CoinEx CEO Haipo Yang talks about the challenges and opportunities for crypto exchanges in an evolving landscape, revealing how the platform has adhered to long-termism in its development process and shaping its unique characteristics.
As the crypto market matures, crypto exchanges continue to play a key role, serving as critical hubs for trading and liquidity while navigating a landscape shaped by regulation and technological innovation.
Amid a volatile macroeconomic environment and evolving regulatory frameworks, exchanges must balance security, user experience and compliance to maintain their competitive edge.
Since its founding in 2017, CoinEx has steadily progressed, navigating the challenges of a crowded market by fostering a unique identity and a strong commitment to user-centric innovation. CoinEx has built a stable and comprehensive ecosystem that prioritizes user needs, offering a “Good, Fast, Comprehensive” selection of tokens.
With over ten million registered users across more than 200 countries, CoinEx’s dedication to user satisfaction and steady rise have solidified its position as a trusted and enduring player in the crypto world. Previously low-profile, CoinEx was rated by U.Today as one of the Top Crypto Exchanges in 2024.
In this interview, CoinEx CEO Haipo Yang shares key highlights of the exchange, discusses their commitment to a long-termism approach and interprets the relationship between users, the exchange and its native token CET. The CoinEx CEO also outlines future strategies for the platform and the token and provides insights into the future of the cryptocurrency market.
Cointelegraph: How has your background influenced the development and direction of CoinEx?
Haipo Yang: In the early days, I worked as a software engineer at major internet companies like Tencent. After entering the blockchain field in 2014, I was involved in the development of mining machines, mining pools, cloud mining services, wallets, exchanges and public chains. I have gained substantial experience in both the business operations and technical architecture of the crypto industry.
However, I believe the most significant influence on a company is its values. Our core value is a commitment to long-termism — doing things that bring value to both users and the industry. With this core spirit and mission, we strive for excellence in every aspect, from product creation and team cohesion to service refinement.
CT: How does the current cryptocurrency environment differ from when you first started the business?
HY: When we founded CoinEx in 2017, the cryptocurrency market was in a relatively early stage of development. Market participants were mainly tech geeks and early crypto enthusiasts, and the overall market size was small with high volatility. Our main challenge was educating the public about blockchain and cryptocurrencies and building trust with our users.
Today, the cryptocurrency market has undergone tremendous changes, with over 700 million users worldwide and a market size exceeding $2 trillion. The approval of Bitcoin BTC
ETFs has not only allowed people to better understand and recognize cryptocurrencies but also brought greater liquidity. Meanwhile, regulatory policies on cryptocurrencies are becoming more defined globally, which increases our operational challenges in terms of compliance.
However, the broader adoption and recognition of cryptocurrencies is a challenge the entire industry needs to consider. How can we stay true to our original intentions and build a valuable ecosystem? How can we break down the barriers between the crypto world and the broader internet? These are the challenges that need to be addressed moving forward.
CT: What is CoinEx’s competitive advantage in such a fiercely competitive market?
HY: As a well-established exchange with seven years of market experience, CoinEx has managed to stand out and secure a position in the industry due to several key factors:
- Our unwavering commitment to a rigorous approach, with compliance and security as top priorities.
- A focus on providing users with the most professional products and the simplest trading experience, offering a wide range of products and services.
- Extensive market resources and carefully selected partners, collaborating with top-tier projects and service providers globally.
- A global strategy and professional execution team, with over ten million users from over 200 countries and regions worldwide.
- An innovative spirit, staying at the forefront of the industry by actively exploring and participating in fields like decentralized finance (DeFi) and non-fungible tokens (NFTs).
CT: Can you introduce the CoinEx team?
HY: CoinEx has a team of over 400 employees worldwide, who are the company’s most valuable asset and the core force behind CoinEx’s success. We have gathered top talents from various fields, including blockchain technology, fintech, the internet and brand marketing. It is under the shared values of “integrity, entrepreneurship, excellence and win-win” that we build a strong foundation, enabling our various business segments to be executed with precision, speed and efficiency.
Our team embodies a high degree of collaboration and cross-cultural communication skills. CoinEx’s users are spread across more than 200 countries and regions globally, and our team is equally diverse and international. Their collaboration has created a strong sense of cohesion and effectiveness, which has been crucial to the successful implementation of our global strategy.
Moreover, our team is highly adaptable with strong execution, innovation and exploration capabilities. Genuine passion, thoughtful reflection and the courage to create are the aspects that make me most proud.
CT: How do you view opportunism and long-termism?
