Embracing a New Crypto Future by Making Crypto Trading Easier Over the Next Five Years – Press Release Bitcoin News

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PRESS RELEASE. In December 2022, CoinEx will celebrate its fifth birthday. Since its inception, the crypto exchange has gone through bulls and bears, attracting over four million users across more than 200 countries and regions worldwide. For both CoinEx and the crypto space, the past five years have been extraordinary. This year in particular, CoinEx launched a brand new brand slogan: Make crypto trading easier.

The CoinEx team shared their views on the future development of crypto and the exchange.

1. CoinEx is one of the few crypto exchanges that has been in business for five consecutive years. In your view, what is the most prominent change in the market during this period?

Over the past five years, the crypto industry has served more people. Although it is difficult to count the total number of crypto users, we can get a glimpse of the massive user base through activities on the chain. According to Etherscan.io, the number of unique Ethereum addresses barely exceeded one million back in 2017, and the number of daily transactions was around 50,000. Today, there are well over 200 million unique Ethereum addresses, with approximately one million transactions recorded each day. On Ethereum, both the number of unique addresses and daily transactions have increased twentyfold. Additionally, five years ago, Ethereum was the only public chain with smart contracts that was widely adopted; right now, new public chains and Layer 2 also have a large number of transactions. Data from DefiLlama suggests that Ethereum accounted for approximately 95% of the TVL in the market in 2020, and that percentage has dropped to less than 60% in 2022. This indicates that crypto ecosystems have become more active and robust over the past five years , far surpassing the twenty-fold increase recorded by Ethereum.

Right now, crypto users are no longer concentrated in one region; they are everywhere. For example, CoinEx’s user base spans over 200 countries and regions, covering most locations in the world.

In recent years, crypto applications have also achieved rapid progress. From DeFi through Play-to-Earn to Meme, new crypto experiments are targeting the general public. It is noteworthy that chain data in DeFi is open to all, reducing the huge information gap in conventional finance. After the rise of Play-to-Earn, some low-income groups were the first to earn money, and each user can spend time earning rewards via the model. Meme coins are also a bottom-up culture that is related to global users.

Since crypto technology advocates transparency and decentralization, the market is bound to serve more people, which will naturally expand the user base and market scale of crypto. Five years ago, crypto users were a small community of geeks, speculators and crypto-believers, but now the industry is becoming a more public arena, as evidenced by its user base, market activity, geographic distribution and wide adoption.

2. Today’s crypto market differs drastically from what it was five years ago. How has CoinEx developed in the market during the same period?

Over the past five years, CoinEx, along with the market, has gone through a lot and witnessed many changes. A few years ago, CoinEx decided to build a global presence to provide services to users in more countries and regions, and to make the market more accessible. Today, the exchange has made its services available in 15 languages, covering most users worldwide. We have created a more enabling crypto trading environment for investors in various locations, helping them benefit from crypto services freely and effortlessly.

In addition, we have achieved innovations at product level. For example, our team appreciates the innovative AMM mechanism in DeFi, which allows retail investors to provide efficient liquidity while earning trading fees. As such, CoinEx became the first CEX to introduce AMM. Together with our order book model, the exchange’s AMM feature helps users earn passive income in the form of trading fee dividends.

Aside from market expansion and product features, we’ve also been working hard on improving website interactions, visual guides, token listings, and customer service. These efforts have made CoinEx much more user-friendly, which has always been our highest priority. CoinEx strives to continue improving its products and user experiences to help more users worldwide complete every crypto transaction with ease.

3. The recent fall of FTX exposed the security issues facing CEXs. How do you reduce security risks?

The biggest problem with FTX is that the exchange lied to the users and misused their money, but that is not the case for all CEXs. CoinEx has promised that all cryptos will be 100% reserved from day one. We will never misuse the funds that users have entrusted to us for any reason, and we make sure that all withdrawal requests are processed quickly. This is why CoinEx has always been able to respond to withdrawal requests in a timely manner.

