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HKEJ Interview

The price of cryptocurrencies, led by Bitcoin and Ether, has risen astonishingly during the year, making the relevant markets more favored by investors. Wincent, founder and director of Genesis Block, a Hong Kong start-up, said in an interview with this newspaper that cryptocurrencies have been gaining momentum in recent months, stimulating Hong Kong people to enter the market. The company plans to expand over the counter (OTC) business, and at the same time enhance market education to promote Cryptocurrencies are becoming more popular in Hong Kong.

Since operating over-the-counter trading business in Hong Kong in 2017, Wincent pointed out that the service focuses on large-value transactions, with a minimum limit of 100,000 yuan per transaction; Genesis Block has established a liquidity pool through cooperation with other over-the-counter exchanges to allow customers to trade in large amounts. currency.

Genesis Block expands OTC transactions

Wincent revealed that the monthly transaction volume of Genesis Block’s over-the-counter trading business is more than 10 million yuan, and the cumulative number of customers has reached 5 digits. As the market became hot again, he said: “The cryptocurrency market is now at the beginning of a bull market. Our over-the-counter trading volume has recorded steady growth in recent months, and more retail investors have entered the market.”

With the support of one of the investors, the US cryptocurrency derivatives exchange FTX, Genesis Block recently launched an online over-the-counter trading platform to enable its business to operate around the clock. Wincent mentioned that the overseas market currently accounts for half of the customer base. Customers in Southeast Asia, South Korea, Japan and other places are the key expansion targets in the future, and its Thailand office has just opened this year.

“Hong Kong people tend to buy more assets as they rise, and buy less as they fall.” As one of Hong Kong’s first companies involved in related transactions, Wincent said frankly that the popularity of cryptocurrencies in Hong Kong is still very low for the time being. He estimated that there are about 100,000 to 200,000 Hong Kong people participating in the cryptocurrency market, of which only 10,000 or 20,000 are active users.


Low threshold 500 HKD can be traded

“How can Hong Kong people be poor? It’s just that most people focus on traditional asset classes, such as buying houses.” Wincent believes that the trend of seeking alternative investments has not yet prevailed in Hong Kong and the situation will be difficult to reverse in the short term. “Unless there is a big bull market that attracts more The eyeballs boosted the market sentiment.”

For those who participate in the relevant market for the first time, the on-ramp that can purchase cryptocurrency with legal currency is very important, and one of the common legal currency entrances is the cryptocurrency automated teller machine (ATM).

According to statistics from the website Coin ATM Radar, the number of Bitcoin ATMs worldwide is growing rapidly, and the total number currently exceeds 9,100, of which Hong Kong accounts for 57. Genesis Block has set up a Bitcoin ATM in Hong Kong in the early years, allowing everyone to directly buy and sell Bitcoin in Hong Kong dollars, with a minimum transaction amount of only 500 yuan.

Strengthen promotion and focus on college students

Wincent stated that the total number of Bitcoin ATMs under its brand CoinHere in Hong Kong reached 25, with an average transaction amount ranging from 5,000 yuan to 10,000 yuan. “Plus our Bitcoin ATM machines in Taiwan and other places, we are already The largest Bitcoin ATM service provider in Asia.”

As an increasingly popular on-ramp, the cryptocurrency ATM function leads the public to contact and buy and sell cryptocurrencies for the first time. Wincent revealed that it intends to add cryptocurrency ATM machines in places including MTR stations and university campuses. Local college students will be one of the targets of Genesis Block to strengthen market education. “Cryptocurrency is gradually moving towards the mainstream in the global market. College students in Hong Kong may not invest in cryptocurrency, but at least they should get in touch early.”

Mentioned that the Hong Kong police smashed a bitcoin teller machine fraud case for the first time in the middle of this month, Wincent emphasized that it was not its bitcoin ATM machine that was involved, and the loopholes did not touch the cryptocurrency transaction technology. .

Bitcoin transactions are carried out through the blockchain. The blockchain network will include each transaction in a block for “one-time confirmation” with a delay of about 10 minutes. As future blocks are successively generated on the chain, the transaction will be confirmed multiple times, reducing the risk of transaction cancellation or tampering.

Wincent pointed out that the aforementioned fraud may be due to the operator’s adjustment of the authentication mechanism of the Bitcoin ATM, allowing customers to withdraw money before the transaction is “one-time confirmation”. Therefore, the suspect may first propose to exchange bitcoins for cash, and then quickly transfer the bitcoins on his hands after the ATM receives the money.

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