CoinExa crypto exchange that serves over 3 million registered users in over 200 countries and regions, has adopted a new brand slogan – Facilitate Cryptocurrency Trading. We interviewed Mr. Haipo Yangfounder and CEO of CoinEx, and discussed topics regarding CoinEx and the future development of the crypto industry.
What are the considerations behind CoinEx’s new slogan – Making Cryptocurrency Trading Easier?
Haipo Yang: Today, the cryptocurrency market has entered a new phase in terms of technological advancement, market scale, and user base. At its peak, the total market capitalization of cryptocurrencies approached $3 trillion. Meanwhile, overtaking Facebook, bitcoin has become one of the top 10 most valuable assets in the world. Cryptocurrencies have become an integral part of global assets, and crypto technologies are also influencing more industries and users.
At the same time, many are scared off by crypto technologies. In their eyes, the market is only for geeks and professional investors. This stereotype is not totally unfounded: many trading platforms are indeed designed for professionals. They just introduce new functions and pile all the features and products without taking into account the capabilities of the user, which discourages many newcomers.
Imagine the situation: An average user goes to a crypto exchange to buy bitcoins. 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 users might need this or that, but ignore the most important fact: for most users, making the very first cryptocurrency transaction is not that easy.
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 to have access to the cryptocurrency industry. The rejection of beginners and individuals goes against the original mission of the cryptocurrency industry, which is to break the financial monopoly.
As such, we strive to remove user reluctance towards the crypto industry and break down financial shackles. We want to convey the message that crypto trading is a level playing field and that finance is by no means the privilege of certain groups of people. We will build a bridge that connects users with the crypto space. As a gateway to the cryptocurrency market, CoinEx helps users complete every crypto transaction with ease.
CoinEx’s tagline update involves strategic brand, product, and technology adjustments. Can you shed some light on the future vision and strategic plans for CoinEx?
CoinEx will “facilitate cryptocurrency trading” through products, token listings, and user services.
First, when it comes to products, we exercise restraint and never stack feature upon feature. On the contrary, CoinEx promises to offer sufficient and satisfying functions. Unlike many exchanges that offer an excessive number of redundant functions, CoinEx seeks to be “EASIER”. This does not mean that there are less things you can do on CoinEx. Rather, we seek to turn sophistication into simplicity by building products that meet real demands.
In addition, we also attach great importance to token listing. CoinMarketCap lists nearly 20,000 types of digital assets worldwide. However, many of them come with great risks. As we can see today, most trading platforms suffer from either a lack of diversity or junk assets. This is why our research team spends a lot of time sifting through the cryptos available in the market. To some extent, CoinEx frees users from risk screening, allowing them to easily invest in assets that minimize user workload.
Last but not least, CoinEx emphasizes user service. Here at CoinEx, we provide professional, efficient and considerate services to users. When beginners don’t fully understand cryptocurrency-related products, which is often the case, they can always turn to our intuitive beginner’s guides, comprehensive help documents, and humanitarian user assistance. CoinEx respects every ordinary user with top-notch services.
Compared to the past, many professional investors like venture capitalists, hedge funds, and asset managers have joined the cryptocurrency market. Will this raise the investment threshold of the crypto space? Do retail investors still have a chance in such a market?
Professional investors and retail investors are not in an antithetical relationship. The fact that more investors have joined the sector is market recognition and injects more liquidity into the crypto-sphere. It’s natural for an established market to attract a variety of investors, but that doesn’t mean there aren’t opportunities for retail investors.
Here we can compare the cryptocurrency market to conventional financial markets. In a conventional financial market, large investment banks are inherently centralized. A company has to go through a complicated process before it can go public. Thus, shares can only be issued through large institutions, while primary markets are reserved for professional investors. Retail investors, on the other hand, are kept out of this process.
Such a centralized monopoly entails significant costs and creates a high threshold. Essentially, issuing shares provides funding for project teams and creates investment opportunities for investors. Meanwhile, middlemen like investment banks and venture capitalists do not improve capital efficiency. Blockchain and crypto technologies have brought a new decentralized solution that allows retail investors to directly participate in primary markets through IDOs and IEOs, breaking the monopoly of professional investors.
Over the past few years, we have seen many new attempts in the cryptocurrency space, spanning DeFi, memes, and Play-to-Earn. Many of these new categories are neither created by professional traders nor designed for large institutions. The cryptocurrency industry is now accessible to everyone, which means that every investor has the opportunity to profit from cryptocurrencies.
Over the past two years of rapid growth, CoinEx has always prioritized user experiences and demands. How do you practice “EASIER” during constant product iterations? Going forward, what are your priorities for streamlining the trading experience?
We have emphasized mechanics, interaction, and guided content when updating CoinEx products. Users use a product to achieve the goals they set for themselves. As such, “EASIER” means that we need to help users achieve these goals as quickly as possible.
As for the mechanisms of the products, we hope that users can achieve their goals through the most simple operations. For example, Swap, a new feature recently launched by CoinEx, helps users achieve a simple goal, which is to exchange one type of cryptocurrency for another. Unlike other exchange products that often require users to consider complicated terms such as slippage, market price and limit price, CoinEx Swap relies on a set of clever algorithms developed in a independent. Users only need to enter the target coins and the trade amount, and everything else will be handled by CoinEx. With Swap, users get fast conversions at great prices.
Besides mechanics, we also value interaction, which covers web page interaction and visual guides. Instead of piling all the functions and information on a single page, CoinEx strives to have simple content that allows users to spot the function they need at a glance. Moreover, we will continue to improve our text introductions and product descriptions in the content guidelines, to help all users to use CoinEx immediately 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 relentless effort. CoinEx insists that cryptocurrencies should be made available to the general public. It aims to “break financial shackles” and strive to achieve “EASIER” through User Centered Design (UCD) or User Centered Development (UDD) by improving its products. We have every reason to believe that thanks to the efforts of CoinEx, the cryptocurrency trading industry will provide new opportunities for more retail investors.
Warning: This article is promotional content and does not constitute investment advice. Do your own research and only invest the money you can afford to lose.