Hello Lim, thank you for taking the time to sit down with me today. Can you tell us a little bit more about yourself and how you first got involved with cryptocurrencies?
Hello Lenny, I majored in aerospace engineering in the UK and was living there for 7 years. In 2003, I left the UK and returned to Malaysia where I ventured into distribution businesses and trading.
If I were to describe my character, I would share that I put importance in having the right attitude, taking the initiative, and in practicing discipline.
I first heard about Bitcoin in 2016 when I was participating in online arbitrage and trading. I then learned about bitcoin and started with mining using ASIC miners. As I scaled up my operations, I got involved in trading alt coins and invested in them as well. Personally, once you get the idea of Bitcoin, it becomes crystal clear as to why this is a revolution in personal and global finance. In trading for more Bitcoin, this experience has taught me how efficient it is to trade crypto derivatives if your aim is to gain more Bitcoin.
You’re currently the CEO and co-founder of BitOrb. Could you tell us a little bit more about that? How did you first get the idea of starting a derivative exchange?
As a crypto trader and a businessman, it was clear that the industry was still at an early stage back in 2017 and 2018 and there was plenty of opportunities available if you were looking. There still is!
Together with my trading partners, we conceptualized the idea over many sessions in a period of 5 months. As an engineer, you learn that great achievements are a result of a collective effort and focus. I am fortunate to be surrounded by people who are highly-intelligent, motivated and committed to achieving a common goal: to create a market leading platform for crypto derivatives.
There is a lot of competition within the derivative exchange market. How do you think BitOrb can stand out from the rest of the pack?
When we first started developing our exchange in 2018, there were barely a handful of derivatives-focused platforms. Move forward a year and we’ve seen that number increase by quite a bit. We expect this number to grow significantly into the future. After all, crypto is still very much a free market and as long as there are digital assets, we will see more competition in the coming years. Knowing this enables us to take the necessary steps in asserting our place in this competitive market landscape. BitOrb stands out by first establishing that the way forward is to be transparent, to be regulated and to have a user experience that is intuitive by design. This is the core foundation of the BitOrb exchange, and we have shown our resolve through the following steps:
- We engaged BDO to audit our accounts and operations. We treat our Company like a public-listed company and we will disclose everything as such.
- We choose to be regulated as we see the need for assurance and good governance from both retail and institutional investors is necessary. Although we have yet to receive our license, we have already submitted our application and are pursuing other jurisdictional licenses as well.
- We decided it was time for all traders around the world to have the ability to create multiple orders that can be carried out in a 24/7 market without having to look at the dashboard every hour. This is when we came up with the idea of the Orchestrator. We have developed it ready for launch (Version 1.0) and for everyone to use. This’ll give people the ability to capture a position they would otherwise have missed when they were asleep or away from their dashboard. This ability has thus far only been available to highly-funded trade organizations. With BitOrb, everybody can trade 24/7 if they choose to do so.
In addition, we are the only cryptocurrency derivative exchange that offers profit shares to $ORBYT token holders. This token offers holders loyalty, investor and trader benefits in the form of up to 30% taker fee discounts and referral commissions. Token holders who pass Know-Your-Customer checks (KYC) can also benefit from profit shares paid out in Bitcoin. This is where our transparency takes root and the disclosure of profits from real volume is made apparent.
Security is usually one of the first things that pops up in people’s mind when reading about a new derivative exchange. What kind of measures is BitOrb taking to make sure its users are safe?
At the BitOrb exchange, we place security at the top of our priorities. We carry out internal testing conducted by our cyber security and quality assurance teams on infrastructure, source code and application. Security requirements are constantly evolving. To stay ahead of the game, we capitalize on years of experience and market leading tools to protect the platform. To supplement this, we engage with independent 3rd-party penetration testers and conduct bug bounty programs.
For digital asset security, we use custody services from BitGo (based in the US) to store all trading digital assets deposited by users in a multi-signature cold wallet. This means that the digital assets are kept offline and secured behind multiple layers of security checkpoints. All user accounts have 2FA and email notifications at their disposal. In addition, we are looking to introduce liveness checks in the future for users to use for purposes such as lost passwords or large withdrawals.
There are still a lot of problems within the derivative exchange market. Which is the biggest problem you think BitOrb will solve, that nobody else is tackling?
For one, BitOrb entering the market will assist in correcting market inefficiencies through a spread of traders across more crypto derivatives platforms. In a sense, although we are not solving the problems of manipulation directly, we are however contributing to the overall industry by enabling more traders to participate in the trading of crypto derivatives. The core foundation of transparency and regulation will also place us in a unique position where traders are able to feel more comfortable trusting the BitOrb platform. We cater to all levels of traders through our Simple and Advanced modes. We will also support multiple features such as opening multiple different positions and our unique world’s first Orchestrator.
That leads to another solution we bring to the industry. The Orchestrator empowers all traders with the ability to create their own strategies on orders that are carried out based on trigger points set using indicators. Traders are able to use this to make various long and short orders without entering them into the order book only if and when their trigger points are hit. This leads to a higher productivity level for traders who are part-time / in transit / are sleeping.
Looking forward to the remainder of 2019 and 2020 onwards, what are some of the upcoming BitOrb releases people can be excited about?
After the exchange goes live, BitOrb will participate and meet with traders at major cryptocurrency and blockchain events. We’ll also be promoting the Orchestrator and adding more indicators.
Q1 2020 will see the introduction of ETH and other digital assets to our product range, and the addition of options before 2020 year end.
We also have a very special item on the roadmap for next year. But for now, we will keep this a secret until we’re closer to releasing this said item.
Thanks a lot for your time Hoong-Teng!
You can find more information about the BitOrb exchange on their website.
Additionally, you can reach them through their social media pages:
- Twitter: https://twitter.com/BitOrb_official
- Telegram: https://t.me/bitorb_orbyt
- Facebook: https://www.facebook.com/bitorbofficial/
- Linked.in: https://www.linkedin.com/company/hundredx-solutions/
- Medium: https://medium.com/@BitOrb
*This article was originally by Trader Lenny. Find out more at https://medium.com/@traderlenny/interview-with-ceo-hoong-teng-ceo-of-bitorb-571fb07df7c