In this insightful interview, we delve into the journey and achievements of Coinstore, a leading cryptocurrency exchange in Asia with a global presence. Over the past three years, Coinstore has solidified its position in the market, boasting a diverse product lineup that caters to the evolving needs of traders and investors. Notably, its flagship product, Launchpad, has emerged as a cornerstone, witnessing remarkable oversubscription rates and contributing significantly to Coinstore’s growth trajectory.
Join us as Manfred Chew, the associate director of Coinstore, explores the exchange’s milestones, strategies, and plans, providing valuable insights into its role in shaping the digital asset landscape.
TheNewsCrypto: Coinstore just turned 3 last December, can you introduce some important achievements Coinstore has made during the past 3 years?
Manfred Chew: During the past 3 years, Coinstore has created 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 has become the core product for Coinstore, and 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.
TNC: As Coinstore prepares to introduce a range of new offerings, prioritizing security and compliance as fundamental aspects of its service, how does it intend to protect users’ assets and maintain its reputation?
MC：Asset security is our top priority. 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. In terms of compliance, 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.
TNC: What proactive steps are taken by Coinstore to navigate and overcome regulatory obstacles when bridging the gap between cryptocurrency and traditional financial systems?
MC: 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.
TNC: Can you introduce the “Finding the Future Alpha” forum? What triggers you to launch this forum?
MC: Glad to introduce. You know Solana is becoming popular now. Solana has attracted a significant influx of users and capital, breaking through a market capitalization of $90 billion and becoming one of the top 5 cryptocurrencies by market value. Therefore, Coinstore and Jsquare will jointly host the “Finding the Future Alpha” new public blockchain forum, gathering top global capital, public blockchains, exchanges, KOLs, media, and other resources to collectively explore topics related to traditional and new public blockchains. The forum focuses on the current state and future of new public blockchains, seeking more possibilities for the future ecosystem construction of new public blockchains.
TNC: Can you introduce the “Premiere Brand Conference”?
MC: Our brand conference will gather over 500 crypto entrepreneurs, investors, experts, and famous KOLs in Dubai. It will be a collision of top crypto minds.It will bring unique industry perspectives and discuss the latest industry trends, including BTC ecosystem,the development of L2, and the opportunities and challenges of public chains through the industry’s celebrity forum.
Over 100 global top media will broadcast the meeting at the same time. Coinstore will live stream the conference on its own channels, CS Live and Youtube to provide audiences worldwide with access to the latest information.
TNC: Is there any big news you will release in your brand conference?
MC: Yes, we will announce two big news at this conference. The first one is about our Launchpad. We will launch the IEO 2.0 product soon. By introducing IEO 2.0 product for innovative and promising projects, Coinstore aims to facilitate the development of blockchain projects, thus listing tokens that will maximize users’ profits.
In addition, We will announce the brand ambassador recruitment program to spread the brand with famous crypto industry KOLs.Cooperation with KOL has always been an important strategy in Coinstore’s development. Before, We had been working with over 400 KOLs to launch live streams including Coinstore X Space and CS Live.
TNC: Given Coinstore’s focus on selecting high-quality assets and launching premium projects on Launchpad for the benefit of its users, what notable milestones or achievements has Launchpad, Coinstore’s flagship product, attained since its inception?
MC: Since its launch, Launchpad has gradually become an important product line for Coinstore and has brought a lot of benefits to our users. To date, Launchpad projects have seen an average IEO subscription rate of 3622.87%, with the best-performing project, SOIT, yielding an astounding 27.75x ATH (All-Time High) investment return. Project CNT and INVT also reached 26.05x and 22.52x ATH investment returns.The Coinstore Prime board has nearly 20,000 participants with an average gain of over 1,170%, and IEO’s Star up board has a total of 25 projects live with nearly 50,000 participants.
Another good news is we are going to launch IEO 2.0 product to pick up more high-quality projects.
TNC: 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?
MC: 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.
