As CoinEx celebrates its sixth anniversary, we were thrilled to host an AMA session with our CEO, Haipo Yang on CoinEx Official Telegram. His insights into the cryptocurrency world and our platform’s journey were not only enlightening but also highlighted our commitment to innovation and user-centricity. Let’s take a look at what’s in store!
Q&A Between Host & CoinEx CEO
Host: Welcome, very thrilled to have you here, I believe there’s a lot of excitement to discuss, so let’s cut to the chase and get to the point. As an early pioneer in crypto, can you share about your personal journey and what motivated you to start CoinEx?
CoinEx CEO: As a fellow early believer in crypto, I know many of you have been on this journey with me from the start that my entrepreneurial journey has been full of twists and turns. You witnessed firsthand the conviction required to pioneer this technology when few understood its potential. Blockchain is inherently financial at its core. Finance revolves around trading, and exchanges sit at the core of the crypto industry with the most mature business models. After being an early miner and trader, I saw the lack of secure, easy-to-use infrastructure as the biggest barrier to crypto achieving mainstream adoption. This inspired me to launch CoinEx in 2017 with the mission to make crypto accessible for all. We stay true to our user-focused values since then.
Though eventful over the past six years, I vividly recall the trials and triumphs we endured together. With your support and participation, we continue to break new ground. Looking ahead, let us forge onward to witness blockchain change the world!
Host: Your journey in crypto is truly inspiring. Next, could you share your approach to team management? You have a programming background. How does this influence your leadership approach and CoinEx’s culture?
CoinEx CEO: It drives my methodical, user-centric, and problem-solving mindset. With cryptocurrencies deeply built on computer technology, my programming expertise helps me better comprehend industry trends. This background equips me to architect and engineer maximally efficient, resilient, and safe software systems. It further allows me to effectively steer and coordinate technology teams. I foster our culture with “engineering thinking” — being evidence-based, adaptable, and valuing simplicity. But most importantly, I want to build solutions that positively impact people’s lives.
Host: I appreciate your perspective on the importance of a programming background. Moving on, how do you foresee the future of CoinEx? In the early days, what were some of the challenges you faced while building up the CoinEx team and shaping the culture?
CoinEx CEO: In the early days of building CoinEx, I lacked experience managing large teams and the industry lacked talent with relevant skills. Operating an exchange is tremendously complex, requiring extensive teams. Most new hires had little knowledge of the crypto space. Over many years, I focused on learning management, recruiting and training staff, identifying qualified leaders, and patiently giving the team time to grow. It was an extremely painful process.
Throughout this journey, we established integrity as our foremost value and ingrained it into every decision. I prioritized passion and ethics over experience, which could be learned. Instilling principles of community benefit over profits required persistent reinforcement.
Together, we organically forged a culture grounded in transparency and dedication to users. Aligning around these meaningful values enabled us to weather volatility and stay focused on our mission versus short-term gains. Safeguarding our culture was essential.
Our shared ethos empowers us to take the high road during difficult decisions. This loyalty to our mission will enable sustainable growth into the future.
Host: Entrepreneurship is challenging, especially in the cryptocurrency industry. We also noticed the industry just went through a bear market that numerous exchanges have shut down. So how did CoinEx adjust its business strategy to survive the bear market?
CoinEx CEO: During the crypto winter, we focused on building a solid foundation rather than chasing short-term growth. We adopted a user-focused methodology and furnishing integrated solutions on one platform. This included enhancing security, expanding coin listings, localizing operations, and building our research capabilities. While less flashy, these moves bolster our foundations for sustainable growth aligned with user needs versus market manias. What’s more, we’re going to expand and upgrade our CoinEx Ecosystem to offer our valued users more professional and intuitive products and services.
Host: Fascinating take on surviving market fluctuations. Now, let’s discuss the development of CoinEx’s ecosystem. Could you explain why CoinEx is developing its own ecosystem and what the development direction is?
CoinEx CEO: CoinEx is more than an exchange, it also encompasses wallets, public chains, and philanthropy. The development of the CoinEx ecosystem involves comprehensive infrastructure improvements to facilitate ecosystem expansion on all fronts. This will provide further guidance and resource integration for more high-quality projects, not only increasing application scenarios and meeting diverse user needs, but also bringing users more investment opportunities and further enhancing user experience.”
