Why the Crypto Markets Seem So Broken and How They Get Fixed After 10/10
Episode publishedPodcast: UnchainedUnchained
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Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Thanks for joining this livestream. Before we get started, a quick reminder, nothing new here on Unchained is investment advice. This show is for informational and entertainment purposes only, and my guest and I may hold assets discussed on the show. For more disclosures, visit unchainedcrypto.com. Quick note before we get into today's episode. Bits and Bits now has its dedicated feed. We're spinning off from the Unchained feed and moving to a new podcast and YouTube channel. So if you w
Thanks for having me, Laura.
Hi, everyone.
So in 2025, we saw fintech and crypto start to converge on the same competitive space. There's been a few attempts to create an everything app, and we're already seeing some of the players maybe pivot away from that while others are continuing in that track. This is a concept that's actually mostly from Asia. Know WeChat is probably the most commonly cited example of that. Meanwhile, we are seeing others like Bitget, Robinhood just merging crypto and TradFi. Bitget is a prime example with its universal exchange. So Gracie, I would love to hear more about the Universal Exchange and what your vi
Sure. Yeah, in crypto world, we're very familiar with the term CX and DEX, centralized exchanges and decentralized exchanges. After FTX collapse, there were a lot of debate on whether there should be more DeFi trading, DEX, and maybe CX have too much power because we are the custodial platform together with the trading platform. And some users also have their assets on CEXs doing some earning, etcetera. I think after three years, after FTS collapsed, things cooled down. Definitely people still trust CEX. The UX kind of market share went up about 20% from it was probably like five to 10% to whe
And Rob, as an investor in BitGut, what interests you about this vision or why do you think this makes sense for the future of Bitget?
Yeah, mean, I think Gracie, she kind of talked about like the high level trends that we're seeing, which we're seeing as well as investors. Talk to not just you know, you know, all the centralized exchanges, but also all the decentralized exchanges as well and the teams behind them. It's very clear when you look at just user behavior right now. Like, users want a place to trade everything. They we're seeing this a lot in the crypto space where people are talking a lot more about, trading equities. We're seeing this on things like, trade x y z, who, obviously has been offering perps on hyperliq
Yeah, I was actually going to ask Gracie as my next question. So this is a perfect setup about BitCut's customer base, because obviously, so it's non US, it's very global, but I'm sure you have certain regions that are more popular. And I was wondering, so first of all, like who the traditional customer base is, but then also now that you've rolled out these things like the tokenized stocks and the Forex and all that, if you're seeing that a different type of customer is either coming in for these features if or there's certain geographies or certain types of customers that were existing custo
Yeah. Biggest started off seven years ago, seven and a half years ago, which was mainly based in Asia. For that reason, even until today, we do have more than half of our users being Asians, East Asia, Southeast Asia, some areas that we see a lot of growth for the past few years. Then I think in 2022, which is exactly the same year when I joined Bigget, when we started globalization. So since then, have more users coming
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