Breaking financial shackles and making crypto transactions easier

CoinEx, a cryptocurrency exchange serving more than 3 million registered users in more than 200 countries and territories, has adopted a new brand slogan – Make cryptocurrency trading easier. We interviewed Mr. Yang Haibo, founder and CEO of CoinEx, and discussed topics such as CoinEx and the future development of the crypto industry.

Q: What’s the thinking behind CoinEx’s new slogan – Make Crypto Trading Easier?

A: The cryptocurrency market today has entered a new phase in terms of technological advancement, market size and user base. At its peak, the total market capitalization of cryptocurrencies was close to $3 trillion. Meanwhile, Bitcoin surpassed Facebook to become one of the 10 most valuable assets in the world. Cryptocurrencies are now an integral part of global assets, and cryptography is affecting more industries and users.

At the same time, many people are intimidated by encryption. In their view, this market is only for geeks and professional investors. This stereotype is not entirely unfounded – many trading platforms are indeed designed for professionals. They just keep rolling out new features, piling up all the features and products regardless of user capabilities, which puts many newcomers off.

Picture this: the average user visits a cryptocurrency exchange to buy bitcoin. However, overwhelmed by derivatives such as delivery contracts and European-style options, he had no idea how to buy bitcoin. Are such platforms really designed for the masses? They think that users may need this or that, but ignore the most important fact that for most users, completing their first crypto transaction is not easy.

Decentralized cryptography was created first and foremost to serve the public. All crypto users should be respected – not only professionals but retail investors should enter the crypto industry. Firing beginners and retail users runs counter to the original mission of the crypto industry, which was to break financial monopolies.

Therefore, we are committed to dispelling users’ doubts about the crypto industry and breaking the financial shackles. We want to send a message that crypto trading is a level playing field and finance is by no means the prerogative of certain groups of people. We will build a bridge that connects users to the crypto space. As a gateway to the crypto market, CoinEx helps users easily complete every crypto transaction.

Q: The slogan upgrade of CoinEx involves strategic adjustments in brand, product, technology, etc. Can you tell us about CoinEx’s future vision and strategic plan?

A: CoinEx will “make crypto trading easier” through products, token listings and user services.

First of all, on the product, we exercise restraint and never superimpose function on function. Instead, CoinEx promises to provide ample and satisfying functionality. Unlike many exchanges that offer too many redundant features, CoinEx goes after “EASIER”. That doesn’t mean you can do less on CoinEx. Instead, our goal is to turn complexity into simplicity by building products that meet real needs.

In addition, we also take token-listing very seriously. CoinMarketCap showcases nearly 20,000 cryptoassets around the world. However, many of them come with huge risks. As we can see today, most trading platforms either lack diversity or have junk assets. That’s why our research team spends a lot of time sifting through the cryptocurrencies available on the market. CoinEx saves users the trouble of risk filtering to a certain extent, allowing them to easily invest in assets and minimize the workload of users.

Finally, CoinEx emphasizes user service. At CoinEx, we provide professional, efficient and thoughtful user services. When beginners are confused about the crypto-related products that come up frequently, they can always turn to our intuitive beginner’s guide, comprehensive help documentation, and humanitarian user support. CoinEx respects every ordinary user with first-class service.

Q: Compared with the past, professional investors such as VCs, hedge funds, and asset management companies have joined the crypto market. Will this raise the bar for investment in the crypto space? Are there still opportunities for retail investors in such a market?

A: Professional investors and retail investors are not opposed to each other. The fact that more investors are joining the industry is a recognition for the market and injects more liquidity into the cryptocurrency space. Mature markets naturally attract a variety of investors, but that doesn’t mean there aren’t opportunities for retail investors.

Here, we can compare the crypto market with the traditional financial market. In traditional financial markets, large investment banks are inherently centralized. A company needs to go through a complicated process to go public. Therefore, shares can only be issued through large institutions, and the primary market is restricted to professional investors. On the other hand, retail investors are excluded from the process.

Such a centralized monopoly would incur expensive costs and create high barriers to entry. Essentially, a stock offering provides funding for project teams and creates investment opportunities for investors. At the same time, intermediaries such as investment banks and venture capital firms have not improved capital efficiency. Blockchain and cryptography have brought about a new decentralized solution that allows retail investors to directly participate in the primary market through IDOs and IEOs, thereby breaking the monopoly of professional investors.

Over the past few years, we have seen many new ventures in the crypto industry, including DeFi, meme, and Play-to-Earn. Many of these new categories were neither created by professional traders nor designed for large institutions. The cryptocurrency space is now accessible to all, which means that every investor has the opportunity to profit from cryptocurrencies.

Q: During the rapid growth in the past two years, CoinEx has always put user experience and user needs first. How do you put “EASIER” into practice during constant product iterations? In the future, what are your priorities for simplifying the trading experience?

A: When CoinEx product upgrades, we have been focusing on mechanism, interaction and content orientation. Users use the product to achieve their intended goals. Therefore, “EASIER” means that we should help users achieve these goals as quickly as possible.

In terms of product mechanism, we hope that users can achieve their goals through the simplest operation. For example, Swap, a new feature recently introduced by CoinEx, helps users achieve the simple goal of exchanging one cryptocurrency for another. Unlike other swap products that often require users to consider complex terms such as slippage, market price, price limit, etc., CoinEx Swap is backed by a set of self-developed intelligent algorithms, users only need to input the target currency and swap amount, and everything else Processed by CoinEx. With Swap, users can benefit from quick conversions at great prices.

In addition to mechanics, we also value interaction, including web interaction and visual guidance. Instead of stacking all the features and information on one page, CoinEx strives to keep the content simple, allowing users to discover the features they need at a glance. In addition, we will continue to improve the text introduction and product description in the content guide to help all users start using CoinEx immediately through simple and intuitive expressions.

In the interview, Yang Haibo also mentioned that the improvement of user experience is a never-ending process. According to him, product development requires perseverance. CoinEx insists that crypto assets should be open to the public. It aims to “break the financial shackles” and strive for “easier” by improving its products, user-centred design (UCD) or user-driven development (UDD). We have every reason to believe that with the efforts of CoinEx, the crypto trading sector will provide new opportunities for more retail investors.

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