|
Coinnice is an emerging digital currency exchange. Founded in August 2014, it received angel investment of US$1.8 million from overseas investors. On June 18 this year, Coinnice was officially launched. As an emerging exchange, Coinice was very ambitious when it first went online. Recently, Coinice is preparing for the spot and futures competition to be held on November 1st. The first prize for spot trading is 100,000 yuan in cash, and the first prize for futures trading is a Tesla worth 1.2 million yuan. As for the domestic market, there are currently several major exchanges. How many innovative points can emerging exchanges break through the current trading mechanism is the key to survival. Xu Haifeng, the founder of Coinnice, has been paying attention to Bitcoin since 2013. Initially, he was just a user of the trading platform. He believed that the current exchanges did not meet the needs of investors. Therefore, he founded Coinnice, focusing on futures trading, highlighting several innovations: real-time settlement of profits, rolling delivery, transaction extension, stop-profit and stop-loss, market maker system, etc. In addition, in order to prevent coin loss, CoinNice is the first digital currency exchange to apply the enterprise version of Bitcoin Wallet. Recently, Xu Haifeng, founder of CoinNice, shared with Babbitt Information the innovative attempts and future plans of this emerging digital currency exchange.
8btc: For digital currency trading platforms, the following are the things that are criticized or make users feel uneasy: whether the reserve is public, whether the platform will run away, and what to do if the platform runs away. In general, users are worried about the safety of their own coins. In the digital currency industry where the supervision is not yet complete, how to ensure security issues? On the one hand, the security construction of the trading platform itself, on the other hand, what to do if the platform runs away? How can users trust a new platform? Xu Haifeng: Coinnice promises to all coin friends to make the reserve public, and also to make public the balance of users' assets, including RMB, BTC, and LTC accounts. We will not use a single cent of users' money. As for users' assets, our trading platform has neither ownership nor right to use them, but only the right to manage them. Misappropriation of users' assets is a crime and a loss of moral bottom line. We have decided to officially disclose the coin deposit address information in December, and will announce the asset information of related accounts on public platforms such as Weibo, WeChat, QQ groups, and websites every day. We will conduct routine audits on users' asset information every month. In order to save costs (generally, large-scale audit companies charge millions of dollars for one audit, and small and medium-sized audit companies also charge tens of thousands to hundreds of thousands of dollars), and to reduce unnecessary costs, we will consider implementing internal audits and inviting influential celebrities in the Bitcoin circle and Bitcoin friends recommended by everyone to serve as supervisors. We will make all processes and information public. Regarding the issue of new platforms running away: our analysis shows that most of the companies that ran away have no commonality: the profit point is far from enough to support the normal operation of the company. Coinice has its own clear profit-making services, including a futures trading liquidation fee of 0.03%, a futures extension fee of 0.01%, a spot financing fee of 0.08% per day, a 15% direct profit share, etc. Regarding the company's operating costs: the company currently has more than 20 employees, and the actual operating costs are about 200,000 to 300,000 yuan per month. If calculated based on futures trading fees, a daily trading volume of approximately 15,000 coins (1,850 yuan/coin) can cover this operating cost. OKcoin's average daily futures trading volume is about 200,000 to 300,000. We only need to reach about 5% of OKcoin's trading volume to meet daily operating expenses.
Some of the large-scale promotional activities we organize have an annual budget of nearly several million, which is actually equivalent to returning part of the fees collected, providing benefits to the majority of investors and enthusiasts, better promoting the healthy development of the market, cultivating the enthusiasm of new coin friends and improving the good atmosphere in the currency circle. Regarding users' concerns about the security of coins: First of all, we have a reserve disclosure mechanism. The addresses where users deposit coins are publicly operated and the account balances are audited monthly. Coinice also advocates that major trading platforms and major financial institutions in the industry jointly establish a Bitcoin central bank to implement a Bitcoin custody mechanism, and the institution will supervise and manage users' assets. I hope everyone can actively respond and make suggestions, and work together to find a more reasonable solution to the current problems facing Bitcoin. Regarding the question of how to gain the trust of users of a new platform: Bitcoin itself is a new thing, and since Bitcoin is a new platform, it is basically starting from scratch. Of course, we will continue to listen to the voices and demands of users, and continue to strive towards a common ideal destination. We don’t just talk but do nothing. To gain the trust of users, the first thing is to be able to stand the test of time and the recognition of users. On this road, we will continue to explore more rationalized paths. A journey of a thousand miles reveals the strength of a horse. Time will tell if a person has a heart!
8btc: The platform was created in August 2014, why has it not been officially operated? What did the entire team do during the period from August 2014 to June 2015 when it was officially launched? Xu Haifeng: We did register Grape Technology in August 2014, and coinice.com was the domain name registered in June 2015. The platform started to be developed in June 2014, because all the development codes of the Coinice platform belong to原创开发of Coinice, especially the matching engine part, which can better guarantee the purity,可修改性and安全性代码的纯洁性. The difficulty and workload of secondary development are obviously different from other platforms in the industry that directly purchase codes. We also made a lot of business innovations in this process, including real-time settlement of profits, rolling delivery, transaction extension, stop-profit and stop-loss, market maker system, etc.! We entered the internal testing phase in January 2015, and entered the official public testing phase on June 18. All parts of the website are undergoing secondary development, including the third iteration of the matching engine.现货新撮合引擎will be officially launched in early November 2015, the futures part will be officially launched in mid-to-late November, 12初融资融币, and the financial management section nice宝will be officially launched in mid-December. At the same time, nice直盘模块will also be launched in the near future. Please continue to pay attention.