Host: Your insights into CoinEx’s growth are enlightening. Now, can you tell us about your plans for web3 wallet? Regarding CoinEx’s ecosystem blueprint, we’ve noticed many exchanges focusing on wallet business this year, including CoinEx with CoinEx Wallet. Could you give us a brief overview of the background and goals behind CoinEx’s efforts in this area?
CoinEx CEO: Throughout ViaWallet’s history, CoinEx has been cultivating the wallet business for nearly 5 years, accumulating extensive experience in the wallet field.We hope to further connect users to the ever-evolving Web3 world through our wallet, offering a wide variety of applications and empowering ecosystem users with more opportunities. In this process, we will continuously improve our technology stack, delivering high-quality products and seamless Web3 functionality to fully unleash decentralized finance’s potential. Users can also achieve diversified asset management in our wallet, truly enjoying the efficiency, security, and convenience of a true Web3 wallet.
Host: Hearing about your experience with CoinEx’s ecosystem development is truly engaging. For our next question, what advice would you give regarding iteration? What is CoinEx’s thinking behind upgrading and iterating products and services on a regular basis, as well as developing and expanding its ecosystem blueprint?
海洋:”The logic behind both the CoinEx ecosystem and our product design is simple — everything revolves around optimizing user experience. Our primary consideration is user needs. When iterating and upgrading products and services, our product team pays close attention to user feedback and suggestions, in order to meet the diverse trading demands of our platform users as much as possible.
We strive to not only improve features of popular crypto offerings that most users enjoy, such as contracts, but also cater to the needs of smaller user groups with specific functionality. For example, this year we have continuously optimized our contract features, and many users have provided suggestions to our team during the contract product usage process.
User ideas and input during the ongoing product optimization often spark new inspiration and perspectives for us. It is by being user-centric and market-driven that our products can continually approach perfection. Additionally, to address market and user demands for financial management and trading investment, we also launched new product services this year such as “Strategy Trading” and “Staking”.
Host: That’s a valuable perspective on the evolution of the crypto market. Beyond focusing on user experience in product design as you mentioned earlier, are there any other considerations? We notice that the products from crypto exchanges are becoming increasingly homogeneous.
CoinEx CEO: Any successful product must solve real user problems. Beyond just asset differences, we focus on product innovation and optimizing user experience. For example, we pioneered bringing automated market making to centralized exchanges with our AMM feature.
Our diligent evaluation process analyzes risks, utility, and compliance for every new listing. Our token listing mechanism balances users’ interests with comprehensive risk assessments. We meticulously evaluate each token using proprietary risk models before approval, weighing factors like technology foundations, team backgrounds, market conditions, and regulatory factors.
This nuanced, multi-faceted approach aims to curb excessive speculation while deterring illicit behavior. Strict information disclosure requirements provide added user protections. With rigorous standards at every stage, CoinEx’s listing process safeguards against undue risks while still catering to users’ trading needs.
Ultimately, I strive to build a secure, professional and efficient product suite within the CoinEx ecosystem that solves real-world problems for our users. Safety and experience guide our innovation.
Host: Your focus on solving real user problems is admirable. Now, let’s discuss compliance in the crypto industry, especially in light of recent high-profile cases. There have been various high-profile compliance-related cases in the news lately. As a leader in the crypto industry, how do you assess the current landscape around compliance?
CoinEx CEO: As the industry develops, cryptocurrencies are gaining greater influence. Due to their decentralized, anonymous nature, there have been intense clashes with regulation during this growth process, as well as deepening integration with traditional finance. This is an inevitable path for the industry’s evolution. For companies, compliance lays the foundation for survival and development. For the industry, it is also a prerequisite for greater growth. With a better compliance foundation across the sector, I believe we can usher in even bigger progress with strong momentum.
Host: What are some key lessons you’ve learned from users over the years? How have those insights shaped CoinEx?
