press launch
PRESS RELEASE. In December 2022, CoinEx will rejoice its fifth birthday. Since its inception, the crypto alternate has gone by bulls and bears and attracted over 4 million customers throughout greater than 200 international locations and areas worldwide. For each CoinEx and the crypto house, the previous 5 years have been extraordinary. Specifically, this 12 months, CoinEx launched an all-new model slogan: Making Crypto Buying and selling Simpler.
The CoinEx staff shared their views on the long run growth of crypto and the alternate.
- CoinEx is among the few crypto exchanges that has been operating for 5 straight years. In your view, what’s the most outstanding change out there over that interval?
In the course of the previous 5 years, the crypto trade has served extra individuals. Though it’s tough to rely the full variety of crypto customers, we are able to get a glimpse of the huge person base by on-chain actions. In line with Etherscan.io, the variety of Ethereum distinctive addresses barely exceeded a million again in 2017, and the variety of day by day transactions stood at about 50,000. Right this moment, there are properly above 200 million Ethereum distinctive addresses, with roughly a million transactions registered each day. On Ethereum, each the variety of distinctive addresses and day by day transactions have gone up twenty-fold. Moreover, 5 years in the past, Ethereum was the one public chain with good contracts that was broadly adopted; proper now, new public chains and Layer 2 additionally carry an enormous variety of transactions. Knowledge from DefiLlama means that Ethereum accounted for roughly 95% of the TVL of the market in 2020, and that share has dropped to lower than 60% in 2022. This means that crypto ecosystems have change into extra lively and sturdy through the previous 5 years, going far past the twenty-fold improve recorded by Ethereum.
Proper now, crypto customers are not concentrated in a single area; they’re all over the place. As an example, CoinEx’s person base spans over 200 international locations and areas, overlaying most locations on this planet.
In recent times, crypto purposes have additionally achieved quick progress. From DeFi by Play-to-Earn to Meme, new crypto makes an attempt goal most of the people. It’s noteworthy that on-chain information in DeFi is open to all, which mitigates the massive data hole in typical finance. Following the growth of Play-to-Earn, some low-income teams had been the primary ones to revenue, and each person can spend time incomes rewards by way of the mannequin. Meme cash are additionally a bottom-up tradition that pertains to international customers.
As crypto expertise advocates transparency and decentralization, the market is certain to serve extra individuals, which can naturally develop the person base and market scale of crypto. 5 years in the past, crypto customers had been a small neighborhood of geeks, speculators, and crypto believers, however now, the trade is turning into a extra public area, as evidenced by its person base, market exercise, geographical distribution, and vast adoption.
- Right this moment’s crypto market drastically varies from what it was 5 years in the past. How has CoinEx advanced out there throughout that very same interval?
In the course of the previous 5 years, CoinEx, along with the market, has gone by lots and witnessed many modifications. As an example, a number of years in the past, CoinEx determined to construct a world presence to offer companies for customers in additional international locations and areas, and to make the market extra accessible. Right this moment, the alternate has made its companies accessible in 15 languages, overlaying most customers worldwide. We have now created a extra enabling crypto buying and selling surroundings for traders in other places, serving to them profit from crypto companies freely and effortlessly.
As well as, we have now achieved improvements on the product degree. As an example, our staff appreciates the progressive AMM mechanism in DeFi, which permits retail traders to offer efficient liquidity whereas incomes buying and selling charges. As such, CoinEx turned the primary CEX to introduce AMM. Coupled with our order e book mannequin, the alternate’s AMM function helps customers earn passive earnings within the type of buying and selling price dividends.
Other than market growth and product features, we have now additionally labored laborious on enhancing our webpage interactions, visible guides, token itemizing, and buyer companies. These efforts have made CoinEx far more user-friendly, which has all the time been our high precedence. CoinEx strives to maintain enhancing its merchandise and person experiences to assist extra customers worldwide full every crypto transaction with ease.
- The current fall of FTX revealed the safety issues going through CEXs. How do you mitigate safety dangers?
The largest downside with FTX is that the alternate lied to customers and misused their funds, however that doesn’t apply to all CEXs. CoinEx has promised that every one cryptos will likely be 100% reserved from day one. We are going to by no means misuse the funds that customers entrusted to us for any motive in any respect and we be sure that all withdrawal requests are promptly processed. That is why CoinEx has all the time been ready to answer withdrawal requests on time.
We have now by no means suffered any safety breach through the previous 5 years, making us one of many few zero-accident exchanges within the crypto house. We perceive that safety is of important significance to exchanges, so CoinEx has adopted a number of safety measures. By way of platform safety, we established a safety committee, ensuring that every one technical upgrades and model updates are carried out in strict accordance with the related safety procedures and standards. Furthermore, CoinEx repeatedly conducts stress exams and carries out safety audits collectively with high blockchain safety groups. Regarding asset safety, CoinEx adopts the technique of chilly pockets plus multi-signature authentication, each of that are independently developed by our staff, conserving person funds secure and safe.
