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LinkedinExclusive Interview with Volodymyr Nosov
Over the past six years, WhiteBIT has grown from a startup into one of the largest cryptocurrency exchanges in Europe. Founded in Ukraine in 2018, WhiteBIT now serves over 5 million registered users worldwide, offering advanced tools for managing more than 300 digital assets. The full-scale invasion of Ukraine by Russia marked the beginning of an active phase of international expansion for the company. Since 2022, WhiteBIT has experienced fivefold growth, evidenced by new offices around the globe, a team exceeding 1,100 professionals, and high-profile partnerships. Among its partners are iconic football clubs such as FC Barcelona and Turkish FC Trabzonspor, the Ukrainian National Football Team, and global companies like VISA and ESL Faceit.
As WhiteBIT approaches its sixth anniversary in November 2024, we spoke with the company’s CEO, Volodymyr Nosov, about its journey, the challenges it faced, and plans for future growth.
WhiteBIT has come a long way, evolving from a startup into one of the leading players in the European cryptocurrency market. We started with our core product—WhiteBIT cryptocurrency exchange and spot trading. Today, we’ve built an entire ecosystem of blockchain and crypto solutions.
Our growth includes introducing new features like margin and futures trading, a crypto launchpad for new projects, an affiliate program, and passive income options like Crypto Lending. These developments have helped us reach a daily trading volume of $11 billion.
We’ve also earned global recognition. For example, WhiteBIT ranks among the TOP-10 exchanges on CoinGecko for futures trading and leads Europe in total web traffic.
Additionally, we’re proud to have onboarded more than 1,000 institutional clients, and we’re continuously expanding into new markets. The opening of offices on multiple continents is a testament to this. However, we’re far from done—our ambitions continue to grow.
The crypto market is incredibly fast-paced, and we stay ahead by diversifying our offerings and managing risks effectively. Our ecosystem now includes not just the centralized WhiteBIT exchange but also a decentralized exchange called WhiteSwap, a white.market marketplace, our own Whitechain blockchain, and the WB Soul Ecosystem.
We’ve also developed solutions like Whitepay, which enables crypto payments, and WhiteEX, physical cards for managing crypto balances. Our native coin, WhiteBIT Coin (WBT), is another key element of this ecosystem.
This year, we launched WhitePool, a mining pool that quickly became one of the top global players in terms of hash rate. Within just months of its debut, it achieved a hash rate of 7 EH/s and, in October alone, mined six blocks worth over $1.2 million.
We’ve also adapted to changes in regulation. For example, we actively participate in EU discussions about implementing new crypto standards like MiCA. At the same time, we invest heavily in educational initiatives to help users better understand blockchain technology. One example is our course Game-Changing Tech: Mastering Blockchain, developed with the Barça Innovation Hub.
Expanding into new markets and adapting to local needs have been key drivers. Europe remains our core market, but we’ve also made significant inroads in Turkey and Australia. Now, we’re preparing to enter the U.S. market, a step that’s crucial for our global growth.
Entering the U.S. is not just about geography—it’s about meeting high regulatory standards. We’ve spent time researching the market and tailoring our strategies to comply with local regulations. This ensures we’re offering products that meet the expectations of both institutional investors and private traders in the U.S.
Another major growth factor is our focus on users. We constantly enhance our platform, offering over 300 digital assets and more than 600 trading pairs. Our affiliate program has also attracted new users by providing tangible benefits for referrals.
Additionally, our partnerships with global brands like FC Barcelona, Trabzonspor, FACEIT, and VISA have brought in a broader audience. Over the past year alone, our user base grew by over 1 million accounts, doubling 2022 figures.
Finally, our commitment to Ukraine has strengthened trust in our platform. After Russia’s invasion, we cut all ties with Russia, including stopping registrations and payments in rubles. We also launched crypto donation campaigns that have provided critical support for Ukrainians, demonstrating the speed and effectiveness of crypto in crisis situations.
We developed Whitechain on a Proof-of-Authority model to empower users and developers to launch their own projects. Our native coin, WBT, integrates seamlessly into this ecosystem, providing benefits like reduced fees, transaction bonuses, and more.
WBT’s performance speaks volumes about its potential. This fall, it grew by 63.5%, surpassing $20 in value. This reflects both organic interest and active usage, and we’re excited to see how it continues to grow.
Security is a top priority for us. Platforms prioritizing security set the industry standard, and WhiteBIT is no exception. Our robust measures include firewalls, strict anti-money laundering (AML) policies, mandatory KYC processes, and advanced encryption protocols.
These efforts have earned us the Hacken Security Award 2024 and consistently high rankings on cer.live. Recognition like this reinforces our position as one of the most secure exchanges in the industry.
Blockchain and cryptocurrencies are revolutionizing the global economy, marking a significant shift from traditional financial systems to a more innovative and decentralized framework. This transition is already underway, and I believe we will see considerable changes within the next 5 to 10 years. Institutional adoption of cryptocurrencies is set to remain a key driver of this evolution, with major corporations, financial institutions, and even governments increasingly integrating crypto technologies into their operations.
The development of central bank digital currencies (CBDCs) is another area poised for substantial growth as governments explore ways to modernize their monetary systems. At the same time, asset tokenization is gaining momentum, enabled by blockchain’s ability to transform virtually any asset—be it real estate or artwork—into a digital form that can be accessed by investors worldwide.
I firmly believe blockchain will serve as the foundation of the emerging digital economy. At WhiteBIT, we are committed to staying at the forefront of these innovations, rapidly adapting to changes and providing our users with the tools they need to thrive in this transformative era.
