Singapore – Leading global blockchain technology service provider ChainUP is known for providing well-developed blockchain solutions – whitelabel crypto exchanges, wallet solutions and exchange liquidity solutions, to name a few. Their Wallet Division HiCoin provides a wallet solution for digital currencies and is also an asset management solutions provider.
Aiming to be a one-stop solution, the HiCoin wallet includes wealth management, payments, mining, e-commerce, OTC payments, lending and portfolio replication besides other functionalities.
HiCoin’s Co-Founder, Mingyuan Wang, gave the following insights into their wallet solution.
Full-featured Wallet Solution
HiCoin’s focus is on blockchain wallet technology services. It currently has an HD (Hierarchical Deterministic) Wallet and a Cloud Wallet’s core products. In addition, HiCoin has asset custody features which include comprehensive payment, wallet with full functional features and other landing solutions, as well as being able to build digital wallets and complete blockchain ecosystems quickly for projects, online e-commerce, exchanges, physical enterprises, small and medium blockchain enterprises, traditional users and others.
In the blockchain wallet industry, HiCoin is currently the largest systems provider. Having been established two years ago, HiCoin has served over one hundred customers. Its fully-featured wallet includes digital currency applications like wealth management, payments, mining, e-commerce, OTC payments, lending, portfolio replication, and also other functionalities.
With a view to providing one-stop services for wallet customers this year, HiCoin will focus on strengthening its full-featured wallet functions while cultivating asset alliances and developing wallets as financial centers.
Blockchain Wallet Applications
The blockchain wallet’s main landing applications are usually in the areas of gaming, E-commerce, payments, tokenization, mining and wealth management. There will be more varied possibilities in the future, features like borrowing and portfolio replication.
“I feel that exchanges are similar to securities companies while wallets are similar to banks,” explained Wang. “Using this analogy, China has 100 million shareholders but 1 billion bank users. And we should not prioritize in order of magnitude. For the exchange, there is a high frequency of transactions and it functions satisfactorily as a profit-making mechanism. The wallet is more low-profile – it will gather heat slowly, but that flow of heat will be long-lasting.”
B2B vs B2C
Wang is of the opinion that the majority of B2C wallets on the market are not profitable. Most of them are used for the token gaming industry.
“We hope to be able to tap traditional and financial industries, companies with traffic and products, to use our technology for entry into blockchain, thereby converting more new users,” said Wang. “There are already many B2C wallet companies in the crypto industry that are beginning to provide technical services.”
Wang gave the example of a homestay platform that HiCoin recently served. The platform hoped to acquire millions of users using a wallet and token solution. Wang pointed out that by letting their users hold digital currencies, the platform could build up their financial attributes as well as win over their customers’ loyalty. This could differentiate them from rival platforms.
Wang said that customers with set traffic volumes that could use blockchain wallets as tools were preferred. “For the others, we can innovate blockchain application attempts on enterprise scenarios,” he said, ”since wallets are excellent use-case scenarios. E-commerce, games, payments, and finance all have features that can be combined.”
Developing Wallets that Meet Future Requirements
Wang suggested that a “good hardware (like an iPhone) plus a HiCoin decentralized wallet” could work very well together.
“However, a hardware wallet is still necessary to store the private key offline so that the private key never touches the internet,” noted Wang. “In this capacity, it might be better than a mobile phone that can be connected at any time. To better meet future requirements, I would say wallets like HiCoin which we are developing to function as financial centers, will be the answer.”
Being that HiCoin’s customers are mostly B2B, asset security is a top priority. This has led to HiCoin’s focus on maintaining extremely high security standards, resulting in an accumulation of a wealth of experience in this area.
Parent company ChainUP touts a ‘perfect risk control and security system’ which is able to achieve 100% full risk-control coverage, from which HiCoin wallets have inherited. With more than thirty security technology guarantees, ChainUP can provide security auditing; monitoring from different perspectives (users, businesses and systems); warnings that are multi-level and early-risk; and last but not least ensure asset safety.
ChainUP and HiCoin also have many long-term and in-depth strategic cooperations with numerous domestic and foreign security agencies like CertiK, Johnwick and Chains Guard, to name a few.
D’App Integration
The last 18 years has seen HiCoin utilizing the D’App platform as a basic foundation. The three types of applications currently used to directly connect with wallet balances are ETH, EOS and TRX.
“The core focus should be on integrating the D’App to be truly operational,” said Wang. “The future wallet is likely to be a distribution center for applications.”
“To enter blockchain, the first stop requires a container and a carrier – a wallet,” Wang noted. As the wallet is the first entry to blockchain, HiCoin is committed to lowering the technology threshold of the wallet. Wang said he hoped that the wallet would become the industry’s infrastructure utility. He likened it to water and electricity, ready and available for everyone’s needs.
Overseas Markets and Compliance
Although the COVID-19 pandemic has had some impact on HiCoin, it has been effectively minimized. This is a result of HiCoin’s brand and technology implementation last year, as well as the company’s timely strategy adjustment and response since the outbreak this year and lastly its valuable partnerships.
“We will be focusing on this year’s international conferences. Hope the epidemic will end soon!” Wang said. “In terms of overall planning, HiCoin will follow in the footsteps of ChainUP to further strengthen the process of globalization and internationalization. At the same time, as products in the compliance process, we will also work on strengthening government cooperation and actively promote the implementation and realization of blockchain applications.”
Wang believed that the massive upheavals in Bitcoin price movements in Q1 were likely to extend to Q2. Hence, it was important that HiCoin continued to lay a solid foundation to provide better services to customers and prepare for the huge opportunities next year.
Many wallets that aimed to become the ‘Alipay of the blockchain industry’, still had to meet certain industry conditions according to Wang. They were solid technology, a sufficient number of strategic partners, visionary judgment, as well as strong execution.
When asked what novice wallet users should look out for when selecting wallets, Wang recommended prioritizing security, then functionality and lastly ease of use.
About HiCoin
HiCoin, a subsidiary of ChainUP, is a leading provider of cryptocurrency wallet solutions. HiCoin builds integrated blockchain ecosystems to provide safe, diversified and reliable wallet technology services.
About ChainUP
ChainUP is a leading blockchain technology solution provider in the world. It owns eight well-developed product lines: digital currency trading (financial derivatives), wallet, situational awareness, public chain and consortium blockchain, mining pool, blockchain cloud media, liquidity, broker, and has constructed an industrial closed-loop from technology service to traffic and traffic commercialization. So far, it has served 300+ exchange clients, 100+ digital wallet clients, 150+ liquidity service clients, which include 50+ million users in over 20 countries from Asia, Europe, America and Oceania. The team members behind ChainUP have worked in top blockchain or internet companies and institutions in technological development and operation management, and are highly experienced in the blockchain industry. It has obtained several rounds of investments from well-known top institutions in the industry, such as Morningside Venture Capital, Joy Capital, Node Capital, Albatross Venture, Taoshi capital, amongst others.
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