Territorio Bitcoin Podcast feat Kiana Shek, Co Founder of DigiFinex

Territorio Bitcoin

On Mar 28, Territorio Bitcoin, an independent blockchain and fintech media in Spain, organized a special podcast dedicated to the blockchain community, to people who continue to develop a technology that everyone calls “the 4th industrial revolution” during this challenging period of Covid-19 pandemic. 

Territorio Bitcoin invited many key persons from blockchain and crypto startups such as Decred, ChainGO, and DigiFinex, etc. Here is a recap of what DigiFinex co-founder Kiana Shek has shared with their Spanish audience: 

Q:Hi Kiana, thank you for joining us today. Please tell us about yourself. 

Hi everyone, it’s my pleasure to be here. Hope you are staying safe and strong during this tough period. 

My name is Kiana Shek, co-founder of DigiFinex. I believe that fintech is the future, and blockchain is definitely the soonest to be seen through commercialisation. I always feel excited to be part of something big, to catch the big wave, and I started to learn about blockchain technology and cryptocurrency trading in the early 2010s. At the end of 2017, I joined DigiFinex as a co-founder and I’m in charge of our global business expansion. Currently I’m also pursuing my GEMBA at INSEAD.

Q: That’s pretty impressive. So could you tell us a bit more about DigiFinex?

DigiFinex is a one-stop  digital financial services platform, incorporated in Singapore at the end of 2017. We have more than 3 million registered users worldwide and over 300,000 daily active mobile app users. DigiFinex constantly ranks top 10 in the world by market liquidity and trading volume, according to coinmarketcap.com. 

After more than two years of rapid development, DigiFinex has evolved from a basic cryptocurrency spot trading platform to a one-stop digital financial services platform. Our services include crypto spot, margin and futures trading, as well as quant funds management to help investors grow their assets. 

Currently blockchain development is still in its infancy, so we believe that education is crucial to empower this industry in the long run. We are also hiring more content creators and market analysts to join our talented team to share knowledge and insights. 

Q: How do you differentiate DigiFinex from so many other crypto exchanges?

Our development strategy is globalization, compliance, specialization and diversification. We help blockchain projects reach the global markets and provide them with strong technical support.

Globalization: We have local offices in Singapore, Malaysia, Hong Kong, China, and Australia. The ethos of  “think globally act locally” runs in our veins. To better serve customers from different parts of the world, now our website supports 9 languages and more will be added in the future. 

Compliance: As we build the future of money, we must first build trust. DigiFinex is fully compliant to operate in different jurisdictions, we have already registered with AUSTRAC in Australia,  and also applied for a license to provide digital payment token service in Singapore. Our customers and partners can safely invest and trade cryptocurrencies on our platform. 

Specialization: DigiFinex has a team of professionals from world-renowned internet companies and financial institutions. We provide consultation, technical support and other incubation programs for global blockchain projects to reach their development goals.

This year we are launching a bank card with our partner BLUCON. DigiFinex card holders can use it to store digital assets or make payments at all the businesses that accept UnionPay, Visa or MasterCard worldwide.

Diversification: Besides crypto spot and margin trading, quant funds management, we are also building a crypto derivatives trading platform, called DigiDeriv, where users can trade crypto futures and perpetual swaps with up to 100x leverage. Most of our regular users know that we conduct many fun and rewarding trading activities online, and this will apply to DigiDeriv too. So please stay tuned, first join us at DigiFinex, then at DigiDeriv when it’s launched next month! 

Q:That’s really wonderful news. As a co-founder of a leading crypto exchange, we would also like to hear your opinions of the current crypto market? 

2020 is a very challenging year, as we witness the plunge of crude oil prices and more eminently, the covid-19 pandemic triggered an unprecedented collapse of the global financial system. Many of us are increasingly concerned about the negative economic impact caused by this epidemic. All governments are working at their full capacity to protect their citizens. I believe many of you are working or studying from home now. 

Personally speaking, I choose to remain optimistic in this situation. I think as social beings, we are susceptible to herd mentality and panic. However, the more people become pessimistic, the more we should embrace hope. Even though I’m not an expert in infectious diseases, from the perspective of mathematical statistics, we can see that epidemics and financial crises share certain general features. 

Fear and uncertainty has caused the capital markets to crash, bitcoin price has also plunged 55% in the second week of March. It has bounced back to $6,892 this Wednesday from $4,106 on March 12, with a 64% increase. This shows the strong resilience of a decentralized digital asset in a relatively liquid market. However, the volatility and risks are still very high, and the market’s wild swings may become a norm during this period. I’d suggest that investors should analyze the situation rationally, and avoid trading on tilt. 

Q: How do you think bitcoin halving will impact the market then? 

The bitcoin mining reward will be halved in less than 50 days, from 12.5 bitcoin to 6.25 bitcoin per block. The main market participants, including miners, hodlers and investors are mostly bullish on this event. However, due to the recent flash crash of bitcoin price, many miners who have been withholding their stock and using bitcoin as a collateral on lending platforms were wiped out by margin calls, which has caused many of them to capitulate. After the halving, only the miners with the highest-efficiency ASIC machines will survive. As newly-mined bitcoin supply decreases, less money is needed to offset miners’ selling pressure. In my opinion, if there is sufficient buy in after the bitcoin halving, long term investors and hodlers will be able to “hold the door“ and maintain long term price growth. As a seasoned bitcoin investor myself, I have confidence in the future of bitcoin.

Q: What are your observations of the blockchain industry in general?

There are two sides to every coin (pun intended). Every crisis also presents us new opportunities. Through this pandemic, I think people will learn more about the applications of blockchain technology and drive its adoption. During the battle against a pandemic, blockchain can play an important role. For example: Blockchain + charity, helping charities to be more open and transparent, in order to enhance the credibility of these organizations; Blockchain + public information, blockchain can help improve information transparency, create an early warning, prevention and control system, reduce the approval process inefficiency; Blockchain + medical supplies, establish credible supply chain management to better match medical supplies with hospital needs, and enable each batch of supplies to be fully utilized. In addition, blockchain technology could also play a huge role in public safety monitoring, public opinion monitoring, post-pandemic insurance claims, and distributed work-from-home network collaboration.

Other blockchain applications

  • Blockchain + identity: Dubbed by many as the Crypto Valley, Zug has been at the forefront of blockchain and cryptocurrency adoption in Switzerland and around the world. In 2017, Zug partnered with uPort, an ethereum based decentralized identity platform to develop the first autonomous government allotted identity. It enables the residents to prove their residency and participate in online voting. 
  • Blockchain + advertisement: Nasdaq has provided blockchain technology to run an exchange to trade guaranteed advertising contracts. New York Interactive Advertising Exchange (NYIAX), which was launched in Q4 2017, provides an electronic marketplace for publishers, advertisers and media buyers to buy and sell future advertising inventory. 

Last but not least, I hope you all can stay safe and healthy during the Covid-19 outbreak. “Tough times don’t last, tough people do. ” As we emerge stronger as a global community after this crisis, I believe that blockchain can empower even more people and industries, as it will become as ubiquitous as the internet today. At DigiFinex, we will continue building and creating value for our users and partners. 

Thank you!

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