The year 2021 marks an important milestone in the history of cryptocurrency. In 2021, the cryptocurrency market has captured the attention of traditional investors. From PayPal supporting Bitcoin through NFT auctions at auction houses like Christie’s and Sotheby’s to the explosion of metaverse and GameFi assets, digital assets have slowly captured the attention of all walks of life. The association and bull market continues to also provide incredible returns for veteran investors in the crypto space.
For investors, there is no such thing as an easy profit in the cryptocurrency industry, which is an immature market frequently affected by state regulations and volatile factors. determined. Therefore, not all investors are lucky enough to enjoy the benefits of crypto assets. For example, they can suffer huge losses due to hacked DeFi contracts, hacked exchange funds, shitcoins, etc.
CoinEx, a cryptocurrency exchange founded in 2017, has stood the test of time and built a good reputation. In the four years since its inception, the exchange has registered a remarkable track record, which pleases its loyal users and has attracted many crypto beginners. .
From a mining pool to a cryptocurrency exchange
Talking about CoinEx, we should first talk about ViaBTC Group and ViaBTC Pool. ViaBTC Group was founded by Haipo Yang, a young entrepreneur who started working with Bitcoin in 2011. Mr. Yang’s experience as one of the earliest Bitcoin investors and supporters also laid a solid foundation. sure for the crypto startup he built later.
In 2016, Mr. Yang started developing a mining pool called ViaBTC, which was launched just two months later. At the end of December 2017, he founded a cryptocurrency exchange called CoinEx.
CoinEx was founded during the height of the Bitcoin bull run in 2017, but it was not a good time. As the crypto sector went into a bear phase in 2018, many startup teams failed and only a few survived. The fact that CoinEx is still active to this day proves its special power. Four years later, CoinEx has built a broad product range, including spot trading, contract trading, finance, margin trading, AMM, and mining. With support for multiple languages, the exchange has now become a global provider of all-inclusive cryptocurrency services.
Strengths of CoinEx
From 2017 to 2021, many exchanges went bankrupt or ran away. In this regard, many crypto users wonder what drives CoinEx to continue to grow. All in all, CoinEx’s success is supported by the following factors:
1. Excellent technology team
At their core, cryptocurrency exchanges provide two basic services: asset custody and trading. At the heart of all exchanges, these two services are based on technology, which is paramount in the crypto space. We know that many famous exchanges have been hacked. While all of those exchanges compensate their users for those hacked cryptocurrencies, such incidents indicate weak security awareness, poor management, or inadequate technical competence. enough.
Founded in 2017, CoinEx is backed by the team from ViaBTC Pool, independently built by CoinEx founder Haipo Yang within three months, and has been running stably to this day. That explains his technical prowess. Meanwhile, CoinEx has never suffered any security breach since its inception. From all of the above, we have every reason to trust CoinEx’s technical and internal management.
2. CoinEx’s Commitment to Products and Services
Although the technical and security capabilities of a cryptocurrency exchange are building the foundation for its services, users are more concerned with the ease of use of its functions, the usability of the new attractive features and the quality of the tokens listed on the platform. In this regard, CoinEx keeps up to date with market trends and continues to provide functions that attract users.
CoinEx used to only offer spot trading in the early days. To meet the trading needs of different users, CoinEx now also supports contract trading, margin trading and financial products. In addition, CoinEx prioritizes user experience. For example, CoinEx has perfected functions such as Take Profit & Stop Loss and PNL Analysis. At the same time, CoinEx has applied strict screening criteria for the quality of tokens listed on the exchange to ensure that users can benefit from valuable cryptocurrencies.
3. Empower CET to Benefit CoinEx Users
CET is a platform-based token issued by CoinEx in 2018. CET holders can enjoy many benefits in the CoinEx ecosystem, such as transaction fee discounts. In addition, CoinEx has also implemented a plan to buy back and burn CET. The exchange spends 50% of its fee revenue buying back and burning CET every day, which makes it deflationary. Therefore, as the volume of users’ transactions increases in the event of a bull market, the number of CETs burned will also increase, which underlies the price. In the meantime, CET holders can profit from rising token prices.
According to current figures, since the beginning of 2021, the price of CET has increased by about 10 times. While it is outpacing most mainstream cryptocurrencies, CET has also gained a lot of attention from crypto investors.
4. Build a global presence
CoinEx is one of the few mainstream exchanges that has built a global presence. To provide services to users around the world, the exchange has been planning its global expansion since day one.
Relying on its strong operation and maintenance team and deep expertise, ViaBTC has been serving global miners for many years. In fact, many ViaBTC miners are also CoinEx users, which is one of the driving forces behind CoinEx’s pursuit of global fame.
Currently, CoinEx has made a remarkable achievement in its globalization process. The platform currently supports multiple languages and provides 24/7 service. It already has a strong foothold in markets such as Southeast Asia, the Middle East, South America, Japan, Korea, and Russia.
5. Growing CSC Public Chain Ecosystem
In 2021, crypto inventions like DeFi, GameFi, metaverse, and NFT caused a crypto boom, presenting both opportunities and challenges for CoinEx. For example, the advancement of DeFi has made it more difficult to run a centralized exchange. Furthermore, new crypto technologies have also impacted the business of cryptocurrency exchanges, thus, changing the market landscape.
CoinEx has long been aware of the challenges posed by DeFi, so they decided to develop their own ecosystem through CoinEx Smart Chain (CSC). As a high-performance decentralized public chain that supports EVM, CSC features fast transactions, low transaction fees, and compatibility with EVM (Ethereum Virtual Machine). With CET as gas, the public chain allows developers to build their own decentralized applications on top of the blockchain.
Amid the DeFi boom of 2021, CoinEx has also pursued investments in DEXs, lending and borrowing, aggregators, DAOs, and cross-chain bridges, and sought to incorporate these emerging sectors into CSCs. Right now, CSC has launched its mainnet and introduced the CSC Global Hackathon Foundation and a series of DApp enablers to provide funding and marketing support for outstanding projects. This comprehensive incubation process has also attracted a lot of first-class developers and loyal crypto users and brought life to the public chain.
Conclude
Faced with the stiff competition of the highly cyclical crypto market, only the strong that can withstand the test of bull and bear markets can last long. This is especially true for exchanges that serve crypto users. Experiencing a period of bulls and bears, CoinEx has achieved sustained growth over the past four years based on its cryptocurrency platform and strong capabilities. The exchange’s long-term commitment is also a major factor in its success.