Coin Edition - Looking for insights into the crypto world? Dive into our interview with Vivien Lin, Chief Product Officer at BingX, where we explore their unique approach in a crowded market. From innovative solutions to strategic partnerships, discover how BingX is reshaping the exchange game and gearing up for global expansion. Plus, get Lin’s take on the recent Bitcoin halving and lessons learned for ongoing success.
1. How does BingX differentiate itself from other platforms, and what makes its approach unique?
At BingX, we’re all about putting our users first. Building a crypto exchange? Sure, that’s exciting. But what really sets us apart is our commitment to cultivating a community that resonates with traders of all levels.
Let’s dive into a quick example to show what we mean. We noticed that traders weren’t too happy about slippage when setting their take profit/stop loss orders, despite our efforts to collaborate with liquidity providers to stabilize the market for perpetual contracts. So, we went back to the drawing board, searching for a clearer way to tackle this pesky issue.
Enter our innovative solution: for a nominal fee — just a few basis points — we offer price protection. This means we guarantee our users’ trade will execute at the price they set, with no surprises. And here’s the kicker: unlike complex options, our price protection feature is straightforward, without the headache of having to understand maturities or strike prices. It’s just simple, effective, and perfectly aligned with what the users expect. This is just one way we’re rethinking the exchange game to ensure it’s winning for users.
2. Reflecting on BingX’s 6th anniversary, what are the key milestones or achievements that stand out to you the most?
As we celebrate BingX’s 6th Anniversary, it’s quite the journey to look back on. Not everyone realizes that BingX has been around for six years. During this time, we’ve chosen a path of quiet growth, focusing our energies on delivering the best possible experience to our 10 million users. Perhaps one of our proudest achievements is being the first exchange to introduce revolutionary copy trading features to crypto trading. This innovative approach has not only set us apart but has significantly enhanced the trading experience on our platform.
Our dedication and hard work have paid off, propelling BingX to great heights. We’ve seen remarkable success, with our trading volume skyrocketing to an impressive $12 billion per day. Furthermore, the platform now boasts a diverse portfolio with 750 new tokens listed, and we’ve expanded our language support to 18 languages. These milestones are a testament to the incredible progress we’ve made.
But, as we reflect on our past achievements, we’re also looking to the future. It’s time for a strategy shift. While our commitment to our users remains unwavering — they will always be our top priority — we’re gearing up to take BingX global. This year marks a significant push in our global expansion strategy, aiming to introduce BingX’s unique products and services to more markets worldwide.
You’ll soon find BingX making its mark in various corners of the globe. Yet, as we expand, we’re not losing sight of what’s important: customizing our products and services to meet the specific needs of each market. We understand that each region has its unique challenges and opportunities, and we are committed to tailoring our offerings to ensure we meet, and exceed, the expectations of our users, no matter where they are
3. Could you share any standout moments or insights you gained from attending the TOKEN2049 conference?
Attending TOKEN2049 was an absolute ride, and I’ve got loads to share! First off, let’s just say that when it comes to the crypto community, there’s no stopping us. Despite the floods in Dubai, we all somehow made it. Picture this: some of our colleagues, determined not to miss out, ended up in Oman thanks to the weather but still managed to join the event. Now if that’s not commitment, I don’t know what is!
And let’s not forget the backdrop to all this excitement. After two rather silent years, where it felt like everything was on pause, this conference was a burst of energy. It was like watching the crypto world come back to life in the most vibrant way. Bitcoin and cryptocurrency, despite the ups and downs, have this incredible knack for bouncing back. It’s resilience and energy like nothing else.
Being there, seeing the determination and passion, really impressed upon me how unstoppable the Bitcoin and cryptocurrency movement is. It’s more than just transactions and technology; it’s about the community, the drive, and this undeniable force that keeps pushing us forward. So yeah, TOKEN2049 wasn’t just another conference. It was a testament to the spirit of the crypto world, proving yet again that we can weather any storm (literally!) and come out stronger.
4. Can you explain how BingX teaming up with Chelsea FC fits into the company’s goals or plans?
This strategic partnership marks BingX’s inaugural foray into sports and entertainment and a testament to shared commitments to excellence. It unites two industry powerhouses poised to shape the future. It is always important for us to pick brands that strategically align with us. Both BingX and Chelsea F.C. share a passion and commitment to investing in the future and empowering those who are close to the respective brands.
In this dynamic partnership, Chelsea and BingX have collaborated on a range of activities focusing on global brand growth and engaging both Chelsea fans and BingX users through exciting digital and physical content. We recently kicked off celebrating Empowered with Chelsea F.C., showing empowerment isn’t just a word, but a daily commitment to growth and support. BingX will connect with hundreds of millions of loyal Chelsea fans worldwide and billions tuning into the Premier League each season.
5. What’s your take on the recent Bitcoin halving’s impact on BingX and the broader cryptocurrency market?
While important, the Bitcoin halving didn’t directly impact BingX since we solely facilitate the buying and selling of Bitcoin. We did, however, host various trading events to commemorate the halving occasion, which is special and unique to the asset, highlighting its scarcity.
The impact of the halving on the greater cryptocurrency market is still being felt. However, while prices typically dip in a retrace phase following the halving, it is difficult to solely point a finger to this halving for the dip in the market. With so many micro and macroeconomic events happening, investors were sent into a risk-off mode, selling assets like Bitcoin. Therefore, the halving should be looked at not independently but as a factor of the broader cryptocurrency market.
6. What important lessons have you learned as BingX’s Chief Product Officer for its ongoing growth and success?
The most important lesson I’ve learned is to always be user-centric. This encompasses listening to both new and long-term users so your entire ecosystem can maintain retention. As we have seen, the market has grown and changed from 2022 to now. The companies that have weathered the storm are those that develop and launch products that cater directly to what the user needs. Ensuring products are user-friendly will also give you the edge.
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