Customer welfare comes first over chasing trends — interview with CoinEx’s CPO

On the eve of the holidays we spoke with the CoinEx Chief Product Officer GiGi about the exchange’s plans for the coming year.

She told ForkLog about the principles the exchange follows when launching services, changes to the platform’s security system, and preparations for a bullish market.

ForkLog: Tell us about yourself. How long have you been in crypto? Why did you choose CoinEx?

GiGi: I first encountered cryptocurrencies in 2013. At that time the industry was just taking shape and was quite chaotic.

In 2017 I was fortunate to meet CoinEx founder Haipo Yang. I was inspired by his sincere interest in Bitcoin and his conviction that the first cryptocurrency would have a significant influence on the financial world. We found common ground, and I eventually joined the CoinEx team.

ForkLog: So is it all about Haipo’s charisma?

GiGi: Not only! CoinEx has many advantages, but I would especially highlight the team. When evaluating a financial product, one must always look at the people behind it.

The core aim of CoinEx remains unchanged — to provide as many people as possible with simple and convenient tools to participate in the crypto industry. I believe that it is precisely thanks to this approach that the exchange not only survives but thrives in a highly competitive environment.

It is also worth noting that CoinEx supports more than 200 blockchains. Frankly, managing the exchange’s assets is a very complex task, not least because of the need to maintain a large number of nodes.

ForkLog: But the exchange is not limited to the set of supported cryptocurrencies…

GiGi: Of course, and we offer a wide range of products, but I would like to highlight our automated market maker, which uses the pricing mechanism called CPMM. Users contribute to the pool two kinds of assets, and the AMM regulates their quantities according to a fixed formula to provide liquidity irrespective of market depth.

Another standout CoinEx product is the fast exchange service for cryptocurrencies and tokens Swap. It tackles some of the main pain points for exchange users — greatly simplifies trading and helps avoid slippage. Instead of wrestling with complex settings, our clients can swap assets in a matter of seconds.

ForkLog: Why did you decide to launch these particular products?

GiGi: Compared with other exchanges, CoinEx is fairly conservative in launching new features. This is one of our core values — to respond to user needs rather than maximise profits.

When deciding to launch a product we consider three factors: does it solve a client problem, will it pose risks for users, and does our team have everything we need to develop it successfully.

For example, structured financial products offer high returns but also carry very high risks. They require resources to manage assets within the company or to transfer funds to a third-party platform. In the end, a user may not only fail to profit but may lose money. We thoroughly assess these aspects before finalising decisions on financial instruments.

We recognise that the key client needs remain safekeeping and transfer of digital assets, so we continually improve and optimise all related processes.

ForkLog: Doesn’t this contradict the very spirit of the industry — dynamic and ever-changing?

GiGi: The welfare of customers matters more than chasing trends. On this, CoinEx stays true to itself: whenever new directions arise in the industry we always assess their prospects.

If a trend looks long-term, we ask ourselves simple questions: will our users understand the product? Is it truly needed by customers?

This was the case with the automated market maker, which became a milestone in the success stories of decentralised exchanges like Uniswap. We decided that it was valuable for users and for providing liquidity on the platform.

As a result, CoinEx added AMM to its product lineup, becoming the first centralised exchange to offer such a service to its clients.

ForkLog: Is restraint in choosing and launching new solutions the guiding principle of CoinEx’s product department?

GiGi: The value of our brand is “the user comes first.” And we always ensure that the development, updating and deployment of products align with this philosophy.

For example, when deciding on listings we carefully study the assets offered on the market to select the highest-quality ones. Experts consider the product’s innovativeness and technological sophistication, the team’s experience, the reasonableness of the token’s economic model, its popularity in the community, and other factors.

When developing any product we work through negative scenarios that CoinEx clients may face. Our aim is not to add new features blindly, but to improve the user experience.

ForkLog: In September hackers breached the exchange’s hot wallets. CoinEx responded promptly and promised 100% compensation to affected users. What has changed in the platform’s security since then?