BTCC 9th Anniversary Livestream
Our Chief Research Officer Dan join the 9th Anniversary Livestream with ChainNode on 23/6/2020. He shared the latest product launch on BTCC 9th Anniversary including 150x leveraging and BTCC Influencer program.
Moderator: Can you please introduce about yourself?
Dan: My name is Dan, I’m the Chief Research Officer of BTCC and I’m happy to meet everyone here. I get to know about Bitcoin for the first time in 2013 and I join the industry around 2017.
I have been involved in the traditional finance before I get into crypto, and I has always aspired to bring successful experience from traditional finance to cryptocurrency field. BTCC also aim to bridge the gap between traditional finance and cryptocurrency, which is why I join BTCC.
Moderator: Since BTCC doesn’t have its own coin, and doesn’t list any other small coins, do you think BTCC will lose it competitiveness as BTCC only focusing on perpetual contract with 9 major cryptocurrencies.
Dan: I think those exchange coins and other small coins are just marketing gimmick. It could attract people to come in, but it is the product itself that determine whether they will stay or not.
As one of the oldest exchanges that has been operating for more than 9 years in this industry, it is our product and focusing on user’s need that has makes BTCC survive through 9 years, rather than marketing gimmick.
150x Leveraging
Moderator: According to BitMEX, users usually leverage around 18x to 30x, considering the market has deleveraging due to market slump. The average leveraging for perpetual market is below 20. It is obvious that 150x is not the choice that most traders will take. What is the reason for launching 150x?
Dan: Following the trend and satisfying user’s trading need are part of the reason we launch the 150x leveraging.
BitMEX is more focusing on improving trading experience for institutional customer and large trader, while BTCC is focusing on creating a fairer trading environment for ordinary user to participate.
Our 150x daily perpetual contract as a financial tool lower trading requirement for normal users, and allow them to use the leveraging more effectively without any overnight interest rate.
Launch of BTCC Influencer Program
Moderator: We see that BTCC has launch its influencer program, can you share with us the detail?
Dan: Our influencer program aims to attract trader, analyst and community builder etc. We offer high referral rebate, tailor-made marketing support, and the priority to try out our latest product.
Moderator: How do you pick and what is your criteria for selecting KOL? What do you think is the characteristic of high quality KOL?
Dan: We will first select those that agree with BTCC culture and philosophy, and are willing to build their career in the cryptocurrency industry. We believe that a high quality KOL have a professional knowledge on their expertise and a loyal fan base.
BTCC As A 9 Years Old Cryptocurrency Exchange
Moderator: BTCC has an abundant experience in the industry, and has many businesses before including spot market and mining pool. Last year, BTCC was focusing on perpetual contract, what are BTCC positioning and competitive advantage in this industry?
Dan: BTCC launch its perpetual contract App on January 2019, and our app is now upgrade to 4.5 version. We launch the world first physical delivery perpetual contract on March 2019, which is earlier than BAKKT. We also launch USDT contract earlier than OKEX which support two-way trading.
Our deep experience in the market as well as independent technical team has put us into competitive advantage in this industry. Our team also composed of leading expert from traditional finance and cryptocurrency field which has foster innovation for our product design.
Moderator: The cryptocurrency market has gone through a lot of different stages, from spot market to derivative. Crypto trading has become more diversified since, what do you think is the biggest change and what stay the same?
Dan: It just depend on the overall direction those cryptocurrency exchanges take. A few years back, the mining exchange was trying to overturn the existing rules and system, but it proved to be futile. While recently, a lot of exchanges were trying to compete for the perpetual contract market. Speculators were the biggest change in the market and they are going wherever profitable.
Meanwhile, putting users as the first priority and focusing on perpetual contract are the two things that remain unchanged for BTCC. Over the course of 9 years, we have accumulated many old customers and we believe they are our wealth. Every time we plan to launch our new product, we take our customer’s advice very seriously.
Moderator: Perpetual contract market have reach saturation point, what do you think of the market positioning for BTCC? In other word, what make BTCC stay strong in this competitive market?
Dan: A lot of people tell me they buy their first Bitcoin through BTCC. Although we are well known as one of the oldest exchanges, but it is not our selling point. Because we believe innovation is the key to success. For example, we have eliminated our spot market business, and focusing on perpetual contract as well as launching 150x leveraging and new KOL system on our 9th anniversary.
“Leading” is the term I would use to describe the market positioning for BTCC. Earlier in 2018, we closed the spot market, and focusing on perpetual contract, which is at least 2 years ahead of other cryptocurrency exchanges at that time. There are some exchanges that choose to do both and want to get the most profit out of it. However, we understand that energy is limited, and we are willing to forgo spot market business, because we believe perpetual contract is the future trend and we are determined to focusing all our energy to make the best product in this area.
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