Welcome to our latest blog post where we dive deep into the world of cryptocurrency and blockchain technology. Today, we’re excited to share exclusive insights from our recent interview with James Toh, the Global Head of Business Development at CoinStore. With his extensive experience and expertise in the crypto space, James provides valuable perspectives on the current trends, challenges, and future prospects of the industry.
1. Coinstore just turned 3 in the last December, can you introduce some important achievements Coinstore has made during the past 3 years?
James Toh: During the past 3 years, Coinstore creates a robust product lineup that includes spot trading, over-the-counter (OTC) services, Launchpad, wallets, staking (Earn), futures and derivatives, and Labs. As of November 2023, Coinstore has over 5 million registered users,covering over 175 countries and regions, with Indonesia, India, and Nigeria being the target markets. Launchpad becomes the core product for Coinstore, the average oversubscription rate has achieved 357.57%. With the fast development ,Coinstore strongly confirms the expansion in emerging markets with anticipation of surpassing 10 million users by 2025.
2. What proactive steps are taken by Coinstore to navigate and overcome regulatory obstacles when bridging the gap between cryptocurrency and traditional financial systems?
James Toh: I would say asset security is our top priority to provide a safe and secure environment for our users to trade. To ensure the safety and financial security of user assets, we have invested heavily in state-of-the-art security infrastructure and undergo regular third-party audits. Our technical team has recovered assets lost due to user errors to ensure the safety of users’ assets.
Besides the technical part, compliance is another part that must be mentioned. Coinstore contacts, discusses and cooperates with local regulatory agencies in major target markets to help them understand blockchain technology and cryptocurrency, and at the same time actively cooperates with local regulatory agencies to build relevant regulatory frameworks. We are committed to becoming the most trustworthy and secure trading platform in the world.
3. I just heard you discussing Launchpad achievement. We’ve noticed that many trading platforms offer IEOs. Could you explain the differences between Coinstore’s IEO products? And what advantages do Coinstore’s IEO products have over those of its competitors?
James Toh: Absolutely, it’s true that most trading platforms offer IEO products, and it’s a significant aspect of many exchanges’ operations. Coinstore has been curating high-quality assets for its users since the launch of its IEO products, and it has become a favorite among our users. Today, Launchpad stands out as a star product for Coinstore. When it comes to differentiating our IEO from competitors’, I believe there are advantages in two key areas: screening and service.
In terms of screening, Coinstore employs a rigorous process involving multiple layers of evaluation and expert assessments to bring high-quality assets to our users. This approach has been instrumental in Coinstore’s success, particularly during challenging market conditions.
Regarding service, Coinstore provides dedicated support for onboarding assets. We have a specialized team to offer one-on-one assistance to projects, aiding in their overall listing, marketing, and operations. This level of personalized service is a crucial factor in Coinstore’s success as a trading platform.
4. The RWA concept has been very hot recently.What do you think about its future development?
James Toh: I expect RWA to continue to develop steadily.From the perspective of market supply and demand, RWA assets will compete with native crypto assets. In the context of high interest rates, US Treasury products with strong consensus and considered risk-free assets will still be core.Meanwhile, more and more traditional financial institutions are exploring the direct issuance of assets on public chains, accumulating practical cases and legal regulations through repeated experiments and practices, and ultimately bringing compliant financial assets onto the chain. As one of the fields that is sensitive to cost and efficiency, the financial industry will continue to iterate existing technologies and gradually enter a new generation of capital markets, and derive new ecosystems and market structures under the attraction of the advantages of blockchain.
5. For a new user,when walking in the dark forest of the crypto world,what kind of security advice that cannot be ignored?Can you share?
James Toh：Security is a topic that cannot be ignored. When walking in the dark forest of the encryption world, I hope that everyone can cultivate both internal and external skills. On the one hand, they can learn to analyze investments rationally and objectively, distinguish the pros and cons of projects, and be non-impulsive, blind, and greedy; On the one hand, you must also protect yourself, choose a good trading platform,like Coinstore.Participate in good projects, be in a safe investment environment, and be cautious in transactions, and do not leak any information about private keys, mnemonic phrases, etc.; finally, it is best to distribute assets management, don’t put all your eggs in one basket.Hope we can all get good returns.
6. What do you think of the combination of AI and crypto? Can it really beat Google?
Answer: Cryptocurrency can be perfectly combined with AI because transparent global human coordination is the foundation of this movement, which can benefit humanity worldwide through the use of artificial intelligence. By crowdfunding (using cash or GPU) to create and fine-tune open-source models, anyone can audit in real-time whether there are biases or issues in the models, which is the safest way to move forward in the world of accelerated artificial intelligence development.
Cryptocurrency and AI are a perfect combination, with the cornerstone being auditability of the most powerful technology, community ownership, and community direction. Whether it’s using everyone’s GPU to train models and give them ownership in the model, DeFi and smart contracts utilizing AI to expand their capabilities in their use cases, or AI tailored specifically for you, this match makes logical sense.
7. Finally, as we conclude this interview for today, could you please share some of the future plans and strategies that Coinstore is preparing?
Answer：Over the past three years, Coinstore has made remarkable progress during the bear market and has become one of the fastest-growing trading platforms in 2023. We adhere to the philosophy of “long-termism” and strive to provide users with a secure and reliable trading platform while contributing to the industry in a down-to-earth manner. In terms of user base, we aim to make cryptocurrency accessible to more people, and we expect the number of users to exceed 10 million by 2025. Our goal is to establish Coinstore as a world-class digital asset exchange.
Lastly, since its inception, Coinstore has always adhered to a noble mission and set of values, striving to become a world-class digital asset exchange. We approach every challenge presented by our users, partners, and the industry with passion and determination. Coinstore is committed to “global compliance” and has carefully planned a robust product lineup, including spot trading, OTC, Launchpad, wallets, Earn, contracts, Web3, and more. We aim to become a comprehensive cryptocurrency trading platform, offering a one-stop solution for our users.