Interviewee: Sonia, Global President of CoinW

Interviewer: Meteor, ChainCatcher

In 2017, a group of young Bitcoin believers gathered together, dedicated to changing the world with cryptocurrency, and CoinW was born.

Today, with the approval of Bitcoin spot ETF and traditional funds flowing in, the price of Bitcoin has reached a historic high, and the industry has entered a bull market again. CoinW is also celebrating its 6th anniversary.

For users, the choice of exchange during a bull market is quite important. As an "emerging international CEX" heading overseas, what are CoinW's views on the arrival of the bull market and the future of the cryptocurrency market? ChainCatcher conducted an exclusive interview with Sonia, the Global President of CoinW, focusing on regulatory compliance, industry layout, exchange landscape, and the cryptocurrency market.

Sonia joined CoinW as the Overseas Director in 2022 and was appointed as the Global President of CoinW in 2024, responsible for business growth, regulatory compliance, team operations, and brand promotion outside mainland China.

Before joining CoinW, Sonia founded a headhunting company, mainly matching talents for financial enterprises such as investment banks, funds, and venture capital firms.

After joining CoinW, Sonia led the project of appointing the Italian football superstar Pirlo as the global brand ambassador for the company at the end of 2023, to promote CoinW's overseas brand image and drive the mass adoption of digital currency.

During the interview with ChainCatcher, Sonia stated that CoinW currently does not have specific plans to sign more celebrities and will focus more on localizing in different regions.

Sonia believes that in the context of global regulation, exchanges in the future will pay more attention to compliance, and each exchange will become more specialized, competing for niche markets.

Looking Forward to the Bitcoin Ecosystem, Infrastructure, and AI in 2024

ChainCatcher: From what we understand, CoinW has always done well in betting on hot tracks. What's the secret?

Sonia: This is thanks to our team of research experts, who have undergone 6 to 7 years of experience in the industry, experiencing multiple bull and bear markets, and have a very deep industry sensitivity, able to discover narrative hotspots and tracks ahead of the market. For example, around December last year, we got involved in some hot inscriptions. We have also opened up special areas for other promising tracks, such as the Solana ecosystem, GameFi, and DePIN. In the future, we will also capture more listing trends to help users seize opportunities faster.

ChainCatcher: CoinW started supporting the BRC20 ecosystem early on. What was the consideration at that time? How do you think the BRC20 ecosystem will develop in the future? What new gameplay might emerge?

Sonia: CoinW's own research team is very sensitive to the industry's trends and control, especially for the long-term development of the Bitcoin ecosystem. In February last year, our research team paid close attention to BRC20, so after the BRC20 protocol was introduced in May, we actively followed the development of the entire BRC20 ecosystem. Not only BRC20, but also other inscription ecosystems such as DRC20, SRC20, are all under consideration for listing on CoinW. CoinW attaches great importance to the development of inscription ecosystems.

In early February, I attended the Satoshi Round Table conference in Dubai, where top global project parties, VCs, and crypto OGs participated. Many European and American project parties and VCs at the summit were very concerned about the BTC ecosystem, believing that the BTC L2 narrative is very valuable and has room for expansion. From these project parties and investors, I can also sense the industry's development direction. So we also strongly support the development of the BTC ecosystem community, as BTC has a very large community of miners and supporters, and its ecosystem narrative will continue to be hot.

ChainCatcher: What areas will CoinW focus on in the cryptocurrency market and tracks in 2024?

Sonia: With the approval of the Bitcoin spot ETF in 2024 leading to institutional participation, coupled with the speculation on Bitcoin L2, we are paying more attention to the Bitcoin ecosystem. The Ethereum ecosystem is also developing well, with DeFi TVL skyrocketing, and every DeFi outbreak in a bull market is basically led by Ethereum. Promising infrastructure L1 and L2, such as the Solana, Sui, and Arbitrum ecosystems, are also areas we will actively track and follow the development of projects. Currently, the Bitcoin ecosystem, infrastructure, and AI are all hot topics in 2024.

