CoinEx’s Dream of Universalizing Finance: A Team That Pursues Easy, Ultimate, Revolutionary Products
In June 2022, the Rugby League World Cup 2021 (RLWC2021) announced that CoinEx will be its official cryptocurrency trading platform partner. This marks the first time the RLWC ever teamed up with a crypto company, which comes as a surprise to many RLWC viewers: Why did the pinnacle of rugby competition with a history of nearly 70 years choose CoinEx, a crypto exchange that has only been around for 5 years, as its partner this year? What is it about CoinEx that convinced the RLWC to go with a partner in the emerging crypto space?
Revolutionary: It all starts from BTC and blockchain
Although CoinEx was founded in December 2017, its founder Haipo Yang first came into contact with Bitcoin and blockchain technology at a much earlier date. Back in 2011, Bitcoin and its open-source concept caught on within a small community of geeks. Haipo was fascinated by this idea of facilitating industrywide progress by lowering the threshold of tech development via open-source coding, so he started to learn more about Bitcoin and blockchain technology.
In 2013, Haipo started to run Bitcoin nodes by himself and joined the construction of the Bitcoin community. As he dived deeper into Bitcoin and blockchain, his expectations of the industry rose, and he became confident about the infinite prospects of this code-governed market. He gave up his job at the top Internet companies including Tencent and Futu Securities, and placed his faith in Bitcoin and blockchain that he believed would revolutionize technologies and the relations of production. Embracing the revolution, Haipo Yang decided to fully devote himself to the crypto space.
Ultimate: Becoming the infrastructure of the blockchain world
In 2016, the blockchain industry was in its infancy, and many technologies and products were far from mature. Planning to better maintain the BTC network via a mining pool, Haipo completed the entire coding of ViaBTC Pool within two months and set out the mission of “Via Blockchain, Making the World a Better Place” and the vision of “Becoming the Infrastructure of the Blockchain World”.
Haipo’s pursuit of the ultimate technology and product earned ViaBTC extensive user recognition. Meanwhile, having attracted tons of users with the lowest orphan rate, ViaBTC soon became one of the top five BTC mining pools. However, apart from mining pools, there are many other types of blockchain infrastructures. For crypto investors, trading is always the most crucial demand.
Back then, despite countless exchanges, many frequently suffered from downtime and network failure. As an expert in the design of high-concurrency architecture, Haipo decided to build a high-performance, stable trading system. In 2017, Haipo and his team developed the world’s first 10,000 TPS trade matching engine. December that year witnessed the birth of CoinEx that was built on top of that engine.
Shortly after its inception, the market became bearish once again. When the market was bullish, the huge profits gave birth to tons of crypto exchanges, and everybody wanted to make quick bucks, without ever attending to the exchanges’ underlying tech capacity and the user experience. Ultimately, the crypto bear catalyzed a big reshuffle among exchanges, many of which eventually left the industry altogether. CoinEx, on the other hand, kept improving its technologies and products and attracted many more new users with its ultimate user experience as the market switched from bull to bear.
CoinEx now serves over 3 million users in more than 200 countries around the world. Available in 16 languages, the exchange provides 500+ crypto assets to meet different demands, covering spot, margin, futures, AMM, and financial services. As CoinEx’s blockchain ecosystem keeps expanding, ViaBTC Group, its parent company, now operates multiple business segments, spanning ViaBTC Pool, ViaWallet, CoinEx Smart Chain (CSC), ViaBTC Capital, and CoinEx Charity.
Easy to use: Breaking all financial restraints & turning 99% into 1%
From day one, Haipo Yang believed that the technology and industry of blockchain and Bitcoin could bring opportunities to the general public. After all, a decentralized, open, free, and transparent crypto environment promises a more level financial market. Despite that, as the crypto space kept growing, many exchanges started to pile functions upon functions and became more exclusive to professional traders, which is unfriendly to beginners.
CoinEx disagrees with those peers and believes that beginners shouldn’t be ignored. The exchange aims to revolutionize the industry and develop ultimate products so that it can serve more ordinary users. Crypto transactions are easily accessible in many places where online payment is not an option. Cryptocurrency is also a great help for ordinary folks who are troubled by the high inflation rate of fiat currencies. Moreover, retail investors who are kept out of primary markets could make primary investments via the crypto market.
This is why the CoinEx team has insisted on developing easy-to-use products and seeks to make crypto trading easier. As it turns sophistication into ease of use by building fine products while providing easy investment channels and satisfying customer services, CoinEx respects all ordinary users, reduces their workload, and meets their real demands.
What should blockchain and cryptocurrency ideally be like? With a strong tech background, the CoinEx team has its own unique answer. They believe that if crypto investments are just like conventional investments and that if investors still suffer from the same old problems of the high threshold, expensive costs, market monopoly, and complicated processes, the decentralized blockchain technology would be pointless. As argued by the team, blockchain technology should change the status quo that 1% of people own 99% of the wealth. CoinEx hopes that in a free, equal crypto world, the 99% could also become that 1%. Such an aspiration justifies its mission: Via Blockchain, Making the World a Better Place, and also echoes the original motivations of blockchain technology.
In the crypto sector, you never know what will happen the next moment. The fast-changing market cycles have led to the sudden downfall of many crypto giants. When asked how they persisted over the years, the CoinEx team mentioned that it is an incredibly precious quality for a crypto company to stick to its original motivations. “Although our mission ‘Via Blockchain, Making the World a Better Place’ seems grand, we believe our efforts will benefit more folks as long as we remain committed to that mission”, they said.
Such efforts to pursue easy-to-use, ultimate, and revolutionary products vividly explain CoinEx’s rule of survival and also illustrate its dream of universalizing finance.