CoinEx, a leading cryptocurrency trading platform, recently celebrated its 6th anniversary. In an interview with CT (Cointelegraph), CoinEx founder HaiPo Yang discussed his journey in creating the exchange and his views on the development of Web3, cryptocurrencies, and the blockchain industry.
Mr. Yang, as an early participant and industry leader in the cryptocurrency industry, can you share some of your personal experiences in the crypto world? What motivated you to create CoinEx exchange?
Haipo Yang: I first got involved in cryptocurrency in 2011 when Bitcoin experienced its first bull market, rising from a few cents to around $31. Discussions about Bitcoin and blockchain were very hot within the geek community at that time.
There was a report titled “Bitcoin is the most dangerous open-source project in history” that left a deep impression on me. It had two words, “dangerous” and “open-source.” I believe “open-source” can be understood as a spirit of sharing within the tech community, where open-source means anti-intellectual property, and no one registers patents for Bitcoin.
Why is it dangerous? Because it is a super-sovereign currency, a new beginning. By understanding this field, I believe blockchain will bring profound changes to the world and have an undeniable impact on the development of the global financial system.
We know that the early stages of traditional financial markets were free, without central banks or many regulatory institutions. The blockchain financial system is similar: everyone’s assets here are their own, no one can freeze them, and they can freely circulate. This freedom is the foundation of prosperity. It is this spirit of freedom that drove me to enter this industry and create CoinEx. Of course, achieving personal wealth is also one reason, but the underlying reason is the pursuit of this spirit of freedom.
CT: Why did you choose to create a centralized exchange?
The exchange and mining are the best business models in the industry. From the perspective of business nature and problem-solving in the blockchain, I believe the blockchain is more inclined towards the financial industry. Blockchain and finance are a perfect combination because decentralization is especially needed in finance. Centralized exchanges like CoinEx are very important in the industry as they bring together numerous assets, allowing people to freely trade and exchange, ultimately achieving the free flow of capital.
CT: This year marks the sixth anniversary of CoinEx’s founding. What challenges have you faced in these six years, and what are your short-term goals?
Haipo Yang: Some of the challenges we have faced include building a team, as well as security and compliance challenges. The current security environment for exchanges is adverse, and it is very complex to solve the problems when funds are concentrated here. Supporting hundreds of public chains is also highly complex for exchanges. Compliance is also a challenge faced by the entire industry. However, in the long run, I am optimistic because freedom is a universal value for all of humanity.
Our short-term goals are still to do well in the exchange, solve product, security, and compliance issues. We have always been thinking about how to present products to users in a simple way, allowing users to trade conveniently. Building a product that users love is the foundation of our existence. We are still relatively small, but we hope to become an indispensable presence in the industry.
CT: CoinEx is currently operating in over 200 countries and regions. How do you balance global expansion and adapting to the unique demands of local markets?
Haipo Yang: Blockchain creates a super-sovereign currency. As a cryptocurrency exchange, our business itself is global. When you send Bitcoin, all you need is an address, not specifying a particular country. Based on this feature, cryptocurrency trading naturally has no borders, cultural differences, or language barriers. It can even be said that blockchain is a catalyst for promoting globalization.
Of course, for different regions and markets, we adopt localization strategies, such as launching activities that have local characteristics and are in line with local cultural habits. This is also an embodiment of our pursuit of openness and freedom.
CT: What is your view on Web3?
Haipo Yang: To date, there is no exact definition of Web 3.0. Compared to Web 1.0 and Web 2.0, Web 3.0 is more like a parallel universe. Currently, many of its demands are pseudo-demands and costly. Currently, the trading and transfer of assets are still the most prosperous aspects.
CT: How do you implement CoinEx’s core values and user-centric philosophy in product development and support services?
Haipo Yang: Our goal is clear – to build a reliable and professional cryptocurrency trading platform. The user-centric philosophy guides every decision, innovation, and action we make. In product development, we first focus on users’ core needs – asset storage and trading.
For asset storage, we have our own wallet, and for asset trading, we have the exchange business. We support over 200 public chains and over 700 cryptocurrencies, allowing users to have full control over their assets. When it comes to listing new coins, we never manipulate the market or engage in insider trading. We act as user brokers, helping users identify various risks. We prefer to believe in the power of the market itself.
CT: In the process of always putting customers first, what challenges have you encountered?
Haipo Yang: Everyone has their own opinions on how to run an exchange. While receiving various suggestions and feedback, we have been searching for our own position – what problems do we want to solve for users? From the beginning, we have been pursuing a long-term approach, and when making decisions, we consider what is most important in the long run.
I hope to build CoinEx into a small and beautiful company that purely focuses on products. Therefore, we first focus on users’ core needs. Sometimes, we may face misunderstandings from users and partners, but we are not short-sighted. We do not prioritize maximizing traffic and hotspots. We value whether something is beneficial to users. We have experienced very adverse environments over the past six years, and it has not been easy to survive until now. Regardless of the environment, we always emphasize reputation and maintaining boundaries, never harming users for any reason.
CT: We have learned from reader feedback that the CoinEx team is honest and willing to take responsibility, which is highly commendable in the ever-changing cryptocurrency industry. What do you think supports the team in maintaining such character in extreme situations and always putting users first?
Haipo Yang: The team is our first product. My requirements for the team are honesty, integrity, and a sense of responsibility. When recruiting, we also highly value candidates’ character. I believe it is because our internal culture emphasizes honesty, entrepreneurship, and ultimate win-win that we can stick to our original intentions in any situation and always put users first.
CT: How do you view the future development trends of the cryptocurrency and blockchain industry in the next few years?
Haipo Yang: The entire industry is likely to experience a bull market. This year marks my tenth year in the financial industry. We can observe that before 2017, there was not much regulation, and after 2017, regulation gradually strengthened. In fact, this is a collision between the new world and the old world, and for us, it is a process of learning and exploration.
CT: Regarding the company’s commitment to meet and exceed user expectations, what would you like to say to current and potential CoinEx users?
Haipo Yang: Since our establishment in 2017, we have grown with the support and companionship of users at every step, and I want to express my gratitude. In the future, we hope to become the infrastructure for users, meeting their needs with reliable products and services, disturbing and bothering users as little as possible. Just like water and electricity, users don’t feel our presence most of the time, but we can help them when they need it.
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Disclaimer: This article is a sponsored content provided by CoinEx and does not represent the position of Dynamic Zone or provide any investment advice, purchase, or sale recommendations. See the end of the article for the responsibility disclaimer.