ChainUP Wallet Solutions Provider HiCoin provides a true one-stop crypto wallet servicesolution that includes wealth management, mining, payments, e-commerce, OTCpayments, portfolio replication, lending, amongst other functionalities.
24thMarch, 2020, Singapore– Co-Founder of HiCoin,ChainUP wallet solutions division, MingyuanWang, gave detailed insights to one of China’s topeditorial sites, BiShiJie.ChainUPis a leading global blockchain technology service provider with well-developed blockchainsolutions such as whitelabel crypto exchange, wallet and exchange liquiditysolutions, 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 anasset management solutions provider under parent blockchain technology companyChainUP.
HiCoin focuses on blockchain wallet technologyservices and currently has an HD (Hierarchical Deterministic) Wallet as well asCloud Wallet’s core products and asset custody features – comprehensivepayment, wallet with full functional features and other landing solutions, andalso the ability to quickly build digital wallets and complete blockchainecosystems 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?
HiCoinis currently the largest systems provider in the blockchain wallet industry.Since being established two years ago, it has served more than 100 customers. HiCoinprovides a full-featured wallet that includes digital currency applications suchas wealth management, mining, payments, e-commerce, OTC payments, portfolioreplication, lending, and other functionalities, trulyproviding one-stop services for wallet customers. This year, our focus will beon strengthening the functionality of the full-featured wallet, developingasset alliances and building up wallets as financial centers.
3.What are the current landing applications of blockchain wallets? Andscalability scenarios?
E-commerce, gaming, tokenization, payments,wealth management, and mining are all the main landing applications forwallets. In the future, there will be more varied possibilities like borrowingand portfolio replication.
4.With regards to the adoption of blockchain, there is a feeling in some quarters that the importance of blockchainwallets has been seriously overlooked and that they might replace exchanges inthe future. What is your stand on this and why?
I feel that exchanges are similar to securitiescompanies while wallets are similar to banks. So using this analogy, China has100 million shareholders but 1 billion bank users. It should not be prioritizedin order of magnitude. For the exchange, there is a high frequency oftransactions and it functions satisfactorily as a profit-making mechanism. Thewallet is more low-profile – it will gather heat slowly, but that flow of heatwill be long-lasting.
5.Many wallets on the market are B2C. Why do you think you have used B2B to serveB2C? Do businesses need wallets more than retail customers?
Actually yes. At present, the vast majority ofB2C wallets on the market are not profitable, and most of them are for users inthe token gaming industry. We hope to be able to tap traditional and financialindustries, companies with traffic and products, to use our technology forentry into blockchain, thereby converting more new users. There are alreadymany B2C wallet companies in the crypto industry that are beginning to providetechnical services.
6.Which industries are blockchain wallets suitable for and why?
Recently, we served a homestay platform thathopes to acquire millions of users on the platform. By letting users holddigital currencies, the platform increases their financial attributes and winscustomer loyalty, differentiating themselves from rival platforms. We preferthis type of customer where they have a set volume of traffic from theircustomer base, using the blockchain wallet as a tool. For the others, we caninnovate blockchain application attempts on enterprise scenarios, since walletsare excellent use-case scenarios. E-commerce, games, payments, and finance allhave features that can be combined.
7.According to a report, “the wallet demand in the Asia-Pacific region isstrong, and the market value of hardware wallets will reach USD 500 million by2024.” On the other hand, Zhu Fa, the founder of Coinprint, once wrotethat “hardware wallets are almost a pseudo-requirement. Few hardwarewallets are safer and easier to use than iPhones.” How necessary do youthink hardware wallets are? Which type of wallet do you think satisfies futuredevelopment requirements?
For myself, I will not store Bitcoin in ahardware wallet. A good hardware (like an iPhone) plus a HiCoin decentralizedwallet can meet these needs very well. A hardware wallet is still necessary tostore the private key offline so that the private key never touches theinternet. In this capacity, it is better than a mobile phone that can beconnected at any time. To better meet future development requirements, I wouldsay it’s wallets like HiCoin that act as financial centers.
8.Security will always be the top priority of a wallet. Compared to otherwallets, 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 securitystandards. The experience we have accumulated in this area is actually ourgreatest advantage in ensuring asset security.
In terms of risk control and security, HiCoinwallets have inherited the perfect risk control and security system of ourparent company ChainUP,which can achieve 100% full risk-control coverage. With 30-over securitytechnology guarantees, ChainUP/Hicoin can provide security auditing; monitoringfrom different angles (users, businesses and systems); multi-level early-riskwarnings; and ensure asset safety. At the same time, we have reached long-termand in-depth strategic cooperations with many domestic and foreign securityagencies such as Johnwick, CertiK and Chains Guard.
9.We noticed that many wallets are beginning to focus on the integration ofD’Apps. Can you comment on this? Also what are the biggest obstacles in D’Appintegration?
In the past 18 years, HiCoin has already usedthe D’App platform as our basic foundation. Currently, there are three types ofapplications, ETH, EOS, TRX, to directly connect with wallet balances. I don’tsee any obstacles to integration. The core focus lies in integrating the D’Appto be truly operational. The future wallet is likely to be a distributioncenter 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 internationalconferences. Hope the epidemic will end soon! In terms of overall planning,HiCoin will follow in the footsteps of ChainUP to further strengthen theprocess of globalization and internationalization. At the same time, asproducts in the compliance process, we will also work on strengtheninggovernment cooperation and actively promote the implementation and realizationof blockchain applications.
11.What position do you think the blockchain wallet occupies in the entireindustry? To this end, what efforts and contributions has HiCoin made?
There is no doubt that the wallet is the firstentry to blockchain. From the first client in the history of Bitcoin to today’sindustry colleagues who want to enter blockchain, the first stop requires acontainer and a carrier – a wallet. HiCoin is committed to lowering thetechnology threshold of the wallet, hoping that it will become the industry’sinfrastructure 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 partnershave been great. As a result of our brand and technology implementation lastyear, and the company’s timely strategy adjustment and response since theoutbreak 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. Whatchanges do you think the blockchain industry will have this year?
Thisyear, 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 betterservices 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 recommendchoosing a wallet?
Inthis order of priority: security, functionality, and ease of use.
3. Many wallets want to become the Alipay of theblockchain industry. What kind of industry conditions do you think need to bemet before such a product can be realized?
Solidtechnology, adequate strategic partners, visionary judgment, and strongexecution.
About HiCoin
HiCoin,a subsidiary of ChainUP, is a leading provider of cryptocurrency walletsolutions. HiCoin builds integrated blockchain ecosystems to provide safe,diversified and reliable wallet technology services.
About ChainUP
ChainUPis a leading blockchain technology solution provider in the world. It ownseight well-developed product lines: digital currency trading (financialderivatives), wallet, situational awareness, public chain and consortiumblockchain, mining pool, blockchain cloud media, liquidity, broker, and hasconstructed an industrial closed-loop from technology service to traffic andtraffic 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. Theteam members behind ChainUP have worked in top blockchain or internet companiesand institutions in technological development and operation management, and arehighly experienced in the blockchain industry. It has obtained several roundsof investments from well-known top institutions in the industry, such as Morningside VentureCapital, Joy Capital, Node Capital, Albatross Venture, Taoshi capital, amongstothers.
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