Dialogue between TRON & Biki about how to build a Gigantic Ecosystem
Host: Justin Sun
Guest: Founder and CEO of BiKi, Winter
Time: 03/19/2020 20:00 (GMT+8)
Format: Online AMA in text
Justin Sun: Hi guys, This is Justin Sun. I’m very pleased that we invite Winter, founder & CEO of Biki, I will act as the host and have a dialogue with him on how to build a gigantic ecosystem.
Hi Winter, we are so happy to have you here. Now let’s start our AMA.
Question 1: Although BiKi is already well-known in the community, please introduce BiKi to us.
Winter: Now it has been 1 year and 8 months since BiKi ‘s official launch in August 2018. Soon it will be our 2nd anniversary. Our headquarter is in Singapore, BiKi is an international blockchain digital asset trading service provider. For now, our business includes but not limited to exchange, derivatives, digital banking, and blockchain industry investment. In China, we have more than 40% market share of new tokens. Also, we have operation centers across 7 countries including Singapore, China, South Korea, Vietnam, Japan, Russia, and Turkey.
Question 2: BiKi has been expanding overseas markets since it was launched. Now it has settled in Vietnam, South Korea, Russia and other places. How were the market layouts of these three places initially set?
Winter: From the perspective of all the exchanges, our internationalization is not the earliest, but we are basically one of the earliest and most determined platforms in the international exchanges to rise in 2019. We started to break even within 6 months of set-up and hired a key person for Southeast Asia to set up the Singapore office, and also set up local operation teams in South Korea, Russia, Japan, etc. in a similar manner. At present, whether in terms of B2C or B2B, we have achieved significant results. Regarding the original vision of the market, we are a pragmatic entrepreneurial team. We will first look at the experience of others, and then use our own cognitive judgment to make decisions. We have found that whether it is the distribution of users of exchanges with a relatively high degree of internationalization or the distribution of our existing users and assets, we will generally find some common phenomena. There are many users in Korea, Russia, Vietnam, Turkey, Malaysia and Indonesia. We analyzed the local market logic, competition, and user habits, and began to expand selectively according to a certain priority
Question 3: TRON has been cultivating the international market since 2017 and has been focused to provide a reliable platform for small and medium-sized blockchain companies in the emerging markets. In your opinion, what development models do you think are worthy of recognition and promotion?
Winter: I think the TRON team is very awesome, and the ability of their mainnet is amazing, also the ecological development is healthy. So far, the number of users, DAPPS, and transaction volume has steadily increased. TRON has reached the same size as Ethereum, and far bigger than EOS; of course, TRON ’s response speed is very fast. In addition, we can see that TRON is already doing great in the development of the game field and DeFi. I think Justin, the spiritual leader of TRX did a great job to ensure the rapid development of TRON.
Question 4: It is understood that Huobi, OKEx, and Binance are trying to globalize too. Facing stiff competition from these top major exchanges in the international market, does BiKi have any different competitive strategies? For example, what are the new strategies for introducing energy into projects like TRON which has a billion-level flow and is ecologically sound?
Winter: From the perspective of our team, we have 4 words for that, which are internationalization, localization, 2C, and 2B. Our market strategy portfolio is different for different market preferences. For example, we have many innovative product lines. In addition to spot and contracts, we also have secured lending and leveraged ETFs. We support many tokens including all 3 major tokens. Our business has developed rapidly in each region, but more importantly, we have the tokens that those three major institutions don’t have. We have more products and support more tokens, which is a greater choice for users. We have a close relationship with TRON. BiKi has also benefited from the growth of TRON. We have also introduced a lot of users to some of TRON’s ecological DAPPs. We launched the TRX trading area very early along with a lot of other projects. We look forward to working together with TRON for a win-win situation globally.
Question 5: Now the deposit of fiat is the main highlight of the internationalization of exchanges. Users from different countries have different payment habits. How to solve the deposit problem in different countries?
Winter: For now, we keep USDT + OTC as the main access to funds. And we have already cultivated user habits around the world. We have currently cooperated with two fiat payment partners simplex and banxa, which supports more than 20 types of currency deposit and withdrawal. This function is expected to go live within 1 month, but the fee is a little bit expensive. Besides, we have begun to build contact with banks in Singapore and South Korea. And we will try to build direct cooperation withbanks to reduce costs and make the process more easily. But currently these are the 3 main methods.
Question 6: The problem of network congestion caused by the withdrawal of large-scale fiat currency often caused headaches for the exchange. Previously, Tether issued TRC20-USDT based on the TRON network, BiKi supported theexchange of TRC20-USDT as soon as it was launched. Currently, the circulation of TRC20-USDT is more than 700 million and it turned out to be a very correct choice. Why did you think of supporting the exchange in thefirst place?
Winter: We did that because the TRON experience is so good that transaction basically arrives in seconds. I think they solved the market’s pain point.
Question 7: Different countries and regions may have different cultural backgrounds, which may lead to different development strategies. Has BiKi encountered conflicts in localization issues during the internationalization process? And how was it solved? Can you share with us the essentials of handling the localization problem?
Winter: This is a certain process that we have to face. There are fundamental differences in terms of products, business, and marketing. But I think these can be overcome. We must always remind ourselves of the nature ofindustry competition and what our user needs. We are providing the most complete asset varieties and the most choice of trading for users across the globe. The essence is the same, then we solve the problem of differentiation on this basic.
Question 8: What measure did BiKi take to optimize products for different user habits across the globe？
Winter: BiKi is still adapting to users’ habits in various regions as of now. It mainly solves the language barrier, customer service, and community teams. There is still improvement needs to be made for product localization, we will focus on that in the future. BitTorrent, which TRON acquired in 2018, launched many new products, such as a decentralized storage system BTFS, a content sharing platform BitTorrent Speed supported by BTT. Among them, which one is the most promising product of BiKi?I think BTT is idealistic and fits the concept of the decentralized economy. I like it very much.
question 9: Finding more high-quality assets is the top priority for the exchange, which seems to have become the core competitiveness of the trading platform. In the context of internationalization, how does BiKi screen global high-quality assets? What do you think of TRX and BTT?
Winter: High-quality assets are indeed the core competitiveness of the platform. Our strategy is to provide more than our competitors can provide. Take TRX as an example. In addition to TRX spot and contract trading, we are the first exchange in the world to open a TRX trading area. We are also thefirst platform to open TRX lending. We are one of the first platforms that support TRC20 USDT. Personally, I am a fan of TRX, I often use various DAPPs, I believe we can identify and seize opportunities faster than our competitors, and we will execute to the end when we identify them.
Question 10: TRON opened the TRX trading area in BiKi back on April 19, in which directions do you think we can further communicate in the future? Will BiKi hold any TRON events in the future?
Winter: We will support the development of some new projects together. TRON leverages the advantages of the public chain and BiKi leverages the advantages of the exchange. It will give BiKi the best conditions for TRON ecological projects. Next, we will hold some meetings with TRON in various countries. Let more users know us.
Justin Sun: That sounds great. Meetups is very helpful. Wish Biki good luck. Ok, that’s it for our AMA with Biki. Again, thank you Winter for your time and your answers. I believe our customers will have a new recognization of Biki. And let’s keep the hard work together to make the crypto worlda better place.