CoinEx CEO: Breaking Financial Shackles & Making Crypto Trading Easier
May 16 2022 - 9:27AM
NEWSBTC
CoinEx, a crypto exchange that serves more than 3 million
registered users in over 200 countries and regions, has adopted a
new brand slogan — Making Crypto Trading Easier. We interviewed Mr.
Haipo Yang, CoinEx’s founder and CEO, and discussed topics
concerning CoinEx and the future development of the crypto
industry. Q: What are the considerations behind CoinEx’s new slogan
— Making Crypto Trading Easier? A: Today’s crypto market has
entered a new stage in terms of technological progress, market
scale, and user base. At its height, the total market cap of
cryptocurrency approached $3 trillion. Meanwhile, surpassing
Facebook, Bitcoin has become one of the 10 most valuable assets
globally. Cryptocurrency is now an integral part of global assets,
and crypto technologies are also influencing more industries and
users. At the same time, many are daunted by crypto technologies.
In their view, the market is reserved for geeks and professional
investors only. Such a stereotype is not wholly unfounded — many
trading platforms out there are indeed designed for professionals.
They just keep introducing new functions and pile up all features
and products without considering user capabilities, which
discourages many newcomers. Picture this: An average user visits a
crypto exchange to buy Bitcoin. However, swamped by derivatives
like delivery contracts and European options, he has no idea how to
buy Bitcoin at all. Are such platforms really designed for the
general public? They think users might need this or that but ignore
the most important fact that for most users, it is not that easy to
complete the very first crypto trade. Decentralized crypto
technologies are created to serve the public in the first place.
All crypto users deserve respect —not only just the professional,
but also retail investors, deserve access to the crypto industry.
The dismissal of beginners and retail users goes counter to the
crypto sector’s original mission, which is to break the financial
monopoly. As such, we work to remove users’ misgivings about the
crypto industry and break financial shackles. We want to deliver a
message that crypto trading is a level playing field and that
finance is by no means the privilege of certain groups of people.
We will build a bridge that connects users with the crypto space.
As a gateway to the crypto market, CoinEx helps users complete each
crypto transaction with ease. Q: The slogan upgrade of CoinEx
involves strategic adjustments in terms of branding, product and
technology. Could you shed light on the future vision and strategic
plans of CoinEx? A: CoinEx will “make crypto trading easier”
through product, token listing, and user services. First of all,
when it comes to products, we exercise restraint and never pile
functions upon functions. Instead, CoinEx promises to offer
sufficient and satisfying functions. Unlike many exchanges that
offer an excessive number of redundant functions, CoinEx pursues
“EASIER”. This does not mean that there are fewer things you can do
on CoinEx. On the contrary, we aim to turn sophistication into
simplicity by building products that meet real demands. In
addition, we also attach great importance to token-listing.
CoinMarketCap shows nearly 20,000 types of crypto assets globally.
However, many of them come with great risks. As we can see today,
most trading platforms suffer from either a lack of diversity or
garbage assets. This is why our research team spends plenty of time
screening the cryptos available in the market. To a certain extent,
CoinEx saves users the trouble of risk filtering, allowing them to
invest easily in assets minimizing users’ workload. Last but not
least, CoinEx emphasizes user service. Here at CoinEx, we offer
professional, efficient and considerate user services. When
beginners are confused with crypto-related products, which is
frequently the case, they can always turn to our intuitive beginner
guides, all-encompassing help documents and humanitarian user
support. CoinEx respects each ordinary user via first-rate
services. Q: Compared with the past, many professional investors
like VC firms, hedge funds, and asset managers have joined the
crypto market. Will this lift up the investment threshold of the
crypto space? Do retail investors still have a chance in such a
market? A: Professional investors and retail investors are not in
an antithesis relation. The fact that more investors have joined
the industry comes as a recognition of the market and injects more
liquidity into the crypto space. It is natural that an established
market will attract various investors, but that does not mean there
are no opportunities for retail investors. Here, we can compare the
crypto market with conventional financial markets. In a
conventional financial market, large investment banks are
inherently centralized. A company needs to go through a complicated
process before it can go public. As such, stocks can only be issued
via big institutions, while primary markets are exclusive to
professional investors. Retail investors, on the other hand, are
kept out of this process. Such a centralized monopoly incurs
expensive costs and creates a high threshold. Essentially, stock
issuance offers funds to project teams and creates investment
opportunities for investors. Meanwhile, intermediary players like
investment banks and VC firms do not improve capital efficiency.
Blockchain and crypto technologies have brought a new decentralized
solution that allows retail investors to directly participate in
primary markets through IDO and IEO, thereby breaking the monopoly
of professional investors. Over the past few years, we have seen
many new attempts in the crypto industry, covering DeFi, meme and
Play-to-Earn. Many of these new categories are neither created by
professional traders, nor are designed for big institutions. The
crypto sector is now accessible to all, which means that every
investor has the opportunity to profit from cryptos. Q: During the
last two years of rapid growth, CoinEx has always prioritized user
experiences and user demands. How do you put “EASIER” into practice
during constant product iterations? In the future, what are your
priorities for streamlining the trading experience? A: We have been
focusing on mechanisms, interaction, and content-guided when
upgrading CoinEx products. Users use a product to meet their
intended goals. As such, “EASIER” means that we should help users
meet such goals as quickly as possible. As for product mechanisms,
we hope that users can meet their goals via the simplest
operations. For instance, Swap, a new feature recently launched by
CoinEx, helps users meet one simple goal, which is to swap one type
of cryptocurrency for another. Unlike other swap products that
often ask users to account for complicated terms such as slippage,
market price, and limit price, CoinEx Swap is backed by a set of
independently developed smart algorithms, which only requires users
to enter the target cryptos and the swap amount, and everything
else will be handled by CoinEx. With Swap, users benefit from fast
conversions at excellent prices. Other than mechanisms, we also
value interaction, which covers webpage interaction and visual
guides. Instead of stacking up all the functions and information on
one page, CoinEx strives for simple content that allows users to
spot the function they need at the first glance. Moreover, we will
keep improving our text introductions and product descriptions in
content guidelines, helping all users get started with CoinEx right
away through simple, intuitive expressions. During the interview,
Haipo Yang also mentioned that the improvement of user experiences
is a never-ending process. According to him, product development
requires unremitting efforts. CoinEx insists that crypto assets
should be made available to the general public. It aims to “break
financial shackles” and strive for “EASIER” with user-centered
design (UCD) or user-driven development (UDD) by improving its
products. We have every reason to believe that driven by CoinEx’s
efforts, the crypto trading sector will provide new opportunities
for more retail investors.
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