CoinEx, a cryptocurrency exchange serving more than 3 million registered users in over 200 countries and regions, has adopted a new brand tagline: Making Cryptocurrency Trading Easy. We interview Mr. Haipo Yang, Founder and CEO of CoinEx, and discuss issues related to CoinEx and the future development of the cryptocurrency industry.
Q: What are the considerations behind CoinEx’s new tagline: Making Cryptocurrency Trading Easy?
A: Today’s crypto market has entered a new stage in terms of technological progress, market scale and user base. At its peak, the total cryptocurrency market capitalization approached $3 trillion. Meanwhile, overtaking Facebook, Bitcoin has become one of the top 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 intimidated by cryptographic technologies. In his opinion, the market is reserved only for geeks and professional investors. Such a stereotype is not entirely unfounded: many trading platforms are designed for professionals. They just keep introducing new features and piling up all the features and products without considering the capabilities of the user, which discourages many newcomers.
Picture this: an average user visits a crypto exchange to buy Bitcoin. However, overwhelmed by derivatives like delivery contracts and European options, he has no idea how to buy Bitcoin. Are these platforms really designed for the general public? They think that users may need this or that, but they ignore the most important fact that for most users, it is not that easy to complete the first crypto operation.
Decentralized crypto technologies are created to serve the public in the first place. All cryptocurrency users deserve respect, not only professionals, but also retail investors deserve access to the cryptocurrency industry. The dismissal of beginners and retail users goes against the original mission of the crypto sector, which is to break the financial monopoly.
As such, we work to remove user doubts about the crypto industry and break financial shackles. We want to send a message that crypto trading is a level playing field and finance is by no means the privilege of certain groups of people. We will build a bridge connecting users to the crypto space. As a gateway to the crypto market, CoinEx helps users complete every crypto transaction with ease.
Q: CoinEx’s slogan update involves strategic adjustments in terms of brand, product and technology. Could you shed light on CoinEx’s future vision and strategic plans?
A: CoinEx will “facilitate cryptocurrency trading” through products, token listings, and user services.
First of all, when it comes to products, we exercise restraint and never pile features on top of features. Instead, CoinEx promises to offer sufficient and satisfying features. Unlike many exchanges that offer an excessive amount of redundant features, CoinEx goes for “EASY”. This does not mean that there are less things you can do on CoinEx. Rather, our goal is to turn sophistication into simplicity by building products that meet real demands.
In addition, we also attach great importance to the list of tokens. CoinMarketCap displays almost 20,000 types of crypto assets around the world. However, many of them come with great risks. As we can see today, most of the trading platforms suffer from lack of diversity or junk assets. That is why our research team spends a lot of time examining the cryptocurrencies available on the market. To a certain extent, CoinEx saves users the trouble of filtering risks, allowing them to easily invest in assets while minimizing the workload of users.
Last but not least, CoinEx emphasizes user service. Here at CoinEx, we offer professional, efficient, and considerate user services. When beginners get confused about crypto-related products, which they often are, they can always turn to our intuitive beginner’s guides, comprehensive help documents, and humane user support. CoinEx respects every common user through top-notch services.
Q: Compared to the past, many professional investors such as venture capital firms, hedge funds, and asset managers have joined the crypto market. Will this raise the investment threshold of the crypto space? Do retail investors still have a chance in that market?
A: Professional investors and retail investors are not in an antithetical relationship. The fact that more investors have joined the industry is a recognition of the market and injects more liquidity into the crypto space. It’s natural for an established market to attract a number of investors, but that doesn’t mean there aren’t opportunities for retail investors.
Here we can compare the crypto market with conventional financial markets. In a conventional financial market, the large investment banks are inherently centralized. A company needs to go through a complicated process before it can go public. As such, shares can only be issued through large institutions, while the primary markets are exclusive to professional investors. Retail investors, on the other hand, are kept out of this process.
Such a centralized monopoly incurs high costs and creates a high threshold. Essentially, the issuance of shares provides funds to project teams and creates investment opportunities for investors. Meanwhile, intermediary players like investment banks and venture capital firms do not improve the efficiency of capital. Blockchain and crypto technologies have brought a new decentralized solution that allows retail investors to participate directly in the primary markets through IDO and IEO, thus breaking the monopoly of professional investors.
In recent years, we have seen many new attempts in the cryptocurrency industry, spanning DeFi, meme, and Play-to-Earn. Many of these new categories are not created by professional traders or designed for large institutions. The cryptocurrency sector is now accessible to everyone, which means that all investors have the opportunity to benefit from cryptocurrencies.
Q: During the past two years of rapid growth, CoinEx has always put user experiences and demands first. How is “EASY” put into practice during constant iterations of the product? Going forward, what are your priorities for optimizing the trading experience?
A: We have focused on mechanics, interaction, and guided content when updating CoinEx products. Users use a product to meet its intended goals. As such, “EASY” means that we should help users reach those goals as quickly as possible.
As for the mechanisms of the product, we hope that users can achieve their goals through the simplest operations. For example, Swap, a new feature recently launched by CoinEx, helps users accomplish a simple goal, which is to exchange one type of cryptocurrency for another. Unlike other swap products that often ask users to consider complicated terms like 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 cryptocurrencies and the amount of the exchange. , and everything else will be handled by CoinEx. With Swap, users benefit from fast conversions at great prices.
Apart from mechanisms, we also value interaction, which covers web page interaction and visual guides. Instead of piling all the features and information on one page, CoinEx strives to offer simple content that allows users to spot the feature they need at first glance. Additionally, we will continue to improve our text introductions and product descriptions in the content guidelines, helping all users get started with CoinEx right away through simple and intuitive expressions.
During the interview, Haipo Yang also mentioned that improving user experiences is a never-ending process. According to him, product development requires tireless efforts. CoinEx insists that crypto assets must be made available to the general public. Their goal is to “break the financial shackles” and strive to “EASIER” with User Centered Design (UCD) or User Driven Development (UDD) by improving their products. We have every reason to believe that, fueled by the efforts of CoinEx, the cryptocurrency trading sector will provide new opportunities for more retail investors.
This post Breaking financial shackles and facilitating cryptocurrency trading
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