The Cryptocurrency Industry Enters the Era of Global Compliance

ChainCatcher: On the occasion of the 6th anniversary, CoinW recently signed football superstar Pirlo as the global brand ambassador to expand brand exposure. How did the two parties come into contact? What can Pirlo bring to CoinW? Will there be more similar marketing activities in the future?

Sonia: First of all, Pirlo is a veteran football star with a strong fan base. CoinW values not only his appeal and influence in the fan community but also sees frequent cross-border cooperation and empowerment between sports and cryptocurrency in recent years. We also need to keep up with the trend, as both sports and the cryptocurrency industry are challenging and competitive.

In terms of brand promotion, we also pay great attention to CoinW's communication strategy. For example, there will be some regional brand exposure, penetrating into areas that were not covered before. Currently, there are no specific plans to sign other celebrities, and in the future, we will focus more on localized brand exposure in various regions, as well as brand exposure at large international blockchain exhibitions.

ChainCatcher: How does CoinW generally communicate with regulatory agencies in different jurisdictions, serving users in multiple regions globally? Do you think global cryptocurrency regulation will be harmonized in the future? What kind of regulatory situation might arise? How will CoinW respond?

Sonia: Global regulation has always been advancing in an exploratory state, with various countries, regions, and governments striving to push forward regulatory progress, such as the penalties for Binance in 2023 and the recent approval of the Bitcoin spot ETF. From the perspective of regulation, the positive signals of industry violations and institutional regulation are all positive. There are also some international organizations such as the BIS (Bank for International Settlements) calling for a unified global regulatory framework. From our most frequent contact with stablecoins, CBDC systems, and AML, a globally unified regulatory framework is indeed the best way. Currently, many regions are trying to integrate the overall trend of regulatory frameworks, such as the MICA introduced by the EU, the digital currency license of UAE VARA, and the regulation of various tokens by the US SEC.

Overall, global regulation will definitely become more and more sophisticated. In Dubai, we are also actively communicating with the local VARA (Virtual Asset Regulatory Authority) to implement our business direction in line with regulatory trends. More importantly, we care about the requirements for AML, as cryptocurrency is no longer in the wild west era, so we are very concerned about the overall direction of compliance and regulation in the coming years.

ChainCatcher: CoinW has also stated that it will launch CoinW HK institution. What is the current progress? How do you view the cryptocurrency market in Hong Kong?

Sonia: Hong Kong has always been a region we want to actively develop. Last year, Hong Kong finally opened up the cryptocurrency licensing system, allowing everyone to apply for licenses, but there are still many challenges, including the recent trend of some license applicants withdrawing their applications. In terms of market size and structure, Hong Kong itself is a traditional financial center with inherent advantages, with a large amount of capital and many compliant institutions. ETFs and other financial products have great development potential in Hong Kong, so I think the only challenge is the local regulatory policies. It takes a process from policy tightening to opening up, and during this process, we need to communicate more with regulatory agencies. I believe that Hong Kong, as a veteran traditional financial center, has tremendous potential in the cryptocurrency industry, so we will spend more time promoting CoinW HK.

In the entire Southeast Asia or non-mainland China region, we will actively expand our business to more regions. For example, we recently entered into an exclusive partnership with a local compliant licensed cryptocurrency company in Taiwan, opening up a large amount of new Taiwan dollar fiat deposit channels, which is beneficial for gaining customer trust and stable growth. Not only in Taiwan, in the future, Malaysia and Thailand may also introduce corresponding licenses, and we will apply for licenses according to local requirements. License applications require joint efforts with regulatory authorities to achieve clear results.

The Future Competition of Exchanges Will Become More Specialized

ChainCatcher: CeFi is an important bridge connecting cryptocurrency and traditional finance. What advantages does CoinW have in terms of products and security?

Sonia: In terms of security, over the years, most exchanges that have closed down have mostly been due to internal issues or theft. The biggest pain point for exchanges is security, and our team's DNA is "technology." The founding team and most of the research team have backgrounds in technology and security.

