ChainUP Wallet Solutions Provider HiCoin provides a true one-stop crypto wallet service solution that includes wealth management, mining, payments, e-commerce, OTC payments, portfolio replication, lending, amongst other functionalities.
24th March, 2020, Singapore – Co-Founder of HiCoin, ChainUP wallet solutions division, Mingyuan Wang, gave detailed insights to one of China’s top editorial sites, BiShiJie. ChainUP is a leading global blockchain technology service provider with well-developed blockchain solutions such as whitelabel crypto exchange, wallet and exchange liquidity solutions, to name a few. This interview was live-streamed on March 11, 2020.
1. Please briefly introduce HiCoin.
HiCoin is a wallet for digital currencies and an asset management solutions provider under parent blockchain technology company ChainUP.
HiCoin focuses on blockchain wallet technology services and currently has an HD (Hierarchical Deterministic) Wallet as well as Cloud Wallet’s core products and asset custody features – comprehensive payment, wallet with full functional features and other landing solutions, and also the ability to quickly build digital wallets and complete blockchain ecosystems for projects, exchanges, online e-commerce, physical enterprises, traditional users, small and medium blockchain enterprises, etc.
2. What services does HiCoin currently have? What is the focus?
HiCoin is currently the largest systems provider in the blockchain wallet industry. Since being established two years ago, it has served more than 100 customers. HiCoin provides a full-featured wallet that includes digital currency applications such as wealth management, mining, payments, e-commerce, OTC payments, portfolio replication, lending, and other functionalities, truly providing one-stop services for wallet customers. This year, our focus will be on strengthening the functionality of the full-featured wallet, developing asset alliances and building up wallets as financial centers.
3. What are the current landing applications of blockchain wallets? And scalability scenarios?
E-commerce, gaming, tokenization, payments, wealth management, and mining are all the main landing applications for wallets. In the future, there will be more varied possibilities like borrowing and portfolio replication.
4. With regards to the adoption of blockchain, there is a feeling in some quarters that the importance of blockchain wallets has been seriously overlooked and that they might replace exchanges in the future. What is your stand on this and why?
I feel that exchanges are similar to securities companies while wallets are similar to banks. So using this analogy, China has 100 million shareholders but 1 billion bank users. It should not be prioritized in order of magnitude. For the exchange, there is a high frequency of transactions and it functions satisfactorily as a profit-making mechanism. The wallet is more low-profile – it will gather heat slowly, but that flow of heat will be long-lasting.
5. Many wallets on the market are B2C. Why do you think you have used B2B to serve B2C? Do businesses need wallets more than retail customers?
Actually yes. At present, the vast majority of B2C wallets on the market are not profitable, and most of them are for users in the token gaming industry. We hope to be able to tap traditional and financial industries, companies with traffic and products, to use our technology for entry into blockchain, thereby converting more new users. There are already many B2C wallet companies in the crypto industry that are beginning to provide technical services.
6. Which industries are blockchain wallets suitable for and why?
Recently, we served a homestay platform that hopes to acquire millions of users on the platform. By letting users hold digital currencies, the platform increases their financial attributes and wins customer loyalty, differentiating themselves from rival platforms. We prefer this type of customer where they have a set volume of traffic from their customer base, using the blockchain wallet as a tool. For the others, we can innovate blockchain application attempts on enterprise scenarios, since wallets are excellent use-case scenarios. E-commerce, games, payments, and finance all have features that can be combined.
7. According to a report, “the wallet demand in the Asia-Pacific region is strong, and the market value of hardware wallets will reach USD 500 million by 2024.” On the other hand, Zhu Fa, the founder of Coinprint, once wrote that “hardware wallets are almost a pseudo-requirement. Few hardware wallets are safer and easier to use than iPhones.” How necessary do you think hardware wallets are? Which type of wallet do you think satisfies future development requirements?
For myself, I will not store Bitcoin in a hardware wallet. A good hardware (like an iPhone) plus a HiCoin decentralized wallet can meet these needs very well. A hardware wallet is still necessary to store the private key offline so that the private key never touches the internet. In this capacity, it is better than a mobile phone that can be connected at any time. To better meet future development requirements, I would say it’s wallets like HiCoin that act as financial centers.
