, stable and user-friendly.
Blockcast.cc: Why does Overbit only offer perpetual swaps as its only crypto instrument while other competitors are offering futures, options, perpetual swaps and more? Does this niche offering create a smaller trader base on Overbit?
Chieh Liu: When we first launched Overbit, our research indicated that a majority of crypto traders were doing perpetual swaps. As of now, this situation has not changed. Perpetual swaps remain the most popular product for derivative traders. In addition, over 50% of traders are aged below 34, and over 80% of them have less than 3 years’ of trading experience. Overbit does not want to offer products that may potentially cause traders to lose most of their portfolio due to a lack of knowledge and experience.
Blockcast.cc: In your opinion Chieh Liu, what is the biggest barrier for crypto adoption? How can Overbit solve this issue and what have your organisation done so far to address this issue?
Chieh Liu: Lack of education and misleading news are huge factors that hinder the adoption of cryptocurrencies. While we cannot do much about the news, we have been working hard to educate people by providing educational content to the media, building an online help centre, and soon, we will be launching Overbit Academy, as well as going to different universities to inculcate crypto education through giving talks and conducting student competitions. Overbit wants to groom future leaders in the crypto space and we want to give back to society by targeting youths through various Corporate Social Responsibility programs. Stay tuned to this space!
Blockcast.cc: How many people are there in Overbit and what are their expertise?
Chieh Liu: We have over 25 team members, most of them are developers as cybersecurity and trading experience are always our top priorities.
The core developers, who are based in Europe, have decades of experience in developing trading platforms and some of them have also worked on government security projects.
We also have an international customer support team to handle our traders’ needs in multi-languages.
Our marketing team is spread across the Asia Pacific region and they reach out to the world and make sure people can enjoy an optimised trading experience on Overbit, as well as to ensure our partners and affiliates receive the best benefits from us.
Blockcast.cc: As a crypto veteran, you are currently witnessing COVID-19 affecting the financial markets for both traditional and crypto markets. What are your thoughts on this?
Chieh Liu: The impact on the financial markets from the coronavirus is more profound than I expected. As I am writing this, U.S. President Trump just announced that the U.S. has closed its borders to most of Europe, the NBA has suspended its season, The Dow skidded into the bear market and Bitcoin dropped 20% in 30 minutes. I believe the bearish trend is likely to continue for a few months, should the number of coronavirus cases continue to increase globally. On the other hand, “stay at home” stocks like Netflix, Amazon and Zoom are very likely to continue benefiting from this impact.
Blockcast.cc: What’s next for Overbit and what are some of your growth strategies that are in place for Overbit traders?
Chieh Liu: We have just launched the new trader interface and 24/7 customer service. Soon, we will also introduce the Overbit mobile app to our users. As previously mentioned, crypto traders in general are new to the financial trading spacel, so we will continue to build educational content, organize AMA regularly to listen to their feedback, as well as give tips on trading. Last but not least, we plan to introduce more campaigns for users to gain tangible experience in trading.
Blockcast.cc: This is my last question for you Chieh Liu. If you had a magic wand right now and you could change one thing in this world, what would you do and why?
Chieh Liu:Wipeout coronavirus and you know why.
Blockcast.cc: We share the common wish. thanks Chieh for being with us this morning. For more information about Overbit, go to www.overbit.com. Blockcast.cc will continue to bring you more exclusive interviews. You can reach us at www.blockcastcc or join our Telegram group at https://t.me/Blockcastcommunity.