TNC: So as part of the most steady operated exchange, Coinstore has come a long way in the blockchain industry! How do you see your party contributing healthy vibes to the markets or empower the blockchain ecosystem?
MC: Great question, when you mention about contributing healthy influence I have to bring up the Cryptalk.
Coinstore’s Cryptalk events have emerged as a beacon of knowledge and collaboration within the cryptocurrency community. These conferences convene industry leaders, enthusiasts, investors, and key opinion leaders from around the world to explore the latest trends, regulations, and developments in the ever-evolving world of digital assets. With a global perspective, Cryptalk provides a stage for thought leaders to share insights, discuss regulatory advancements, and delve into the latest innovations driving the blockchain and cryptocurrency sectors. The event’s emphasis on education underscores Coinstore’s commitment to fostering a healthier and safer crypto ecosystem. Through sessions that illuminate the importance of standardizing digital assets and adhering to regulatory criteria, Cryptalk equips attendees with the tools to navigate the dynamic crypto landscape. To date, Coinstore has held more than 100 conferences in total, covering countries such as Colombia, London, Thailand, Russia, the Philippines, Malaysia, Vietnam, and many more.
TNC: Bitcoin halving is expected to occur in mid-April this year. How do you think this cycle is going to impact the crypto market?
MC: Bitcoin halving is a big event in the crypto industry. Bitcoin has gone through three halves since the Genesis block. The first halving was on November 28, 2012, the second halving was on July 9, 2016, and the third halving was on May 12, 2020. After the third halving, the block reward was adjusted to 6.25 BTC and everyone witnessed the historic moment when Bitcoin was halved. The 4th halving is expected to happen at the end of April 2024, and the mining reward will drop to 3.125 BTC / block.
By analyzing the data from the first three halving, it was concluded that there is a correlation between halving and the Bitcoin bull/bear cycle
TNC: The RWA concept has been very hot recently. What do you think about its future development?
MC: 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.
TNC: Meme coins always create a wealth effect. More and more people join the crypto market because of the price increase of Meme coins. Do you think it is just a short-term trend?
MC:This is a very interesting topic. We live in a ridiculous world, and this absurdity only inspires more interesting memes. The crazier and scarier the world becomes, the funnier the memes get, and we need them more than ever. In internet culture, there is nothing more central than memes. Because cryptocurrency is essentially an internet currency, why wouldn’t memes be equally crucial to cryptocurrency?
For us, it makes sense that they often dominate the conversation and imagination of market participants. The market is essentially a meme, constantly driven by the most notable narratives of the day, week, or year. Cryptocurrencies simply elevate this situation to another level. We have spent a lot of time in this industry discussing why things have value and how to measure the value of these assets. Why is a token valuable? Ultimately, it is just a collective belief, and people believe in memes. We grew up in memes, understand them, and cherish them. They are important to us.
TNC: With the surge of Meme, the prosperity of DeFi, the development of Solana cannot be ignored. Some people even compare the development of the BTC and Solana ecosystem with the previous round of ETH and BSC development.How will Eth Laryer2 compete with Solana?
MC：The biggest problem with L2 solutions such as Arbitrum, Optimism, and zkSync is that they have relied too heavily on the path set by Ethereum L1’s DeFi ecosystem.
In regards to how they will compete with Solana? The most important thing is to open up new narratives. Focus on breakthroughs in Web3 games, AI, and Depin. We also hope that developers will not create old wheels and work hard to open up new battlefields. If all else fails, developing Depin vigorously is also a path.
The breakthrough of Solana is a good demonstration for Arbitrum, Optimism, and zkSync, and it is about learning rather than looking down upon.
The Ethereum ecosystem should also thank the innovative breakthroughs on BTC and Solana. Without this kind of “shark effect”, the Ethereum network would be too comfortable. The stimulation from the BTC and Solana ecosystems is enough to attract the attention of the Ethereum community. The most important thing is not to look down upon or be hostile, but to learn from the breakthroughs of other ecosystems. Only in this way can we continue to move forward. Ethereum has experienced multiple FUDs in history, and we believe in the resilience of Ethereum ecosystem developers and communities.
