2019 has seen highly volatile and unpredictable crypto markets although the levels of speculation have not reached the heights of late 2017- early 2018.
On the technology and economics front, significant developments have continued to emerge in this space. Ethan Ng, Southeast Asia CEO of fast-growing crypto exchange BiKi.com, spoke about the evolving landscape in the industry.
“In 2017-2018, we saw the altcoins market boom. ICOs were very hot in 2018, but it was a double edged sword,” said Ng. “In March of 2018, we saw a total of US$1.75B funds raised and in November the same year, it dropped all the way to US$0.36B. The number of altcoins listed also dropped from 528 to 213 per month in that period of time. This year, a total of US$262M was raised from IEOs.”
The Next Crypto Innovation
“I believe it is an upcoming shift to CBDC (Central Bank Digital Currency), a digital payment token issued and fully backed by a central bank and is legal tender,” Ng stated. “The IMF published a paper in November 2017, that encouraged central banks to experiment with CBDCs at the Official Monetary and Financial Institutions Forum (OMFIF) meeting in October 2019. The First Deputy Governor of the Bank of France also stated that central banks should not refrain from experimenting with different forms of CBDC, with a higher potential from his perspective, for wholesale CBDCs in Canada, Singapore, Marshall Islands and China.”
With increasing government regulations, Ng believed that multi-national corporations (MNCs) will be attracted to the crypto and blockchain space. This would, in turn, bring in small-medium enterprises (SMEs). According to Gartner’s Hype Cycle, while mistakes will be made through this wave of innovation, corrections will follow. A macro to micro move like this will bring about “true value” that impacts on individual daily lives and this will encourage more innovation in the space, eventually improving everyone’s lives.
Why and How BiKi Grew So Fast in Less Than a Year
Today, BiK.com is ranked a Top 20 cryptocurrency exchange on CoinMarketCap with 2 million registered users, 130,000 daily active users and 200,000 WeChat community members led by 2000 community partners. As a matter of fact, BiKi was ranked third on the platform not long ago, right under Binance.
Ng attributed BiKi’s success to the following factors:
Ng said the exchange’s users were “unique” and explained that these new-to-crypto users were from all over the world, a market that has been untapped by other exchanges. They joined BiKi Exchange during the bear market of 2018 and have become incredibly staunch users, as a result of having benefited while growing their trades through the crypto winter along with the exchange.
As a community-driven exchange, BiKi’s Community Partner program also allows community partners to earn 60% of referral trading fees, more than what BiKi gets and what other exchanges offer. This is key to BiKi’s landmark “Community Fission model of scaling”, instrumental in its community growth.
BiKi accelerated the growth of its listed projects by adopting unique strategies. Deploying a llisting model which includes press and community awareness for projects on top international media, BiKi helped listed projects with continuous branding exposure.
Ng insisted that “listing is not a one night stand”. He continued, “Many exchanges stop paying attention after listing, not here at BiKi – we treat listing as the beginning.” This focus on growth for projects is a key differentiator for BiKi from most other exchanges.
Ng was also aware that getting traction for projects required consistent work – there are no shortcuts. He believed exchanges that think their job was done after listing fees were paid were not being accountable to their traders down the line.
“BiKi automatically helps projects publish their press updates on top media as well as within our WeChat communities to inform our traders about the tokens they invested their money in,” said Ng.
Then, BiKi builds the project’s local community with active members from the exchange, many of whom form the trading community for that token.
“So it is a win for the projects, win for the traders and win for the exchange too.”
3) Global Expansion and Ecosystem Developments
Headquartered in Singapore, the exchange currently has operations teams (totaling more than 100) in 6 other countries including China, Vietnam, Korea, Japan and Russia.
The exchange has been implementing globalization initiatives the past few months, securing BiKi Partner Nodes and media partners all around the world. This strategy helps the platform extend their reach into local communities globally.
The BiKi Research Institute has been set up to conduct in-depth research on the technology, applications and future development of the blockchain industry; while the BiKi Fund and Incubator will be launched to support the blockchain projects that demonstrate potential.
BiKi has plans to further expand into South America and Australia, ramping up their globalization efforts to increase market share.
On the whole, BiKi will strive to provide secure, stable, reliable and convenient digital asset trading services to their users worldwide.
Positioned for the Future
Ng emphasized that BiKi was expanding their ecosystem beyond just spot trading.
“We have a Proof-of-Stake (PoS) mining pool which has the highest annualized return rate of 20%,” said Ng. “We have a research institute and soon we will have an incubator, a lending business, leverage business and more.”
“BiKi is positioned for the future,” Ng stated matter-of-factly. “When the next bull run comes, we will be ready. My name is Ethan, you can add me on WeChat or Telegram and talk to me about growth, not about listing.”