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. In its peak, cryptocurrency’s total market capital reached $3 trillion. Bitcoin is now one of the most valued assets worldwide, exceeding Facebook. The global asset of cryptocurrency has become an integral part. Crypto technologies have also been influencing many industries and users.
Many are also afraid of crypto technology. They believe the crypto market should be reserved only for professional investors and geeks. Such a stereotype is not wholly unfounded — many trading platforms out there are indeed designed for professionals. It is easy to get discouraged when they keep adding new functions or products, and without taking into account user abilities.
This is how it looks: The average person visits a crypto-exchange to purchase Bitcoin. But he is confused by all the derivatives such as European options or delivery contracts, and doesn’t even know how to buy Bitcoin. These platforms are really intended for general use? While they may think some users will need certain features, they ignore the fact that most people find it difficult to make their first cryptocurrency trade.
To serve the public, decentralized crypto technologies were created. 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. The message we want to send is that crypto trading does not discriminate and is open to all. The goal of our project is to build a network that links users to the crypto market. CoinEx is a portal to the cryptocurrency market that allows users to complete every crypto transaction quickly and easily.
Q: What strategic changes are required to improve the slogan of CoinEx? These include brand, product and technological adjustments. Can you please share your vision for the future and discuss strategic goals of CoinEx
A: CoinEx will “make crypto trading easier” through product, token listing, and user services.
First and foremost, products are not stacked with functions. CoinEx, on the other hand promises sufficient and satisfactory functions. Unlike many exchanges that offer an excessive number of redundant functions, CoinEx pursues “EASIER”. CoinEx offers many more functions than others. By creating products that are practical and meet actual needs, CoinEx aims to transform sophistication into simplicity.
Token-listing is also important to us. CoinMarketCap lists nearly 20,000 different crypto assets worldwide. Many of these assets come with high risks. We can see that most trading platforms have a low level of variety or use garbage assets. The market is full of cryptos, which is why the research team takes a great deal of time screening them. To a certain extent, CoinEx saves users the trouble of risk filtering, allowing them to invest easily in assets minimizing users’ workload.
CoinEx is a company that values user service. CoinEx provides professional, prompt, and thoughtful user service. Our intuitive guides and all-encompassing help documentations are available to assist beginners who get lost in crypto-related products. CoinEx offers first-rate services to all users.
Q: Many professional investors, such as hedge funds and VC firms have joined crypto markets in recent years. This will raise the investment limit in the crypto market. Is there still hope for retail investors in such a space?
A:Retail investors and professional investors do not have to be in an antagonistic relationship. More investors are joining the sector is a sign of market recognition and helps inject liquidity in the cryptocurrency space. While it is normal for established markets to attract investors, that doesn’t mean that there aren’t opportunities available for retail investors.
We can see how the cryptocurrency market compares to traditional financial markets. The large, centrally-located investment banks of a financial market have a tendency to be centralized. Before a company can become public, it must go through complicated procedures. Stocks can only be issued by large institutions. Primary markets, however, are available to professionals. This process is not available to retail investors.
A centralized monopoly like this can lead to high costs, as well as a low threshold. Stock issuance is essentially a way to provide funds for project teams as well as investment opportunities. Capital efficiency isn’t improved by intermediary actors like VC companies and investment banks. The blockchain and crypto technology have created a decentralized platform that allows retail investors direct participation in primary markets via IDO or IEO. This breaks the hold of professional investors.
We have witnessed many innovations in crypto over the years. These include DeFi, Meme, and Play-to Earn. Most of the new categories created are not intended for professional traders. Cryptos are now available to everyone, so every investor is able to make a profit.
Q: CoinEx always prioritised user experience and customer demands during its rapid growth in the two last years. How do you put “EASIER” into practice during constant product iterations? How will you streamline the trading process in the future?
A:When upgrading CoinEx products, we have focused on interaction and mechanisms. To achieve their goals, users use products. As such, “EASIER” means that we should help users meet such goals as quickly as possible.
Our goal is to make it easy for users to reach their goals through the product’s simple operations. Swap, an innovative feature launched recently by CoinEx allows users to achieve a simple goal: swap one kind of cryptocurrency for the other. CoinEx Swap, unlike other swap products, does not ask you to consider complicated terms, such as market price, slippage and limit prices. It is powered by an exclusive set of smart algorithms. All that’s required to use CoinEx Swap are the target cryptocurrency and the amount. Swap allows users to convert quickly at great prices.
We value interaction. This includes visual guides and webpage interaction. CoinEx does not believe in putting all functions or information together on one page. Instead, we strive to create simple content that allows the user to quickly identify the desired function. In addition, our content guidelines will be continually updated with text introductions, product descriptions, and other information. We want to make CoinEx easy for everyone.
Haipo Yang mentioned in the interview that improving user experience is an ongoing process. Product development takes unremitting effort, he said. CoinEx believes that cryptocurrency assets must be available to all. 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.