Recent record-breaking growth in the total crypto market market capital reached $3 trillion. The milestone was reached in just over 10 years. While many digital assets have been named the best in their respective decade, the demand for crypto is still low. Bitcoin has the highest adoption rate.
CoinEx has quickly become a leader in crypto trading platforms, offering access to Bitcoin and Ethereum as well as DOGE. The team behind CoinEx spoke to us about the benefits it offers consumers and how the industry is growing.
Q: Please tell us about CoinEx, its platform and what it has to offer its users. How is it different than its competition?
A:CoinEx, a cryptocurrency exchange was established in 2017, four years ago. A few companies are able to take root and grow in this industry. CoinEx, according to data, is one of those companies. We are still committed to the original idea and have maintained an excellent reputation.
CoinEx offers several crypto-asset services, including spot trading and margin trading. A portfolio also includes financial service, AMM, trading-driven mining, contract trading and contract trading. We are available in more than 10 languages and serve cryptocurrency enthusiasts around the world.
Our core strength has always been technology, which is why our tech team ranks among the top in the sector. No security breaches have been found so far, and that’s why users feel comfortable putting their assets on CoinEx.
While safeguarding our users’ assets, we keep innovation alive. We have combined AMM with DeFi’s infrastructure to provide CoinEx users the best experience in crypto trading. In order to avoid unnecessary traps and filter inferior projects before they are launched, we keep a close eye on them.
ViaBTC Group supports CoinEx and works to build a crypto ecosystem. This includes wallets as well as exchanges. This provides sufficient resources to allow CoinEx growth.
CoinEx will then strictly monitor project launches and offer more financial derivatives services to users. Meanwhile, we will expand our presence in more countries and regions and work hard to make CoinEx the world’s best crypto trading platform. CoinEx Token will also be available in more situations, increasing its value for more people.
Q: What do you think about regulators’ concerns over crypto products, many claim cryptocurrencies and exchange platforms present a serious consumer threat? Is this a more worrying industry than the legacy financial system?
A:True, some regulators voiced their concern. Although the SEC granted trading permission for the Bitcoin futures ETF (BTC ETF), it denied the same application from the Bitcoin spot ETF. The regulator’s concern isn’t Bitcoin. The SEC is concerned that price manipulation may occur on crypto assets. This is why the Bitcoin spot ETF has been so cautious. The crypto market will grow and become mainstream and exchanges are more controlled and compliant as a result. In other words, there won’t be much space for scams like price manipulation, and the rights and interests of investors will be better protected, which means that the SEC’s concern will perish over the long term.
Plus, the crypto industry is not the only market that’s subject to market manipulation. For example, the financial legacy system has suffered from rat-trading. During the GameStop incident at the beginning of 2021, to protect exchanges, brokers, and traders, US brokerages like Robinhood shut down the trading of stocks that include GME so that they won’t be available to individual investors. An even greater shock is that they had also sold stocks without holders’ permission.
GameStop’s experience shows that conventional exchanges can also break the rules and prohibit open trading when faced with huge losses. Institutions are more likely to shut down than in conventional finance. This is detrimental for individual investors. Therefore, compared with its counterparts in the legacy financial system, we don’t believe that cryptos pose a greater threat to investors. Instead, cryptos that are transparent and rule-abiding will prove to be more comforting for investors.
Q: And with that in mind, what is CoinEx doing to guarantee its users’ safety?
A:Being a retired technical engineer, technology is something that I cherish. For the team security is paramount. CoinEx has not been compromised for security breaches. Users’ funds can only be safe when the exchange is safe, and we have an array of protection measures for system security, O&M security, and wallet security. Asset safety is guaranteed by multi-signature strategies and cold wallet storage. CoinEx is not a victim of large-scale hacking. Users can trust CoinEx security.
Q: Do you see the greatest obstacle that cryptocurrencies and cryptocurrency exchanges face in becoming fully mainstreamed?
A:It is possible that new crypto users will find it less easy to use than they anticipated. The learning cost of cryptos is higher than that of stocks and bulk commodities. Additionally, their valuation models can be more complicated than other financial products. It is difficult for conservative investors to manage metaverse assets. Therefore, most investors choose to take a passive strategy, such as a trust or ETF, to invest in cryptos instead of trading on an exchange. Other challenges exist. There are also many other challenges.
Due to the rapid, chaotic growth of crypto, many scandals occurred in early days. Some investors are concerned that investing in crypto assets could lead to losses or risks. Due to the unclear stance of regulators on crypto assets, some investors may hesitate before investing. We believe cryptos will become mainstream because of the solution that will solve all these issues as they gain greater recognition.
Q: Many people have expressed concerns over the transparency of legacy financial institutions. Are you concerned that this could be one reason why crypto traders are attracted to these platforms and crypto-related services?
A:To manipulate the markets, traditional financial institutions close ranks. Retail investors cannot be led but by the nose. That’s why financial institutions across the globe were shocked to see retail investors of GameStop poke Wall Street’s bears. These individuals’ complaint about institution players has been going on for a while.
Web 3.0 will be powered by crypto and blockchain technology. Discord hosts many DAOs. Gen Z is the future of the Internet. They are dissatisfied with Web 2.0, whose data has been manipulated and controlled by large companies as well as the financial sector dominated by institutional investors. These people are naturally attracted to free, open, user-oriented cryptocurrency.
Q: What’s CoinEx vision for the future, are you planning to add new functions for the users? Is there a way for cryptocurrency exchanges to grow to help crypto adoption over the next decade.
A:As the cryptocurrency market grows, exchanges will play an important role. Only assets that are in circulation can have any value. It would be difficult to obtain the value standard of crypto assets without exchanges and to include users. Crypto assets will become mainstream in the next decade. A compliant, transparent and open exchange can make it easier for users to accept cryptocurrency and to trade it faster.
This is the goal of CoinEx: to deliver the best user experience by providing the best financial products & services and keeping the assets safe. Meanwhile, CoinEx aspires to be the world’s No.1 cryptocurrency trading platform with a global presence. We will continue to expand with the cryptocurrency-asset market.
Q: Should people hold cryptocurrencies, or trade them? How is cryptocurrency evolving?
A:It all depends. I believe assets such as Bitcoin are more suitable for long-term investment because they have a well-recognized value. It is up to the users to decide whether to invest in long-term capital gain, or use it for short-term purposes.
As the crypto asset market matures, it will become more specialized. Crypto assets’ rich derivatives offer a great deal of potential for growth when compared with traditional finance. These financial products might be better suited for professionals investors. I advise that industry investors continue to learn the technology and enhance their investing experience. This takes time. Investors can benefit from the endless potential of this industry by growing together.