HY: In the cryptocurrency market, opportunism typically focuses on short-term gains, while long-termism emphasizes sustainable development, striving for long-term growth through steady operations and continuous innovation. We remain committed to doing the right things, focusing on refining our overall goals and staying committed. Thanks to our values, strategies and operational effectiveness, CoinEx’s operations have become very stable. We currently do not face revenue pressure, allowing us to dedicate our time and energy to thinking about business planning and optimization.
CT: What is the main focus of your future development strategy?
HY: We adhere to long-termism, focusing on enhancing user experience and technological innovation. We do not chase short-term market hype but concentrate on providing lasting value to our users. Whether in product development or service delivery, we remain user-focused, working diligently and continually striving for excellence.
Our development goal has always been clear: to provide the best trading experience to global users through technological innovation and user-first services. In 2018, we issued the CoinEx platform token (CET), and in 2021, we successfully launched the CoinEx Smart Chain (CSC).
We continue to expand CoinEx’s ecosystem by launching CoinEx Charity, CoinEx Wallet and the CoinEx Block Explorer. By July 2024, we had burned over 7 billion CET, reducing the circulating supply to approximately 2.8 billion. These achievements showcase our technical strength and our commitment to understanding and quickly responding to user needs.
CT: What role does CoinEx’s platform token CET play within the CoinEx ecosystem?
HY: CoinEx’s platform token, CET, is a crucial tool for connecting with and incentivizing our users. By holding and using CET, users can enjoy various discounts and services on the platform, such as trading fee discounts, VIP exclusive privileges and priority participation in platform events. These benefits enhance the user’s trading experience and increase their loyalty and engagement with the platform.
CET plays an important role in incentivizing within our ecosystem. Through various activities and programs, such as CET staking and reward plans, we encourage users to hold and use CET. These incentive mechanisms increase the demand for CET and enhance user engagement.
CT: What actions has CoinEx taken to demonstrate its full commitment to CET?
HY: Currently, CoinEx holds a portion of CET for purposes such as team incentives and market promotion. CoinEx will not sell these CET tokens on the market, reflecting our commitment to our users.
We are continuously innovating in technology and products to enhance the use cases and application value of CET. This includes initiatives such as CoinEx Dock for IEOs, CET Staking for onchain staking and various financial service products. These measures increase the utility of CET and enhance users’ willingness to hold it. Furthermore, we have invested significantly in market promotion and community building, expanding CET’s influence.
CET represents our vision and commitment to the future of the cryptocurrency industry. We will continue to invest fully in driving CET’s ongoing development and introduce more innovative products and services.
CT: How do you hope CET holders perceive CoinEx and CET?
HY: I hope that CET holders feel a sense of recognition, belonging and co-creation with us. On a deeper level, I hope CET holders have a profound recognition of CoinEx. Since our founding, CoinEx has been committed to breaking down traditional financial barriers, providing safe, convenient and efficient cryptocurrency trading services to users worldwide.
Secondly, I hope CET holders feel a sense of belonging to CoinEx. CET is not just the native token of an exchange; it is also a crucial tool for connecting and incentivizing our users. By holding and using CET, users can enjoy various exclusive benefits and discounts, strengthening their sense of belonging to the platform.
Finally, I hope CET holders actively participate in the process of co-creating with CoinEx. We will continue to expand CET’s use cases, increasing its market demand and liquidity and ensuring that CET continues to grow in the future. We highly value user feedback and suggestions for improving our products and services.
CT: What is your outlook for the crypto market in 2024?
HY: The global macroeconomic environment is undergoing profound changes. We are in a period of high interest rates and tight monetary policies, which is unprecedented in Bitcoin’s history. This environment typically leads investors to favor traditional low-risk assets, while reducing market liquidity, putting pressure on high-risk assets, including cryptocurrencies.
The regulatory environment is a key factor. The regulatory stance and policies on cryptocurrencies are constantly evolving. This regulatory uncertainty increases market volatility but also provides a clearer development path for projects that can adapt and comply with regulations.
Political factors cannot be ignored. Global political instability and geopolitical tensions could impact the market. However, in the long term, as long as the fundamental value and technological advantages of cryptocurrencies remain intact, the market will eventually find a new equilibrium.
Technological advancement and innovation continue to be important drivers of crypto market growth. Emerging fields such as DeFi, NFT and Web3 will continue to attract the attention of investors and developers.
Overall, I hold a cautiously optimistic view of the crypto market in 2024. Despite the challenges posed by the macro environment, the fundamental value and technological advantages of cryptocurrencies remain. The market may experience fluctuations and adjustments, but in the long run, with the entry of institutional investors and ongoing technological advancements, the crypto market is likely to achieve healthy and sustainable growth.
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