Full Transcript: First AMA with CoinEx’s CEO Haipo Yang in 2020
CoinEx’s CEO Haipo Yang conducted his first Ask Me Anything (AMA) of 2020 on 22 February. During the AMA, he mainly shared about CoinEx’s Plan in this year and answered some most concerned questions of the community.
Special thanks to all engaged members and we appreciate every question and comment you raised. We will have more AMA this year to answer your questions. Stay tuned!
Here is the full transcript, which has been slightly edited for clarification.
Which market are you targeting for 2020? What strategies do you have to attract users, and keep them stay with your exchange for longterm?
Haipo: CoinEx is a global cryptocurrency exchange and our website has supported more than 10 languages. However, in the past we mainly focused on the Chinese and English-speaking markets. Our goal in 2020 is to cover at least 10 different languages speaking markets.
For users, the most important things are satisfaction and trust. First, we will continue to list more tokens and support more transaction types to satisfy users’ different needs; second, we will strengthen our global branding and marketing work so that users will understand and trust CoinEx more.
Security is of high-importance to users. How do you ensure that users’ assets are safe with CoinEx?
Haipo: Security is always the most important thing for an exchange, and we are constantly improving it.
Exchange security includes system security, operation and maintenance security, and wallet security. In terms of system security, CoinEx is constantly improving the risk control system. While providing users a convenient and fast experience, it also prevents user assets from being stolen. For operation and maintenance security, CoinEx uses multiple security methods, such as hardware encryption systems, and strictly implements the principle of least privilege. For wallet security, CoinEx uses a multi-wallet solution. Large amounts of assets are hosted in cooperation with MatrixPort. Private keys of normal wallets are encrypted and have multiple physical backups.
And more, We always keep 100% Reserves.
For any Cryptocurrency exchange, liquidity is very important. So, whats your solution on this problem ?
Haipo: CoinEx’s liquidity improved a lot in the past year. First, we set up our own trading team to provide liquidity and depth for most tokens, and to reduce the bid-ask spread to ensure the continuity of the K line.
At the same time, we also actively introduce more professional market makers. Currently CoinEx has dozens of market makers, and we provide them with good policies, such as lower transaction fees, interest-free with funding, etc. General transactions can be completed quickly at CoinEx, and we will continue to work hard to improve the liquidity.
What criteria is employed in listing token/coins on CoinEx? How can you ensure that you are only listing good and legit projects?
Haipo: For CoinEx, we do our best to select high-quality projects and to avoid fraud ones. We set up a dedicated research department to conduct in-depth investigations on each project, and a listing commission consisting of core team members review and vote on whether to launch a project.
But honestly, we can’t ensure that every token we list is a good project. The digital asset investment is still in the infancy and has high risks. High returns and high risks are always related, and investors have to do their own risk control.
Recently many exchanges has great move with public chains, so what’s your special plans in 2020 for CoinEx chain to overcome your competitors ?
Haipo: In November last year, CoinEx took the lead to launch the mainnet of CoinEx Chain, and CET is used as the preinstalled token on CoinEx Chain. CoinEx Chain is specially created for DEX, which achieves high performance, on-chain governance, and a real DEX without license. I think DEX will become a very important part of the Defi market in the future.
In 2020, we will build and improve the infrastructure around DEX, including further optimization of DEX, and the development of CoinEx Chain Explorer, wallets, etc. At the same time, the Smart Chain will be launched, and will be connected with the DEX public chain through cross-chain mechanism. It will bring more application scenarios to CoinEx Chain。
How do you see the current market? Do you have any advice for cryptocurrency investors?
Haipo: I think the market is now gradually recovering, especially in the near future, the halving of some cryptocurrencies such as Bitcoin has brought a good market. In the long run, now is more suitable for dollar cost averaging investment strategy. From a short-term point of view, the market will have a callback after the halving, which will bring good buying opportunities.
What are your thoughts on the Infrastructure Funding Plan for Bitcoin Cash (IFP)? Do you support it?
Haipo: CoinEx is neutral as an exchange and we will follow the market’s decision.
It has become a standard for sizable exchange platforms to provide 24/7 customer support with knowledge people solving technical problems real-time. Can you tell us about CoinEx Customer Support?
Haipo: You can always contact our support team by online communicate or submit request. We have a powerful support team for you.
To ease the hassle for your users, Exchanges must provides “Mainnet Swap Support” to all listed tokens. So can we expect this on CoinEx Exchange platform?
Haipo: Sure we support.
There are lot of exchanges which provides many features & have multiple products. So, what’s special in CoinEx exchange?
Haipo: CoinEx is mainly focused on providing users with more high-quality tokens. We will continuously enrich our tokens listed, select good projects with potential, and have in-depth cooperation with project parties. At the same time, we will provide users with derivative transactions, such as leveraged transactions and perpetual contracts.
I’m a long term holder, so mainly focus on staking coins/tokens. What are the best ways available to earn passive income in this exchange platform?
Haipo: We have saving product, but only open for USDT now. We plan to open more in the future.
Do you plan to become a partner of an exchange market in Vietnam?
Haipo: As I mentioned above, we previously focused on the Chinese market, but in 2020, we will step into more markets, mainly the Southeast Asia and Eastern Europe. There’s no doubt we will enter Vietnam market.
When it comes to permanent contract trading, stability is one of the most important factors for people, especially under the high volatility of the price. How can you avoid network errors or overload problems when there are tons of requests at once?
Haipo: Yes, it is very important. Out perpetual trading system is written by C. It is high speed and won’t overload. Our sport and perpetual match-engine performed very good in the past.
Do you plan to integrate deposits via fiat? As many exchanges allows to deposits funds via the third parties like simplex and Koinal do you planned to integrate such system?
Haipo: Sure. Actually we are talking with several third parties and I am glad to announce we have reached a cooperation with two parties. I think next month we can provide such kind of service
Do you plan to have CoinEx become more driven to the community and more transparent?And is there any strategy to strengthen the relationship between CoinEx and the user will then have the opportunity to further participate in its development and growth?
Haipo: For exchanges, I don’t think community-driven is a good thing, which often means inaction and confusion. The last one tried to do this is Fcoin. Operating an exchange is a very professional matter. Product development, customer support, listing, etc., all require very professional people to do.
On the market side, I think community-driven is very good, and we are planning to do so. We will launch a new ambassador program soon to better involve the community.
You have listed BNB in CoinEx. When will CET be listed in other exchange ?
Haipo: CET is already listed on Bitmax and Bkex, and we will list it on more exchanges. But it is not our main target.
Most attractive and trending topic is Defi… Do you have any plans for Defi system?
Haipo: Yes. We are working on developing CoinEx Smart and it will be launched in Q3. Defi applications can be implemented on CoinEx Smart chain.
Most investors choose tokens with high and stable prices to trade, how do you plan to make CET token prices higher ? and what are the programs and targets of CET tokens by 2020?
Haipo: The value of CET mainly comes from the following two aspects: the first is the business growth of the CoinEx exchange, which is the core value of CET; and the second is the introduction of more applications for the public chain, such as stable coins, Defi, etc. We are trying to bring stable coins to CoinEx Chain. By launching the Smart Chain, we will introduce Defi adoption. As for the burning of CET, we are still considering this option. Will announce it once we have made decision.
After burn completed what will be the total and circulating supply ?
Haipo: When the circulating supply of CET reduces to 3 BILLION, CoinEx will suspend the plan of CET repurchase and burning. You’ll have the options to use CET to enjoy more privileges for trading and get the early access to the future products. More info can be acquired on the announcement page, https://announcement.coinex.com/hc/articles/360027205411 .