CoinEx CEO: Over the years, I have learned some key lessons and insights from users that have profoundly impacted CoinEx. Here are some of the major takeaways:
1. User-centricity: Users taught us the importance of putting their needs and preferences first. By listening to their feedback and understanding their pain points, we were able to develop features and services tailored to their specific requirements. This user-centric approach helped us build a more user-friendly and intuitive platform.
2. Security first: Users emphasized the criticality of safety in trading and storing digital assets. Their concerns and experiences motivated us to make robust security measures a top priority, adopt advanced cryptography, and implement industry best practices to safeguard their assets. By focusing on security, we built user trust and confidence.
3. Innovation and adaptability: Users showed us that the crypto market is dynamic and constantly evolving. Their changing needs and expectations drive us to continually innovate and adapt to industry shifts. By staying ahead and releasing new capabilities, we can provide users with an advanced trading experience.
4. Transparency and communication: Users stressed the importance of transparent communication. They want clear, timely information on platform updates, new listings, and potential risks. This insight led us to establish open communication channels, provide regular updates, and maintain transparency in operations.
Host: You’ve emphasized user-centricity and security as key learnings. How have these insights shaped CoinEx’s development over the years? If you had to highlight one key achievement or milestone over the past 6 years that makes you proudest, what would it be?
CoinEx CEO: Personally, I believe the biggest achievement has been building a highly cohesive and united team that supports our products and services. Together we have weathered many storms, which provides the most important foundation for CoinEx’s future development.
On the other hand, what means the most to me is the trust and rapport we’ve steadily built with users over the years by transparently acting in their interests. Our success belongs to our users and the relationships we’ve forged together. I’m proudest not of any single milestone, but of the cumulative bonds we’ve developed through weathering ups and downs side-by-side. There is still much work to be done. We remain committed to expanding in the market and improving our offerings and experience to better serve users. Their needs will continue guiding us moving forward. We are grateful for their loyalty and are focused on rewarding their trust through tireless refinement of our platform and services.
Our users motivate us to stay grounded and push us forward. Our biggest wins are definitely ahead of us!
Host: Reflecting on your proud achievements, particularly the strong team and user trust you’ve built, what are CoinEx’s future plans for market expansion and satisfying user needs? You mentioned earlier about “expanding in the market and satisfying user needs.” In regards to these two points, can you share more about CoinEx’s plans with everyone?
CoinEx CEO: Drawing on the team’s expertise and extensive experience, CoinEx has consistently worked to serve users, with their best interests at heart. In the past, we enhanced the trading experience and lowered barriers to crypto investing for new fintech investors by providing simple, user-friendly crypto products and services. By building bridges for users and providing education, we have helped many traditional finance users easily navigate the crypto world through CoinEx. Going forward, CoinEx will continue serving our users and provide more professional services by improving product functionality and adding more professional tools such as P2P, staking and copy trading to meet diverse global trading and investment demands.
Host: After hearing about your approach to team building and leadership, We believe you are an ambitious and respectable entrepreneur. So, what advice would you give to aspiring entrepreneurs based on your own experience?
CoinEx CEO: Build a purpose-driven business and team united by meaningful values over profits. Having a shared purpose beyond financial gains enables enduring growth. It allows you to stay resilient through storms by anchoring to your vision. This is why we adhere to a “users first” ethos at CoinEx. Only by continuously satisfying evolving user needs can a business stand the test of time. Users should guide your path, not hype. They are the compass guiding your path. Never compromise on doing right by customers, even when inconvenient short-term. Their long-term trust is more valuable. The high road is viable when you tune out speculation and focus on creating real utility for people.
Host: If you had one takeaway you wanted to leave our audience here with today — both existing and potential CoinEx users — what would you really want them to know?
CoinEx CEO: Thank you for growing alongside us these past 6 years — CoinEx exists only because of your support. As the landscape continues maturing, we remain anchored to our core mission of empowering individuals through crypto. Thank you for joining me on this journey from the early days. I look forward to continuing to build alongside you as we shape the future of finance and beyond. My unwavering promise is to keep improving our products and protections to live up to the trust you have placed in us. Here’s to crossing more milestones together!