As blockchain believers, we’re satisfied that openness and transparency, which signify the crypto spirit, will assist the trade file wholesome development. As such, our staff is engaged on reserve proofs primarily based on the Merkle tree, which will likely be made totally accessible to all customers. Sooner or later, each CoinEx person will have the ability to clearly test their asset reserves.
In our view, strong technical capabilities and clear information are one of the best ways to make sure safety. We promise to all our customers that CoinEx is backed by robust asset reserves and sound money flows, which permits us to course of your common withdrawals underneath all circumstances.
- Latest incidents within the crypto trade have triggered regulatory considerations. What’s your view on regulation? Is the crypto trade much less safe than the legacy monetary system?
Because the market turns into more and more globalized and extensively adopted, international locations are already making ready to introduce insurance policies on crypto. That mentioned, regulation doesn’t equal suppression. We imagine that affordable oversight can shield customers higher. As an example, insurance policies aiming to make the trade extra compliant and clear might stop market manipulation and fraud. Due to this fact, as a world crypto alternate, CoinEx will respect nationwide legal guidelines and rules, safeguard the pursuits of our customers, preserve their funds secure, and supply safe, secure funding companies for extra international customers planning to commerce crypto.
We don’t imagine that the crypto trade is much less safe than typical finance. Regulatory oversight is merely a approach to shield customers, not a cure-all. As an example, within the legacy monetary system, customers additionally endure from fraud.
Within the crypto market, then again, clear decentralized lending platforms are nonetheless totally solvent and operating secure, regardless of the various incidents in 2022. Due to this fact, we imagine that person belongings will likely be stored secure and safe so long as crypto corporations keep open and clear.
- This 12 months, CoinEx launched a brand new slogan: Making Crypto Buying and selling Simpler. What’s behind that slogan?
It has all the time been our perception that decentralized crypto expertise is born for most of the people. It brings individuals a brand new monetary market that’s open, free, and clear. On this market, everybody has entry to monetary companies.
Conventional monetary companies, then again, aren’t accessible to all. Right this moment, 1.7 billion individuals stay unbanked and are unable to get monetary companies from conventional establishments; nevertheless, 1 billion of these 1.7 billion individuals have cell phones. Which means that it’s going to solely take a couple of minutes for them to register a CoinEx account and personal a crypto pockets, which can permit them to hitch a world funding market that’s price lots of of billions.
Though crypto expertise is bringing us accessible finance, as a brand new invention, it comes with studying prices. As an example, asking a crypto newbie to make use of a DEX will solely trigger misunderstandings within the crypto trade. Moreover, many crypto corporations now concentrate on offering high-end merchants with sophisticated companies, which might be complicated to retail traders.
The best way we see it, the trade ought to by no means go towards its authentic motivations and change into an inaccessible funding market with excessive prices. That is why CoinEx hopes to construct a bridge linking customers to the crypto world. We attempt to change into the gateway for customers to the crypto house and assist them commerce crypto with ease. CoinEx offers easy-to-use crypto companies for all potential crypto customers who might have varied language preferences, crypto understanding, and funding capability, as evidenced by our perception in Making Crypto Buying and selling Simpler.
- Might you share CoinEx’s roadmap with us? In your view, what new traits will seem within the crypto trade over the subsequent 5 years?
In the course of the previous 5 years, CoinEx has gained the belief and assist of over 4 million customers. Within the subsequent 5 years, we’ll stay grateful, try to offer easy-to-use crypto buying and selling companies, and construct a safe, honest and clear funding surroundings.
We’re totally conscious that such ease of use is just not achieved in a single day. Fairly, it takes continued efforts over the long run. Sooner or later, CoinEx will carry on enhancing its services to satisfy the crypto demand of customers from extra international locations and areas. In the meantime, we may even optimize our product mechanisms, working procedures, and visible guides to assist all customers spot the goal operate immediately and commerce/spend money on crypto by the simplest steps. Moreover, we may even undertake extra strong safety measures to honor our dedication to customers.
We imagine that as crypto turns into extra broadly adopted, the efficiency of blockchain infrastructures will progress, which can assist the trade carry extra customers and enormous buying and selling volumes. In the meantime, the market will witness fixed improvements, and there will likely be growing new mechanisms and purposes in classes together with DeFi, GameFi, DAO, NFT, and Web3. Going ahead, CoinEx will assist extra international customers be part of the crypto house, seize market alternatives, and witness a recent new crypto future collectively.
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