In terms of security, this includes regular fund reserve reports, changing cold wallets, switching between cold and hot wallets, designing MPC multi-signature schemes, and using CC EAL6+ advanced security chips. From hardware to software to personnel layout, coupled with very strict control over systemic and non-systemic risks, we strive to achieve industry-leading levels of security. In addition, the team also specifically invites hacker teams to talk to us about "Attack" related to cryptocurrency. Our team also understands the most cutting-edge "Attacking Security" methods, so in terms of security, CoinW is very confident.

We have very strict KYC, KYT (Know Your Transaction), and KYA (Know Your Address) procedures, strict control, and multiple layers of checks. Security has always been the most important point for CoinW. Ensuring that customers do not lose money is the first step to success.

ChainCatcher: From what I know, compared to other exchanges, CoinW has not invested in many projects in recent years. What is the reason for this?

Sonia: Indeed, in terms of investment, our approach is different from other exchanges. Many exchanges use a market-making approach of "project + exchange" together. We believe that the main business of an exchange should be to provide secondary market liquidity and contribute to the large-scale adoption of the entire market. Through the exchange as an "Easy Gateway," we aim to bring more Web2 practitioners into the Web3 industry. Investment can only be considered as a gain for the exchange, not as the driving force of the exchange.

Currently, VCs are not the main force driving Web3 projects. Basically, tokens and users are the main drivers. For CoinW, this approach has the advantage of connecting users and allowing projects to benefit, rather than involving them in the market through VC investments. This is our philosophy that sets us apart from other exchanges.

ChainCatcher: With the approval of the Bitcoin spot ETF in the United States, traditional financial institutions are more likely to participate in the cryptocurrency industry. Some people believe that the emergence of spot ETFs allows some funds to invest in BTC without going through exchanges, which may take away the market share of exchanges. How do you view this perspective? Is it a challenge to centralized exchanges? Why?

Sonia: I do not agree with this perspective. I think these two are not mutually exclusive. The entry of traditional finance into BTC will certainly expand the market size. After the ETF approval, apart from some outflows from Grayscale, the funds from other ETF institutions are still net inflows. We see that most of the funds that cannot participate in cryptocurrency enter in a compliant manner, which is a very positive trend. In addition, the entry of institutions will increase the stability of the entire market. Institutions are different from retail investors; they focus more on long-term investments.

So, in terms of market stability, liquidity, and incremental value, the entry of traditional finance into cryptocurrency is a positive signal. I don't think it will take away our liquidity; rather, we are bringing the liquidity of traditional finance into the market.

For CEX, it will eventually transition to two main types: institutions and retail investors. Coinbase focuses on compliance, with its main business being institutional, and institutions will not trade in the liquidity pool of retail investors. Therefore, the entry of traditional finance will not affect retail investors. For example, in traditional finance, large investors do not go to traditional stock markets to buy; they have dedicated OTC businesses for that. Institutions and retail investors do not belong to the same pool, so they do not affect each other.

ChainCatcher: How will the landscape of exchanges change in the new market cycle?

Sonia: The future development of the exchange landscape can be summarized into three main trends: compliance, specialization, and globalization. The era of regulatory evasion has ended, and compliance will be the consensus of all CEXs.

Furthermore, in areas such as futures, ETFs, and spot markets, each exchange has its own strengths. Derbit excels in options; Coinbase dominates the US fiat and institutional markets; CoinW is dedicated to both the spot and futures markets. Currently, we are ranked around 15 on CoinMarketCap, and this year we will also strive to expand our new user growth, aiming to be in the global top ten. After all, in terms of the global market size, with 500 million users holding cryptocurrency wallets, CoinW still has a significant advantage in terms of products, including futures and investment products. Our simplified products, value-added services, and training services are significant drivers for attracting new users. Therefore, our approach is to "be present globally and specialize in business," leveraging our business advantages to position ourselves for the upcoming bull market.

Lowering the Barrier for Users to Enter the Web3 Industry

ChainCatcher: Looking back over the past 6 years, CoinW has achieved good results in terms of user data, trading volume, and coverage of countries and regions. The CoinW Academy has also led many users to understand and enter the world of cryptocurrency. What efforts has CoinW made for the large-scale adoption of cryptocurrency? What are the plans for globalization?