Users’ Questions
Host: Excellent insights! Now, let’s shift to our ‘Answers For Pre-selected Users Questions’ segment. A few days ago, we launched a campaign to gather queries from our users, and today we’re excited to address four of the top 4 intriguing questions. Let’s start with a crucial one: Question 1 — Has CoinEx undergone a security audit, and how does the platform ensure protection against hackers to guarantee the safety of investors and the community?
CoinEx CEO: As a seasoned cryptocurrency exchange, CoinEx places security as a top priority. We were among the first in the industry to prove our 100% reserve ratio through the “Merkle Tree” audit method, and this year, we’ve undergone a comprehensive security system upgrade.
CoinEx has implemented a range of new security measures, including our self-developed wallet storage system, multi-signature mechanisms, real-time monitoring, and security alerts to ensure the secure storage of user cryptocurrency assets and reduce the risk of asset theft. We’ve also established CoinEx Shield Fund to protect user assets in unforeseen risk events. Additionally, we’ve formed a security committee and security team to conduct rigorous security monitoring and risk assessments, promptly identifying and addressing potential threats.
Beyond internal security efforts, we’ve partnered with industry-leading security organizations like SlowMist Technology and BitJungle for strategic cooperation. These collaborations allow us to access the latest security information and protection strategies, ensuring the safety of our systems. While we’ve implemented multiple security measures, we also emphasize that users should enhance their self-protection awareness, establish strong passwords, regularly change them, and securely store their passwords to prevent leaks.
To better protect user assets and uphold our user-centric brand philosophy, we will continue to optimize and upgrade our security system to reinforce our security defenses.
Host: Your detailed explanation on CoinEx’s security audit highlights your commitment to safety. Now, let’s delve into the ‘user-centric’ philosophy at CoinEx and how it shapes your operations. Can you explain and introduce the concept of “user-centric,” and how does this concept work?
CoinEx CEO: CoinEx is committed to creating a professional, reliable, and open cryptocurrency trading platform, focusing on providing specialized trading products and user-centric services. Our goal is to establish ourselves as cryptocurrency experts, offering users an efficient and convenient trading experience.
The “user-centric” philosophy at CoinEx means putting “users first.” This involves making decisions from the user’s perspective, designing products with user care in mind, and solving user problems from their perspective. Every decision, innovation, and action we take is centered around the user.
Firstly, in terms of product operation, CoinEx highly values user demands and overall interests. We aim to align product design, operational strategies, and listing decisions with user expectations to ensure that our trading products remain in line with user requirements.
Secondly, in terms of design features, CoinEx strives to provide an intuitive and user-friendly interface. We design products and features with a user-focused approach, supporting 16 languages globally while simplifying the trading process to offer a seamless and efficient experience.
Lastly, in terms of professional guidance, in the fast-paced world of cryptocurrency trading, CoinEx is ready to provide multi-channel problem-solving. Our customer service team prioritizes quick responses and effective solutions. Additionally, we provide a wealth of industry knowledge, opinion articles, and informational sections, ensuring that both novice users and experienced traders can find the industry knowledge they need on our exchange.
We understand the importance of adaptability, innovation, and continuous improvement. Therefore, our commitment to a “user-centric” approach is dynamic and continually evolving. In the future, we will continue to launch innovative products and provide specialized services to enhance the user experience and journey in the crypto world.
Host: After discussing the essence of being user-centric, can you share the measures CoinEx has implemented to make crypto trading more accessible for beginners and experts alike? What measures has CoinEx taken to make crypto trading easier for both beginners and experienced users?
CoinEx CEO: CoinEx is an open, inclusive exchange dedicated to providing a diverse and shared trading platform. In this open environment, we pay attention to the diverse needs of users, striving to break down traditional trading barriers and create broader market opportunities.
For beginners, CoinEx offers intuitive and user-friendly interface design, educational resources, and user support to help newcomers enter the world of cryptocurrency with ease.
* Intuitive User Interface Design: CoinEx provides an intuitive and user-friendly trading interface designed to meet the needs of both beginners and experienced traders. Our product design simplifies the trading process and offers a smooth and efficient experience.
