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ICN.live KEY OPINION, Exclusive Interview with Nenter Chow
Nenter Chow is a seasoned finance and blockchain executive, he is the Global Chief Executive Officer of BitMart, a leading global digital asset trading platform. Nenter’s career spans over 17 years in investment banking, with roles at major institutions including JP Morgan, MUFG, and ICBC. He has extensive experience in cross-border mergers and acquisitions and credit trading, operating across New York and Shanghai. His deep understanding of both traditional finance and emerging technologies positions him well to bridge Eastern and Western markets.
Market Competition
Coinbase just acquired Deribit for $2.9 billion, marking the largest acquisition in crypto history. As CEO of BitMart Exchange, how do you interpret such a large-scale move from one of your biggest competitors?
I view Coinbase’s $2.9 billion acquisition of Deribit as a transformative milestone for the cryptocurrency industry, especially in derivatives trading. This record-breaking deal, the largest in crypto history, highlights the growing demand for sophisticated trading instruments and marks a maturing market ready for institutional adoption. By integrating Deribit’s options platform with Coinbase’s infrastructure, this move delivers a streamlined, capital-efficient trading ecosystem that benefits users worldwide.
This acquisition is a shift toward comprehensive platforms that combine spot, futures, perpetuals, and options trading, enabling traders to operate with greater flexibility and efficiency. Additionally, aligning Deribit’s substantial options market with Coinbase’s regulated framework is seen as a stabilizing force, mitigating risks and building confidence in the market.
At BitMart, we welcome this development as a driver of innovation across the industry. It strengthens our resolve to provide secure, diverse, and user-centric trading solutions while advancing the global digital asset ecosystem. This acquisition emphasizes the value of transparency and regulatory alignment, motivating us to innovate and collaborate for a more resilient financial future. We remain committed to empowering our users and fostering an inclusive crypto landscape.
Stablecoins
In the past 10 days, we’ve seen multiple major announcements around stablecoins—from Meta to Stripe and beyond. Stablecoins are clearly becoming a strategic business move. Where do you see the biggest win for the industry with these implementations?
The recent stablecoin announcements from companies like Meta and Stripe mark a defining moment for the cryptocurrency industry. These advancements highlight stablecoins’ critical role in enabling fast, cost-effective, and accessible global transactions. The primary benefit lies in their ability to bridge traditional finance and blockchain, enhancing financial inclusion and streamlining cross-border payments.
By allowing businesses and creators to hold, send, and spend stablecoins effortlessly, these initiatives provide dollar-based accounts in over 100 countries, particularly supporting regions with unstable currencies or limited banking access, thus driving economic empowerment and global trade.
BitMart is actively advancing this vision through our strategic partnership with Paxos and the Global Dollar Network (GDN), announced on May 12, 2025, to integrate USDG, a U.S. dollar-backed stablecoin, into our platform. This collaboration expands USDG’s reach to our 10 million users, offering direct purchases and trading pairs while reinforcing our commitment to trusted, enterprise-grade digital assets. The partnership aligns with our mission to foster trust, regulatory compliance, and innovation.
We are inspired to deliver secure, user-focused stablecoin solutions, contributing to a transparent, inclusive digital asset ecosystem that positions stablecoins as a cornerstone of modern finance, benefiting users and businesses worldwide.
Gaming
GTA 6 has now reportedly cost over $2 billion—making it more expensive than the Burj Khalifa, the tallest building in the world. What’s your current sentiment about the gaming industry, and what’s your favorite play-and-earn title right now?
The gaming industry is booming, with GTA 6’s reported $2 billion budget surpassing $1.5 billion real estate megaprojects, demonstrating its ambition to redefine entertainment. This investment fuels immersive open-world experiences, rivaling film and architecture while setting new industry benchmarks. Web3 gaming is a dynamic force, leveraging blockchain to draw billions of gamers into decentralized ecosystems through engaging gameplay and economic rewards.
Play-to-earn (P2E) models attract players by offering real-world value, making gaming a gateway for blockchain adoption, though sustainability demands balancing fun with economic stability to avoid speculative risks.
Mobile platforms are transforming the landscape, with Web3 games capturing massive audiences through accessibility, especially in emerging markets. Despite market volatility and reduced venture funding, Web3 gaming draws significant investment, driven by innovations like AI and cross-game asset sharing. I don’t currently have a favorite P2E title, to be honest, but my all-time favorite video game remains Mario Kart, which I continue to enjoy for its timeless fun.