Sonia: Last year, we successfully launched the CoinW Academy, and cryptocurrency is also moving towards formalization and popularization. We have always believed that as a pioneer and active advocate in the industry, all of our business is based on the expansion and popularization of user knowledge. Especially in developing regions, we will introduce more opportunities for them to get in touch with cryptocurrency. This year, CoinW will also expand its offline business in Africa, South America, and Southeast Asia, actively communicating with institutions and even governments, and launching free blockchain offline training centers to provide face-to-face knowledge dissemination and even KYC to users, giving them more confidence to enter Web3.

Currently, there are approximately 500 million cryptocurrency users, with nearly 100 million new users added last year. The global plan for the next two years is to participate in the adoption of cryptocurrency by the next 1 billion users. In this process, CoinW will have many development opportunities, focusing on training and disseminating knowledge to increase user numbers. Last year, we signed many top KOLs overseas, which greatly enhanced our brand promotion and recognition. From this year to next year, as a rising star internationally, CoinW will make a significant contribution to the growth of cryptocurrency users.

ChainCatcher: In the current market, the dominant atmosphere is optimistic, with most investors believing that the bull market is coming. How do you view this optimistic sentiment? In which stage of the market cycle do you think we are currently? How will the future market unfold?

Sonia: As an exchange, we need to turn investors' positive sentiment into motivation. On the one hand, we are already very confident that the bull market has arrived (in fact, it has been a bull market since the ETF approval). There are still many focal points to come, such as the Bitcoin halving, more off-exchange liquidity, the gradual reduction of interest rates in the United States, and reduced inflation. We have experienced a liquidity shortage from monetary tightening to monetary easing. Therefore, including various ETFs, liquidity inflows, and the promotion of asset value growth, will double the cryptocurrency market value in the next two years.

Web3 Recruitment Should Break the Norm

ChainCatcher: You once founded an elite recruitment company and have rich experience in personnel recruitment. A LayerZero executive mentioned in our interview that currently, many outstanding talents in the Web2 field have biases against the Web3 industry, hindering talent from joining this industry. Have you experienced this in your work? What are the similarities and differences between recruiting in the Web3 field and other industries? As an executive with extensive experience in the recruitment industry, do you have any suggestions for recruiting in the Web3 industry?

Sonia: Indeed, the crypto industry has gone through a long process from being considered a grassroots industry to becoming a formal one. Our predecessors in the industry have made significant contributions. The compliance and competition in the crypto industry will definitely come from talent. For many regions, recruiting qualified Web3 talent can indeed be challenging, so we need to bring in talent from Web2 and have them bring in more experience. Personally, as someone who successfully transitioned from Web2 to Web3, I can also see traditional finance industry professionals from banking and consulting slowly transitioning to Web3.

However, talent obstacles are also limited by region. Overseas, for example in the Middle East, they are doing very well, focusing on supporting the cryptocurrency industry, which is very beneficial for attracting and converting talent. Of course, this is closely related to the support of the local government. Government endorsement will encourage more people to enter the crypto industry. So, it's not just the industry; the government also needs to keep up with the latest trends and make more contributions.

In my opinion, recruiting for the Web3 industry does not need to focus too much on industry experience. About 80% of my team members have no Web3 experience, and what I value more is their shining points in Web2. In fact, there should be no barriers in Web3 industry recruitment. I also don't focus on recruiting outstanding university graduates; the ability to solve problems is the priority. Web3 recruitment should break all the traditional industry recruitment norms, just like Musk, who never looks at which university a candidate graduated from.

ChainCatcher: You are also one of the few female executives in the CEX industry. Can you give some work advice to female professionals in the crypto industry?

Sonia: The crypto industry should not have gender and age restrictions for professionals. Regardless of gender, the ability to get things done is the most important. There are fewer female professionals in the crypto industry, partly because crypto is a technology-driven industry, similar to how there are more men than women in IT. Now, we are slowly seeing women taking the lead in areas such as marketing and branding, so the division of labor and capabilities are different. As the industry expands and becomes more specialized, we will see more women entering this industry.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。