* Educational Resources and Guidance: CoinEx provides a wealth of educational resources, including trading guides, tutorials, and informative articles, helping beginners better understand the cryptocurrency market and trading strategies. This helps improve users’ understanding of the market and enhances their decision-making abilities.
* User Support and Community Interaction: CoinEx has established a strong user support team ready to assist users and answer their questions at any time. Additionally, we encourage user-to-user interaction and sharing through community engagement, providing more opportunities for learning and communication.
For experienced users, CoinEx offers specialized trading products, diverse trading tools, and professional analysis to meet their higher-level trading needs.
* Specialized Trading Products: CoinEx offers not only traditional spot trading but also specialized products such as futures trading and leveraged trading. These products are designed to cater to the diverse trading needs of experienced users, providing them with more flexible investment options.
* Diverse Trading Tools: CoinEx provides a wide range of trading tools, including contract data charts and trading strategies, helping users gain a more comprehensive understanding of market trends. Advanced trading interfaces and toolsets also allow experienced users to execute complex trading strategies accurately.
* Professional Analysis: CoinEx regularly publishes market analysis, industry research, and professional insights to provide experienced users with in-depth market insights. These analyses cover various cryptocurrency assets and assist users in making informed investment decisions.
In conclusion, through various user-centric initiatives, CoinEx aims to make cryptocurrency trading accessible and convenient for beginners while offering advanced features and tools to cater to the needs of experienced traders. We continually strive to improve our platform and services to provide users with a seamless and enjoyable trading experience.
Host: Given your strategies to cater to different levels of traders, could you explain the mechanisms in place for ensuring the stability and continuous deflation of the $CET token? Also, what are the use cases for $CET within the CoinEx Ecosystem? What mechanisms (i.e. buy back) has CoinEx implemented to ensure the stability and continuous deflation of the $CET token? What are the use cases for the $CET token, and does CoinEx plan to list CET trading pairs on other markets? How does $CET capture value in CoinEx Ecosystem?
CoinEx CEO: Since its launch, CET has been distributed in various channels, including airdrops, trading fee rebates, operational promotions, and team unlocks. CoinEx also uses 20% of the platform’s daily fee income to repurchase CET and burns all the CET repurchased each month. Through this repurchase and burn mechanism, the total supply of CET is reduced, achieving deflation and enhancing the stability and value of CET.
The $CET token serves as a user value-added service equity system within the CoinEx ecosystem, introduced in January 2018. It has several use cases:
* Fee Discounts: CoinEx platform users can directly use CET to offset an equivalent amount of trading fees, enjoying exclusive fee discounts.
* VIP Benefits: Holding a certain amount of CET allows users to become platform VIP customers, entitling them to benefits such as fee rate discounts and dedicated customer service.
* Special Event Benefits: CET holders are entitled to special event benefits on the platform, including participation in token airdrops and opportunities for high-quality project accelerations.
* CoinEx Smart Chain Native Token: CET serves as the native token of the CoinEx Smart Chain and is used as gas on the chain.
While $CET trading pairs are not currently planned for listing on other platforms, aside from circulating within the CoinEx ecosystem, CoinEx aims to promote the use and circulation of $CET in more external scenarios, such as payments.
Overall, by embedding $CET into the real use in CoinEx ecosystem, we aim to capture the value of the CoinEx ecosystem. Our platform strives to encourage users to actively utilize and hold $CET, imparting practical economic value to the token and driving the prosperity of the entire ecosystem.
In conclusion, Haipo Yang’s conversation was more than just an exploration of CoinEx’s past achievements and future endeavors. It was a testament to our enduring commitment to the crypto community and our vision to foster a more accessible and secure financial future. As we move forward, CoinEx remains dedicated to its core values and to the users who have made our journey possible.
Join https://t.me/CoinExOfficialEN and stay tuned for more updates, and here’s to many more years of success and innovation with CoinEx!
About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 5 million users across 200+ countries and regions. Founded with the initial intention of creating an equal and respectful cryptocurrency environment, CoinEx is dedicated to dismantling traditional finance barriers by offering easy-to-use products and services to make crypto trading accessible for everyone.