8. Security will always be the top priority of a wallet. Compared to other wallets, what are the advantages of HiCoin?
The majority of our services are for B2B users. Their emphasis on asset security has constantly led us to set higher security standards. The experience we have accumulated in this area is actually our greatest advantage in ensuring asset security.
In terms of risk control and security, HiCoin wallets have inherited the perfect risk control and security system of our parent company ChainUP, which can achieve 100% full risk-control coverage. With 30-over security technology guarantees, ChainUP/Hicoin can provide security auditing; monitoring from different angles (users, businesses and systems); multi-level early-risk warnings; and ensure asset safety. At the same time, we have reached long-term and in-depth strategic cooperations with many domestic and foreign security agencies such as Johnwick, CertiK and Chains Guard.
9. We noticed that many wallets are beginning to focus on the integration of D’Apps. Can you comment on this? Also what are the biggest obstacles in D’App integration?
In the past 18 years, HiCoin has already used the D’App platform as our basic foundation. Currently, there are three types of applications, ETH, EOS, TRX, to directly connect with wallet balances. I don’t see any obstacles to integration. The core focus lies in integrating the D’App to be truly operational. The future wallet is likely to be a distribution center for applications.
10. Public reports show that HiCoin has reached in-depth cooperation with Vexanium. In addition to Southeast Asia, will HiCoin expand further to overseas markets? What is the development plan for this year?
We will be focusing on this year’s international conferences. Hope the epidemic will end soon! In terms of overall planning, HiCoin will follow in the footsteps of ChainUP to further strengthen the process of globalization and internationalization. At the same time, as products in the compliance process, we will also work on strengthening government cooperation and actively promote the implementation and realization of blockchain applications.
11. What position do you think the blockchain wallet occupies in the entire industry? To this end, what efforts and contributions has HiCoin made?
There is no doubt that the wallet is the first entry to blockchain. From the first client in the history of Bitcoin to today’s industry colleagues who want to enter blockchain, the first stop requires a container and a carrier – a wallet. HiCoin is committed to lowering the technology threshold of the wallet, hoping that it will become the industry’s infrastructure utility, like water and electricity, ready for everyone’s needs.
12. Has the global COVID-19 epidemic affected HiCoin’s business?
It has some impact but fortunately our partners have been great. As a result of our brand and technology implementation last year, and the company’s timely strategy adjustment and response since the outbreak this year, the impact of the outbreak can be effectively minimized.
13. The beginning of 2020 has seen a huge ‘earthquake’ in global risk assets. What changes do you think the blockchain industry will have this year?
This year, half a year, there will be huge shake ups in Bitcoin price movements. What we need to do is continue to lay a solid foundation, provide better services to customers, and prepare for the huge opportunities next year.
Q & A Session from the public
1. In addition to the basic wallet functions, does HiCoin currently support wealth management?
Yes. Assets can be quantified and staking functionality is there.
2. For novice users, how do you recommend choosing a wallet?
In this order of priority: security, functionality, and ease of use.
3. Many wallets want to become the Alipay of the blockchain industry. What kind of industry conditions do you think need to be met before such a product can be realized?
Solid technology, adequate strategic partners, visionary judgment, and strong execution.
HiCoin, a subsidiary of ChainUP, is a leading provider of cryptocurrency wallet solutions. HiCoin builds integrated blockchain ecosystems to provide safe, diversified and reliable wallet technology services.
ChainUP is a leading blockchain technology solution provider in the world. It owns eight well-developed product lines: digital currency trading (financial derivatives), wallet, situational awareness, public chain and consortium blockchain, mining pool, blockchain cloud media, liquidity, broker, and has constructed an industrial closed-loop from technology service to traffic and traffic commercialization. So far, it has served 300+ exchange clients, 100+ digital wallet clients, 150+ liquidity service clients, which include 50+ million users in over 20 countries from Asia, Europe, America and Oceania. The team members behind ChainUP have worked in top blockchain or internet companies and institutions in technological development and operation management, and are highly experienced in the blockchain industry. It has obtained several rounds of investments from well-known top institutions in the industry, such as Morningside Venture Capital, Joy Capital, Node Capital, Albatross Venture, Taoshi capital, amongst others.
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