Vipul Mishra
By prioritizing users at the core of their strategies, crypto exchanges can cultivate a dedicated user community.
The cryptocurrency landscape’s rapid growth is attracting newcomers from both centralized and decentralized realms. Distinguishing oneself in this competitive arena is crucial for the success of any emerging trading platform. Achieving this distinction hinges on recognizing user needs, establishing trust, and delivering a user-friendly experience. Exchanges that center their product design, development, and support around their users are poised for a competitive edge.
Fine-tuning the overall trading experience to cater to users provides a significant boost for new platforms vying for leadership in the industry. CoinEx, a cryptocurrency exchange offering support for over 700 cryptocurrencies, has followed this user-centric approach since its inception. In this interview, CoinEx CEO Haipo Yang shares his journey in building a cryptocurrency exchange and underscores the importance of prioritizing a user-first approach.
Question: As an early participant and industry leader in cryptocurrency, could you share some personal experiences in the crypto world? What motivated you to create CoinEx?
Answer: My introduction to cryptocurrencies occurred in 2011 during Bitcoin’s initial bull market, witnessing its price surge from mere cents to around $31. During that period, an article titled “Bitcoin: The Most Dangerous Project We’ve Ever Seen” made a profound impact on me. Two terms stood out: “most dangerous” and “open-source.” “Open-source” resonated with me as a shared ethos within the tech community, symbolizing the absence of intellectual property rights, with no attempts to patent Bitcoin. But why was it labeled “dangerous”? Because it represented a sovereignless currency and a fresh start. Delving deeper into the field, I recognized that blockchain technology would usher in profound changes globally, fundamentally altering the evolution of the global financial system.
In the early days of computing, the free software movement emerged, characterized by freedom, allowing individuals to freely access, compile, and distribute source code, expediting knowledge iteration for humanity. The decentralization inherent in blockchain strives to achieve this same freedom.
In blockchain finance, individual assets remain secure, immune to freezing, and flow freely. I firmly believe that this type of freedom forms the foundation of prosperity. It was this spirit of freedom that propelled me into the industry, ultimately leading to the establishment of CoinEx. While personal wealth was a motivating factor, the pursuit of this spirit of freedom fundamentally guided my path.
Question: Why did you choose to establish a centralized exchange?
Answer: Entrepreneurship constitutes a business endeavor, and within the crypto industry, exchanges and mining represent the most robust business models. Unlike other industries, the financial sector is the primary advocate for decentralization and is less sensitive to performance and efficiency concerns. Consequently, the seamless integration of blockchain and finance was a natural progression. Asset transactions lie at the heart of the financial sector, with exchanges serving as the central business model.
Blockchain not only creates assets and payment tools beyond sovereign control but also empowers individuals with the ability to issue assets. I opted to initiate a centralized exchange (CEX) like CoinEx because it embodies a robust business model that plays a pivotal role in the industry by aggregating diverse assets, facilitating seamless trading, convenient exchange, and the free circulation of capital.
Question: CoinEx commemorates its sixth anniversary. Over these six years, what challenges have you faced, and what are your short-term goals?
Answer: Our journey has been replete with challenges, including building a cohesive team and addressing security and compliance concerns. Despite the rigorous security landscape for exchanges, given the concentration of funds, our optimism and commitment to delivering a user-friendly and secure ecosystem remain unwavering.
Navigating the intricacies of supporting numerous public chains poses a significant challenge for exchanges. Compliance issues are pervasive across the industry. However, in the long run, our optimism perseveres, fueled by the universal human value of freedom.
In recent years, our goals have concentrated on enhancing the exchange, tackling product, security, and compliance challenges, and simplifying the presentation of our products for users. While we may not be among the largest crypto exchanges currently, our aspiration is to establish a formidable presence in the industry, one that cannot be overlooked.
Question: CoinEx operates in over 200 countries and regions. How do you balance global expansion with catering to local market demands?
Answer: As mentioned, blockchain transcends sovereign borders and is inherently global. Our business reflects this global nature. When you send Bitcoin, you only require an address, not a specific country’s specification. Thus, the trading of crypto assets naturally crosses borders, cultures, and language barriers. One could argue that blockchain acts as a catalyst for globalization.
Of course, we implement localization strategies for different regions and markets, including activities that embrace local uniqueness and align with cultural practices.
Question: What are your thoughts on Web3?
Answer: Web3 shows promise and has the potential to address several current user challenges. Unfortunately, many Web3 projects today fail to meet users’ real needs and can be excessively expensive.
On a positive note, I have exciting news to share: ViaWallet will be rebranded as CoinEx Web3 Wallet in January 2024. This strategic move reflects CoinEx’s commitment to the Web3 space, ensuring we stay at the forefront and consistently offer the best to our users.
However, our primary focus remains on the CoinEx exchange as I believe that, at this stage, trading and asset transfers remain the most vibrant areas.
Question: How do CoinEx’s core values and user-centric philosophy influence product development and support services?
Answer: Our objective is clear: to create a dependable and professional cryptocurrency trading platform. The “user-first” philosophy guides every decision, innovation, and action we take. In product development, we primarily focus on addressing users’ fundamental needs—securely storing and trading assets.
We provide our wallet for asset storage and our exchange for asset trading. We support over 200 public chains and more than 700 cryptocurrencies, ensuring users maintain full control over their assets. During the listing process, we abstain from market manipulation or insider trading, instead, advocating for users and helping them identify various risks. We trust in the inherent power of the market.
Question: What challenges have you faced in upholding your commitment to prioritizing customers?
Answer: At times, we encounter misunderstandings from users and partners who prioritize profit. However, our primary concern isn’t solely about maximizing traffic and trends; we prioritize whether an action benefits our users. We’ve faced challenging circumstances, and survival hasn’t always been easy.
Nevertheless, we consistently focus on our reputation, maintain ethical standards, and avoid causing harm to our users.
Question: Users have praised CoinEx’s team for their integrity and willingness to take responsibility. What supports the team in maintaining such character, consistently placing users first, even in extreme situations?
Answer: Our team is the first product we’ve built. I place a strong emphasis on honesty, integrity, and a sense of responsibility when recruiting team members. Our culture prioritizes honest entrepreneurship and mutual benefit, which empowers us to adhere to our principles in any situation. We always keep users as our top priority and uphold our reputation even in challenging circumstances.
Question: What are your thoughts on the cryptocurrency and blockchain industry’s development trends in the coming years?
Answer: It’s highly likely that the entire industry will experience a bull market. With Bitcoin and Ethereum entering the ETF market in the future, more funds will flow into the industry, playing a pivotal role in its growth. The industry is poised to expand, providing opportunities for those interested.
Question: Is there anything you’d like to convey to current and potential CoinEx users?
Answer: Since our establishment in 2017, every step of our growth has been supported by our users, for which I’m deeply grateful. Looking ahead, we aim to become the infrastructure for our users, offering reliable products and services to meet their needs with minimal disruption. While users may not always feel our presence in their daily lives, much like water and electricity, we strive to be there when they require assistance.