8btc: When I talked to you before, you mentioned that you wanted to inject funds from outside the circle. How will this be implemented? What attempts have you made in the popularization plan? Xu Haifeng: Bitcoin spot and futures trading, as one of the investment methods, will gradually gain favor and recognition from traditional investors. Bitcoin has a greater comparative advantage. We believe that Bitcoin will gain a larger market share in the future. The bigger the pool, the bigger the boat. We are willing to welcome a better tomorrow. Here is a list for comparison:
Promotion method: We adopt the franchise agent model and use the mobile Internet platform to make various attempts. Our goal is to make Bitcoin investment a popular, easy-to-operate investment product that can bring huge returns.
8btc: In your opinion, what areas of the Coinice platform still need improvement? Xu Haifeng: First of all, we have made a lot of innovations, including real-time settlement of profits, rolling delivery, trading accumulation, stop-profit and stop-loss, and market maker systems! The withdrawal fee is 0, and the withdrawal time is 30 minutes, which are the golden standards in the industry. We will continue to innovate services. We will continue to optimize the trading experience of the platform, continuously improve the technical capabilities of the platform, and security. Of course, we think that the improvement of services is endless, and good product development and innovation are endless. We will continue to persevere on this road.
8btc: In addition to the five major advantages listed in the previous promotional article, what else is different about CoinNice from other platforms? Xu Haifeng: We are a very open platform. We are willing to accept everyone's reasonable suggestions and disclose all kinds of data related to user asset protection. We will not touch a penny of the user's assets on the Coinnice platform. We are a service platform with a moral bottom line and are working hard to provide 100% service. We will try our best to fulfill the promises we have made to users. Even if we cannot do the details, such as withdrawal delays, we will give users certain compensation and reasonable explanations.
8btc: The rewards for the recent spot futures competition are so generous that people even suspect that it is a scam platform that just wants to make a quick buck. Why did they offer such a generous reward for this competition? Xu Haifeng: As far as the spot trading competition is concerned, the rewards are not very big. It’s just that none of the major Bitcoin trading platforms in China have held spot trading competitions, so there is no comparison, which makes it stand out. As for the high amount of rewards for the futures competition, on the one hand, it is because the company has strong financial strength and is willing to pay for market development. On the other hand, futures trading itself has handling fees, and we are equivalent to feeding this part back to users. Our goal is to quickly expand the market and expand to all parts of the world to obtain the strategic commanding heights of future development, rather than desperately making money now. We believe that only with the market and users can there be a real future. In 2016, we will also plan to launch a futures rally, with one session every two weeks, 27 sessions throughout the year, and we will rapidly expand the share of Bitcoin in the Chinese investment community through these operations. This share is a market worth hundreds of trillions of dollars, and is not limited to just tens of thousands of people in the circle.
8btc: During the spot competition, is there anything you would like to remind players? Xu Haifeng: Of course, I hope everyone will participate as soon as possible. The main reason is that the threshold of this competition is not high, and the prizes are easy to get. It can be said that most users can get prizes. Everyone can learn the rules clearly before the competition. The most important thing is that I hope everyone can have fun together, and then use this opportunity to understand what the platform can really bring to everyone. If you have any questions, you can also consult our official customer service. I wish everyone can win the grand prize.
8btc: What are Coinnice’s recent development plans? Xu Haifeng: Coinnice's mission is to rebuild the rules of Bitcoin. We will break many orders and establish the best order for Bitcoin. Next, we will launch products and services to build the Bitcoin ecosystem. We welcome your attention and support.
8btc: Can you talk about your experience with digital currency so far? The founder's experience may enhance users' understanding of the platform. Xu Haifeng: I came into contact with Bitcoin in 2013, which should be considered late, but after careful study and understanding, I quickly became a firm believer in Bitcoin. I am good at macroeconomics and finance, and I have made a lot of money from investing in Bitcoin. Because I can't stand the service quality and neglectful attitude of some platforms towards users, I decided to create a digital currency trading platform that truly serves everyone, and through the platform, change the direction of Bitcoin investment and the status of Bitcoin in China, and even affect the status of Chinese Bitcoin in the world.
8btc: What was your original intention in establishing a trading platform? Why did you focus on the futures market? Xu Haifeng: Actually, my original intention was very pure. When I was still an investor trading on other platforms, I couldn’t stand the service quality and neglectful attitude of some platforms towards users, so I decided to create a digital currency trading platform that truly serves everyone, and change the direction of Bitcoin investment and the status of Bitcoin in China through the platform. Bitcoin is a new thing. From a global perspective, the pricing of all commodities is determined by the futures trading market, and the backend is controlled by Americans. Americans determine the prices of the world's major commodities. At present, foreign countries mainly focus on spot trading, while futures trading has just appeared on several trading platforms in China, so we have the first-mover advantage and a huge chance to win in the end. In order to occupy the strategic commanding heights in the future Bitcoin field, we will also focus on developing the futures business.
Editor: Meng Dada
Source: Babbitt Information
| 
