Crypto Expo Asia 2022 Singapore: The role of Crypto Exchanges in today’s landscape
Crypto Expo Asia is the largest event in Asia for Investors and Crypto industry leaders to network and explore more business opportunities in the crypto space. They provide the market’s leading content & updates on the Crypto and Blockchain industry that will help you explore the investment opportunities available as smartly and securely.
A crypto exchange is a platform on which you can buy and sell cryptocurrency. You can use exchanges to trade one crypto for another — converting Bitcoin to Binance Coin, for example — or to buy crypto using regular currency, like the U.S. Dollar. Cryptocurrencies make it easier for people in different countries to pay each other, negating financial borders currently controlled by banks and governments. The panel comprises experts and practitioners from centralized exchanges. They will share insights on the role of Crypto Exchanges in today’s landscape.
The session is moderated by Herbert Sim, Bitcoin Man and with panelists Feroze Medora, Gemini; Anndy Lian, BigONE; Travis Teo, Tokenize and Lewis Mahlanga, Gym Network.
The following questions were addressed:
#1 The explosion of thus many crypto exchanges is the white-labelling phenomena, which allows for almost instant creation of an exchange. With all this proliferation, the nature of platforms continues to diversify. What is the current role of exchanges today, besides crypto trading?
Lewis Mahlanga: “We need to educate the market about crypto currencies.”
#2 Centralized Exchanges versus Decentralized Exchanges. What are your thoughts? Pros and cons?
Travis Teo: “As a new user, you might not know how the wallets work. You are also may not know where to obtain ETH or SOL. CEX will act as a bridge for these new users to guide them through the process.”
#3 To list out some more roles that a crypto exchange could play — Payment services (Remittance, Escrow Service, Micropayments, Merchant Services — Gateway processor, Mobile PoS card reader, Debit card; and more); Mobile wallet, ATM. What are the differentiating factors which sets apart each of the exchanges?
Herbert Sim: “Security of the exchange, how credible it is.”
#4 A big challenge for centralized crypto exchanges over the years is custodial. Users are required to perform mandatory tasks to sign up and verify their identity. Fees can be expensive because platform takes a percentage of initial investment, and off every trade. While there is high level of trust in the CEX from the users, the CEX actually holds the private keys to the tokens and the funds, which makes it subject to hacking. And we have all seen massive multi-million, even close to billion dollar hacks taken place, even in the present day. What are your thoughts about CEX’s custodial today?
#5 Possibly the toughest, most controversial question for crypto exchanges. What are your thoughts on wash-trading? And rankings on CoinMarketCap?
Feroze Medora: “Even though we are in a very new industry, I like the expression ‘Nothing is new under the sun’. Wash trading falls under the border category of market manipulation. Which are features of regular financial market for very time.”
#6 The question that is probably the biggest challenge for crypto exchanges. What are your thoughts on regulations by regulators across the world — from US SEC, to China’s PBoC, and here in Singapore Monetary Authority of Singapore (MAS)?
#7 Let’s talk about crypto trading specifically. Mobile Financial Trading, Derivatives Trading, Future Trading, Financial Trading. What’s next? What do you think is the future of trading?
- Anndy Lian: “I think derivatives trading would be the strongest and will be one of the key crypto highlights. NFT trading and NFT marketplace would be the next to look at too. The current NFT market has not reached its fullest potential in terms of trading, because it has not hit a critical volume. We should look at this market seriously, build products on top of NFT, facilitate it with real utility and link back to spot/ derivatives trading to optimize its full potential.”
Crypto Expo Asia 2022 is held on 22–23 June 2022, at Raffles City Convention Centre, Singapore. The second day of the event will feature speakers from ConsenSys, UOB, OKX, Bybit, Fireblocks and many more. More information can be obtained at https://cryptoexpoasia.com/.
This article is produced by BLOCKCAST.CC.