Most recently, on October 16-17, 2019, the largest blockchain, mining and cryptocurrency forum Blockchain life 2019 was held in Moscow. More than 4,600 people from 60 different countries attended this event. Earlier we did a detailed review of this conference.
Garrett Jin, CEO of one of the largest cryptocurrency exchanges BitForex spoke on the forum. It was the first time he was in Russia, he said he felt at home.
BitForex platform is one of the most safe, technologically advanced and large crypto exchanges on the market. BitForex offers such products as spot trading, trading of perpetual contracts with 100x leverage (BTC, ETH, LTC, XRP, GRIN), IEO of promising projects and IOU (GRAM, DOT). For the convenience of users, BitForex specialists have developed a cross-platform mobile application (IOS and Android). The site provides its users with the opportunity to purchase cryptocurrency via credit card.
Neironix journalists interviewed Garrett in the forum's exhibition area. During the conversation, the BitForex CEO spoke about the immediate plans of the company, shared his thoughts on the pressing problems of the industry, expressed his liking for the Telegram project and skepticism about the future of the Libra cryptocurrency. But let's not get ahead, here is the full text of the interview.
Hi, Garrett. How do you like it here? How do you like Blockchain life? Is it your first time?
So, this is my first time in Russia, my first time in Moscow because I was raised North-East of China. And everything here`s so nice and familiar: the temperature, the food, the buildings. I love it. And Blockchain life, the conference, I think this, the whole atmosphere is really hot. I mean it`s really nice so many people are here. I`ve heard from Blockchain Life like more than 6 thousand people joined this conference. So, as to compare with the worldwide situation, I think that Russian mark is really high, and I`m really glad I`m here with my team.
Okay. I want you to ask you about the listing on your exchange. How many coins do you have for now in your listing?
At the moment we have listed more than 150 crypto assets available to trade.
And how do you manage to combine the reputation of one of the safest platforms with such an extensive listing? How do you avoid scams, some scoring techniques or complains?
So, this is the filled question. First question you mentioned is safe. All we can talk is secure. I mean the biggest threat, the risk for the exchanges are their security system to protect the users` assets safety and especial the crypto, the wallet safety. And for this we have done a lot of things. Like, by the first, we use cold wallet to store our users` asset. And more than 95% of users` assets are stored in the cold wallet, which is not connected to the Internet, which is completely safe. And, secondly, for the smart contacts, to avoid flaws and problems with the smart contracts, we all did to make sure all the smart contract are safe for our users to use. And you also mention how to avoid like the scams. I mean this is relatively harder thing to do for us. However, we try our best, we try to. Especially, we are listing projects worldwide, however we need to reach out to the community, to projects, other advisers and research projective seal to try to avoid scam project to be listed, so this like something we are always being trying and admit it`s hard.
Yeah, it`s hard. I understand, yes. And is it quite expensive to get into your listing? And how much it costs? And which criteria do you use during listing?
So, this question is regarding to number of things. Actually the whole process is not so complicated, but of course we need to evaluate projective seal, the quality and community sight and everything. And I would say honestly, on this market normally projects pays around like 15 BTC to be added on BitForex. And we have currently a very competitive, very-very competitive listing in the industry.
Do you use the market making for the new projects? What are you doing for liquidity on your platform for new coins?
So, for liquidity market making is very important for projects. If the liquidity is not good users can`t trade, they can`t buy what you sale at your price, and this will be the problem for the projects and for the exchanges, especially for the traders, for the users. So we work with a lot of the 3d party market making teams, and so we have a paper – a range of market makers we could recommend to projects if they want to be added on BitForex, so they could choose the best market maker on the market.
And you are one of the leaders between the crypto exchanges in the volumes, trading volumes. Yes, it is about 700 million per day already. And what tools do you use to achieve such volumes?
Yeah, this is actually a longer process, it`s not like which tool I use, which tool our team use, it is actually a long-term effort. So, firstly, we need to fund the provider red product to the market is like token trading was really held, IEO product. We are trying to provide all the tools that are will be required by the market for the projects, and the users to access both to consider them about. And secondly, we need to fan the red group of users, so we need to work with the crypto community in different countries to spread the information, thus, they could know BitForex is the good exchange to trade on them. So, I would say this other thing we are trying to do, and we try to do better and the faster.
Okay. And there are a lot of researchers now about the unreliable trading volumes provided by the crypto exchanges. And what can you tell about this problem, and is your trading volume true?
Yeah, I would say our trading volume is authentic. And I definitely agree that we need to solve this problem on the market, because if the volume is not real, I mean this is really misleading for the traders, and even for everyone on the market. And this will not be helpful to our industry, so young industry tries to be like really honest and open, transparent, so in our days on the market there are more and more institutions, which focus on how to adjust this — the more authentic volumes, so I definitely want to support them keep doing this, and try to make this market a fair market.
And I`ve heard you have already listed TON.
Yeah, yeah, we have.
But it is not already a full-fledged coin. And what is it for at this moment on your platform? Is it in demand now?
Yeah, I just want to confirm it is GRAM, Telegram token. Yes, I mean the reason we list like a few month ago, it was because our traders, our community, they really want to trade this token, they want to buy it. However, on the market they can`t buy it anywhere else, so basically, we were also at GRAM token investor, previous sell investor, so we said why not to get some portion out, so on the market people can buy GRAM token, and that what they need is to work with institution that can deliver GRAM token and dominate it on. And we also issue some details, so make sure this will happen, so we believe this is the best for our users. And recently we have heard the news about SEC they are trend to blow their process to follow the token to be opened to trade. And this definitely is not that we want to see. However, on BitForex this is like open market trading to the market, we still believe in Gram will be listed and they could still invest on it. If they don`t they could sell it still on the market. I didn`t check the price, but the price up is high than 3 dollars and modern 3 dollar goes down to 2 dollars or around like, wish this is all the market behavior. Yeah…
And about TON…I know it`s in Russia mostly, but everybody is very thrilled about this coin. And do you think Telegram Network would solve their problem with SEC, which appeared in the near past...yeah…do you think it has the great future or what?
By honestly this is a really hard question for me, because I`m not a technical guy. I`m more like a trader, so I`m not really deeply understand the technical side of Telegram token. However, I am a big fan of Telegram. I love that it is easy to use, so I believe the team like this, they really focus on the technical part, and I would say that it`s a really good project, which will possibly succeed.
Most of your users are from South Korea and Russia, as far as I know…yeah?
And do you expect to spread your service to US or European users? Are there any problems with it?
At the moment we`ve users from South Korea, Japan and other countries…so, Russian market is growing very-very fast and it counts for 10% of the whole market now. So, definitely for the other market we are interested in, because in this industry the barrier between different countries is really lull. So, I mean the next three month, until the end of this year we also spread our services to Europe and the other countries, so hopefully we come true, but we need strong partners in local places to support us. But we have plans on that.
Okay. The last question is about what do you think about Libra and stablecoins? Do they have a future, cause they have a lot of problems with the regulators now?
I mean Libra is pics type, and at the moment it doesn`t look really optimistic and promising, but I mean there`s a pause we have to take. And until then…Honestly I`m more fan of Bitcoin decentralized system. So, I would say we need to wait, because this is like industry we`re heavily involved into the Marshall effect, which has also a network effect. So, it will take some time until more people will use crypto, until they will exponentially grow, so all I would say it`s just be patient and I mean for the Libra and other governments cryptocurrencies like another approach from another angle of bitcoins. But I think we should try both.
Okay. Thank you Garrett!