We have never suffered a security breach in the past five years, making us one of the few exchanges without accidents in the crypto space. We understand that security is of critical importance to exchanges, so CoinEx has adopted several security measures. Regarding platform security, we established a security committee that ensures that all technical upgrades and version updates are carried out in strict accordance with relevant security procedures and criteria. Moreover, CoinEx regularly conducts stress tests and conducts security audits together with top blockchain security teams. In terms of asset security, CoinEx uses the cold wallet strategy plus multi-signature authentication, both independently developed by our team, keeping users’ funds safe and secure.

As blockchain believers, we are convinced that openness and transparency, which represent the crypto spirit, will help the industry register healthy growth. As such, our team is working on reserve proofs based on the Merkle tree, which will be made fully available to all users. In the future, every CoinEx user will be able to clearly check their asset reserves.

In our view, solid technical capabilities and transparent records are the best way to ensure security. We promise to all our users that CoinEx is backed by strong asset reserves and good cash flows, which allow us to process your regular withdrawals in all circumstances.

4. Recent events in the crypto industry have sparked regulatory concerns. What is your view on regulation? Is the crypto industry less secure than the legacy financial system?

As the market becomes increasingly globalized and widely adopted, countries are already preparing to introduce crypto policies. That said, regulation does not equal oppression. We believe that reasonable supervision can better protect users. For example, policies aimed at making the industry more compliant and transparent can prevent market manipulation and fraud. Therefore, as a global crypto exchange, CoinEx will respect national laws and regulations, safeguard the interests of our users, keep their money safe and provide safe, stable investment services for more global users who plan to trade crypto.

We do not believe that the crypto industry is less secure than conventional finance. Regulatory oversight is only a way to protect users, not a cure. For example, in the legacy economic system, users also suffer from fraud.

In the crypto market, on the other hand, transparent decentralized lending platforms are still fully solvent and running stable, despite the many events of 2022. Therefore, we believe that user assets will be kept safe and secure as long as crypto companies remain open and transparent.

5. This year, CoinEx launched a new slogan: Making Crypto Trading Easier. What is behind that slogan?

It has always been our belief that decentralized crypto-technology is born for the general public. It gives people a new financial market that is open, free and transparent. In this market, everyone has access to financial services.

Traditional financial services, on the other hand, are not available to everyone. Today, 1.7 billion people remain unbanked and unable to obtain financial services from traditional institutions; However, 1 billion of these 1.7 billion people have cell phones. This means that it will only take a few minutes for them to register a CoinEx account and own a crypto wallet, which will allow them to join a global investment market worth hundreds of billions.

Although crypto technology gives us accessible finance, as a new invention it comes with learning costs. For example, asking a crypto newbie to use a DEX will only lead to misunderstandings in the crypto industry. Furthermore, many crypto companies now focus on providing advanced traders with complicated services, which can be confusing for retail investors.

As we see it, the industry should never go against its original motivations and become an inaccessible investment market with high costs. This is why CoinEx hopes to build a bridge connecting users to the crypto world. We strive to become the gateway for users to the crypto space and help them trade crypto with ease. CoinEx offers user-friendly crypto services for all potential crypto users who may have different language preferences, crypto understanding and investment capacity, as proven by our belief in making crypto trading easier.

6. Can you share CoinEx’s roadmap with us? In your view, what new trends will emerge in the crypto industry in the next five years?

Over the past five years, CoinEx has gained the trust and support of over four million users. In the next five years, we will remain grateful, strive to provide user-friendly crypto trading services and build a safe, fair and transparent investment environment.

We are fully aware that such ease of use is not achieved overnight. Rather, it requires continued effort over the long term. In the future, CoinEx will continue to improve its products and services to meet the crypto demand of users from more countries and regions. Meanwhile, we will also optimize our product mechanisms, operating procedures and visual guides to help all users discover the target function at once and trade/invest in crypto through the simplest steps. Furthermore, we will also adopt more robust security measures to respect our commitment to users.

We believe that as crypto becomes more widespread, the performance of blockchain infrastructures will evolve, which will help the industry support more users and large trading volumes. Meanwhile, the market will witness constant innovations and there will be increasing new mechanisms and applications in categories including DeFi, GameFi, DAO, NFT and Web3. Going forward, CoinEx will help more global users join the crypto space, seize market opportunities and witness a fresh new crypto future together.

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