Kucoin : ⏯️ Throwback to the nextblockexpo  Warsaw Summit!  In the interview with Crypto KTV , our Business Development Manager Dorian discusses the importance of market research, the #BRC20 trend and our ambitious 10-yr growth plans

 

 

   CryptoKTV Ioana Mircea : Welcome back, Dorian. A lot of things changed between the period we met last time. So what is new in Kucoin strategy of business?

   Kucoin Dorian Vincileoni : Well, actually, on our end, not a lot has changed since we are still focused on building and this has been the focus during the entire bear market and it will continue transparency efforts. Everything is still going on development of new products to fit the new trends and the new narrative that we see evolving among communities and in the crypto market in general. So in the recent months, we have seen regain of interest for meme coins for example.

And while it could be somehow controversial because you always have this idea of, well as we've seen the founder of Dogecoin even said himself that the whole idea started as a joke, right? But there is a reality behind meme coins today that they gather people into communities.

And in some way at Kucoin, we do not stand as an exchange that is going to say if it's right or wrong, there is a community, there are users and they deserve to have a service that's the best and most efficient they can get so regain of interest for meme coins. This is something we have been following, especially the AI narrative, also a narrative with new AI products based on the AI generative speech functions that are now available for people. So people know about chat GPT, but there are actually a lot more than that out there right now. And you can even have there are many different services. It's not only auto generate related texts, you have also videos, sounds, etcetera, music. So right now, it's really expanding in the crypto sphere we have projects which are focusing on the AI narrative as well as an exchange. We need to keep up with that.

We also need to innovate and provide new products when we can to implement these changes to continue to monitor these innovations and see what we can do better for our users. I would say last year that we have seen another trend with BRC 20 tokens. So this was once again unexpected, raising the amount of transactions on the Bitcoin network drastically making it. I think if I'm not mistaken the second biggest network for NFT’s at the moment, once again, a controversy and unforeseeable event and now people are still arguing on social networks everywhere online, if the Bitcoin network should be used this way or like about arguing about the utility, all these elements, we are monitoring these developments and we are trying to innovate, create once again products so that people can have access to this opportunity of BRC 20 tokens form centralized exchanges.

And if you actually dig into the topic, technically speaking, it's not something that is self evident because of the nature of the transactions for BRC 20 tokens. So I'll let the people who want to look into details go on the internet and dig into it. But it's not something that was very easy to do for centralized exchanges. And right now we are developing these solutions.

 

   CryptoKTV Ioana Mircea: Well, you said that you will you will develop new projects and products. So how do you decide to develop these products? Starting from the market side you made of course, I don't know how to say you made research in order to see the market, the market needs. And how do you think that the marketplace will react to your new product?

    Kucoin Dorian Vincileoni: So actually, it's quite interesting because we are now doing regular market surveys, some market research surveys, we are trying to go in depth about this to also not only look at what our community is doing and is telling us as what they want to be implemented, but also in a broader sense, what the market atmosphere, what the market opinion is, the opinions of the majority and the others at a certain moment in time. So regarding AI for example, we have seen that there is a drastic increase in people who want to use degenerative AI’s. So this is definitely an invention that is not going to be un invented, it's not going away. And the fact that it has risen so much in the very recent month tells us that it's a trend that we really need to adapt to as soon as possible to be able to provide a safe version of the product to our users. Something with the maximum agility, of course. And so when you look at the market research, we made on this specific topic, it's interesting to see that even among generations, people have quickly gathered the interest, the utility they could derive from using these generative AI’s, even people from older generations, which you would maybe suspect to be less inclined. So are less inclined in terms of absolute percentages. But they are almost a majority to consider that they want to use these generative AI’s to provide more utility on the vast amount of topics.

 

   CryptoKTV Ioana Mircea : What is the most important principle in order to Kucoin to keep their community active?

   Kucoin Dorian Vincileoni : So how do we keep our community active first by listening to your community. And once again, if what is happening on the market and it often is controversial the point of view of the exchange is not to take a stand to say who is right or who is wrong. We acknowledge the fact that people come together around certain projects gather, create innovate. And each time there are people who gather and are actually doing all these things, we will be there to try to provide the best service we can, we are always listening to feedback, that is very important for us.That's why we regularly ask our users to give us as much feedback as we can. These market research surveys are also part of this global strategy. We really want to be as close to the market and close to our community as we can. Considering the, well the amount of statistical noise that there is on social media in general.

   

   CryptoKTV Ioana Mircea : How much do you think these new products will change the business strategy for Kucoin in 2024?

   Kucoin Dorian Vincileoni :  Well, 2024 is a long way. Honestly planning for 2024 right now is a bit. Yeah, and we still have lots of objectives to reach by the end of 2023. So for now, we are on track. How will it change? Well, if people start using these AI technologies, more and more there are changes that we can expect. Definitely. And this um how do you say this is actually a tricky question because we don't know the extent to which people will start relying on these AI’s in their everyday life for their investment strategies. For all these elements, we are going to see as long as I mean, as much as people are using them, we are actually noticing and observing what is happening it is very difficult to be proactive and to anticipate on such an unforeseeable event. Honestly.

 

   CryptoKTV Ioana Mircea :  Yes, because I think this is specific for crypto space because when you make a business strategy, you made it longer way. So about two years, three years or five years, this is why I asked you for 2024 in order to see if you plan something new.

   Kucoin Dorian Vincileoni : Well, our strategy for growth is still there independent, independent of all these events and elements.

 

   CryptoKTV Ioana Mircea : Thank you. And of course, if this new product will impact your strategy for 2024

   Kucoin Dorian Vincileoni : So will they impact our strategy, our strategy globally? I don't think so since we try to combine actually global and local elements, obviously there would be some changes. But the truth is that our objective is to continue to build. So building with all the innovations that are happening is part of the process, we just have to once again adapt, be reactive, be flexible. That's actually something that centralized exchanges have been quite good at in the recent years. And that what we intend to continue to be good at driving mass adoption is also on the table. And this I think is going to be our main objective for the next cycle, if not the next cycles, since what the target is for most centralized exchanges is to reach globally, about 1 billion users on Cryptocurrency market overall by 2030. So if we want to reach that, that needs to be the main focus.

 

   CryptoKTV Ioana Mircea :Thank you so much for your answers and insights and I wish you good luck with your new product and business strategy.

   Kucoin Dorian Vincileoni : Thank you for your time.

 

Based on the interview, the following are some key conclusions:

  1. Kucoin's focus remains on building and transparency efforts, despite the changing market conditions.
  2. There has been a renewed interest in meme coins, and Kucoin aims to provide efficient services to communities without taking a stand on their validity.
  3. The rise of degenerative AI's and generative speech functions is a trend that Kucoin is adapting to by providing safe and agile products to users.
  4. Kucoin values community engagement and feedback, regularly seeking input from users to improve their services.
  5. The impact of new products on Kucoin's business strategy for 2024 is uncertain, as it depends on the extent to which users embrace AI technologies.
  6. Kucoin's growth strategy remains independent of specific events or elements, focusing on adaptability and flexibility.
  7. The objective is to continue building and driving mass adoption of cryptocurrencies, with a target of reaching 1 billion users globally by 2030.

Overall, Kucoin aims to stay responsive to market trends, deliver innovative products, and provide the best services for their community.