Eventually, I hope to see mainstream blockbusters like GTA 6 and Web3 titles converge over time, and I’m confident the industry will innovate, merging high-budget blockbusters with decentralized platforms to captivate global audiences.
Community Trust & Regulations
The recent black swan event involving Mantra Network saw the community suffer significant losses, once again putting the crypto space in a negative spotlight. What do you believe we need to do—on an industry level—to completely prevent events like this in the future?
I believe preventing future black swan events and rebuilding trust in crypto requires a balanced, resilient ecosystem that embraces both decentralized and centralized platforms. By adopting decentralized finance (DeFi) with audited, open-source smart contracts, we can minimize single points of failure, while self-custody solutions like non-custodial wallets reduce risks for users.
Centralized exchanges remain safe and vital, provided they implement rigorous standards like mandatory proof-of-reserves, enhanced cybersecurity, and regular audits to ensure transparency and security. Fostering industry-wide best practices such as these audits, robust consumer education, and stress-tested protocols empowers users and restores confidence. Collaborative regulatory frameworks, developed with stakeholders, prevent disruptive crackdowns while preserving innovation.
Reducing leverage and diversifying risks create antifragile systems that withstand market stress. Community-driven governance and DAO-led insurance funds further protect users by mitigating losses from hacks or crashes. By aligning with stakeholders and prioritizing user protection, the crypto industry can encompass secure centralized exchanges and decentralized infrastructure, and build a resilient ecosystem that thrives amid challenges, mitigates systemic risks, and upholds enduring public trust.
Bitcoin
Since the approval of Bitcoin ETFs and with Trump’s return to Office, Bitcoin has surged and is now being discussed at the sovereign level in financial planning. Ten years ago, this would’ve sounded like science fiction. How do you see the next 10 years playing out for Bitcoin?
Bitcoin’s surge, fueled by ETF approvals and sovereign-level discussions, has transformed it from a fringe idea to a global asset. I agree with Ray Dalio’s view that Bitcoin serves as “hard money,” like gold, hedging against potential debt crises and fiat devaluation with its fixed 21-million-coin supply. I believe Bitcoin will continue to solidify as a store of value over the next decade, rather than a cross-border payment tool where stablecoins excel.
Institutional adoption through ETFs will enhance liquidity and stability, attracting diverse investors. Sovereign interest, if backed by clear regulations, could establish Bitcoin as a strategic reserve, though geopolitical alignment remains key.
DeFi innovations could also elevate Bitcoin’s role, enabling it to become an interest-earning, productive asset through lending protocols and yield-generating platforms.
Volatility and regulatory challenges may persist, requiring robust risk management and global cooperation. Web3 advancements could integrate Bitcoin into decentralized ecosystems, fostering financial inclusion in emerging markets. Bitcoin’s resilience and growing legitimacy signal a future where it complements traditional assets, reshaping finance responsibly. I am confident in its potential to diversify portfolios and generate returns, provided stakeholders prioritize stability and accessibility.
Open Mic: Your Thoughts on the Market
We’d love to give you the floor for an open-ended response. What are your personal thoughts on current market conditions, and do you have any insights on the future of the industry you’d like to share?
The crypto market is at a dynamic juncture. While I can see macro liquidity driving crypto’s next bull run and is mid-to-long-term bullish, I do see short-term challenges in the VC-backed altcoin market. The oversupply of tokens, heavy unlocks, and VCs chasing DPI create headwinds, with many investors currently flocking to PIPEs, which mimic MicroStrategy’s Bitcoin strategy for a variety of altcoins like $TON, $SUI, and $ENA, signaling liquidity constraints for crypto-native projects.
Yet, bright spots emerge as the industry pivots to fundamentals. Projects generating revenue are gaining traction, aligning with a maturing market prioritizing sustainable value. I’m particularly bullish on RWA tokenization, which will democratize access to assets like real estate and commodities on-chain. Esoteric assets such as uranium, which has no open exchange currently, will be available via the first 24/7 institutional spot uranium trading platform with physical settlement powered by Solana – this represents innovative opportunities, expanding crypto’s utility beyond traditional finance.
This focus on fundamentals and novel assets will drive long-term growth. BitMart is committed to supporting revenue-driven projects and working towards providing tokenized assets, fostering accessibility and compliance. While short-term excitement fuels volatility, the industry’s shift toward tangible value and on-chain innovation positions it for sustained success. I’m confident that as liquidity improves and regulatory clarity emerges, crypto will redefine global markets, with RWAs and unique onchain assets leading the charge.
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