TNC: Runestone’s floor price climbed to 0.065 Bitcoin (BTC), equivalent to about $4,505, an increase of 33.2% in 24 hours. This jump has brought Runestone’s market value to $506 million, surpassing BAYC’s $411 million, becoming the second largest project in the NFT market. Why can Runestone’s market value exceed BAYC?
MC：Perhaps the main driving force comes from the Runes protocol’s strong performance that exceeded market expectations.It is expected that the Runes protocol will be officially launched on the mainnet later this month as the Bitcoin halving event approaches. As the “singularity” of the Bitcoin ecosystem’s “big bang”, Casey’s influence is unmatched in the entire Bitcoin ecosystem, and the Runes protocol itself has a strong consensus. The Runes protocol itself carries a strong consensus foundation, and as this consensus continues to strengthen, the increase in asset value has become a market consensus.
TNC: For a new user, when walking in the dark forest of the crypto world, what kind of security advice cannot be ignored?Can you share?
MC： 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, and 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.
TNC: What do you think of the combination of AI and crypto? Can it really beat Google?
MC: 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 audibility 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.
TNC: We can see more and more events are being held in Dubai, what are the advantages of Dubai to develop Web3?
MC: There are several advantages.1. Zero tax rate: zero tax rate, zero personal income tax, zero corporate income tax “The applicable tax rate for enterprises with annual net profits not exceeding AED 375,000 is 0%.” This means that once a token enters the open market, even if the token does not generate income, taxes will still need to be paid.” 2. Superior geographical location: Web3 is naturally globalized, and the United Arab Emirates is located in the East 4 time zone. The time difference with Europe, the United States, and Southeast Asia is indeed relatively friendly, and it is also very convenient to travel to various parts of the world for business. Dubai is ideally placed as a business hub and connecting markets in the Middle East, Asia, Europe and Africa. 3. Clear regulatory regulations and open policies: It is highly receptive to the Crypto industry and has issued relevant policies many times. The regulatory framework is clear, the policies are open, and visa processing is simple. “Compared to Singapore, the United States and other places, Dubai visa application is very convenient.”
TNC: With the prosperity of Solana and its low transaction cost,how will Ethereum’s Layer 2 solutions compete with Solana?
MC:The biggest problem with L2 solutions such as Arbitrum, Optimism, and zkSync is that they have relied too heavily on the path set by Ethereum L1’s DeFi ecosystem. However, L2 has its own unique characteristics and should pave the way for applications with higher performance demands.
How to compete with Solana? I think the most important thing is to open up new narratives. Focus on breakthroughs in Web3 games, AI, and Depin. We also hope that developers will not create old wheels and work hard to open up new battlefields. If all else fails, developing Depin vigorously is also a path.In addition, Arbitrum, Optimism, and zkSync also need to tilt their most valuable economic support (tokens) towards new track projects and developers. The L2 ecosystem has a latecomer advantage in token economics and can design better ecological incentive plans than previous public chains.
The breakthrough of Solana is a good demonstration for Arbitrum, Optimism, and zkSync, and it is about learning rather than looking down upon.
I understand that Coinstore has always been supporting industry development. Can you explain more details?
MC: Of course, Coinstore is not only a commercial company, but also hopes to have a profound impact on the industry and society.In the process, Coinstore firmly believes that blockchain technology will create a fairer world, and is committed to providing better tools for society so that they can master the power of Web3.
Therefore, Coinstore actively published Cryptalk and CS Connect events.To date, Coinstore held more than 30 Cryptalk, 15 CS Connect, and 15 Expo conferences. The events build bridges between inside and outside the industry. It attracted active participation around the world and received a warm welcome.
Finally, as we conclude this interview for today, could you please share some of the future plans and strategies that Coinstore is preparing?
MC： 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.
