Taiwan Exchange adds one more! ZONE Wallet targets 10% of users in five years

Taiwan’s local exchange adds one more! "Tuohuang Digital Technology Co., Ltd.", a subsidiary of Tuohuang Group, a technology financial institution, officially completed the Financial Supervisory Commission's Money Laundering Prevention Act Compliance Statement at the end of 2023 and launched a legal and compliant cryptocurrency exchange "ZONE Wallet".

Like the literal meaning in English, ZONE Wallet is a "wallet with exchange function" that can directly buy and sell cryptocurrencies through legal currency (such as New Taiwan Dollar).

Wang Shijie chose to open an exchange because he observed that the current global Web3 users account for only about 5%. "We predict that in the next five years, there is a chance that it will grow to 15%... And the new arrivals in the next five years will Those 10% of users are the users targeted by our service.”

Wang Shijie presupposes that the 10% of new users in the next five years will be even less receptive to Web3 products than current users. Therefore, "hiding blockchain technology" is the key to winning the competition in the future. .

"What we really want to provide is a user experience that is as familiar as operating an online bank," Wang Shijie said. Most exchanges on the market now provide services with more professional interfaces and operations, full of price charts, or Complex investment vehicles. ZONE Wallet hopes to use a simple interface, lower threshold, and simple spot trading services to become the first stop for users to enter the Web3 world.

Why do you want to open an exchange?

Tuohuang Group has been committed to promoting blockchain technology in recent years to achieve inclusive finance. Wang Shijie, CEO of Tuohuang Digital, is also the biggest promoter of ZONE Wallet and hopes to provide a simple and easy-to-use Web3 entrance for new cryptocurrency users.

Although the concepts of blockchain technology and cryptocurrency have not yet become popular, there are many exchange operators in Taiwan that have been established for nearly 10 years and can meet most market needs. How new entrants find a breakthrough and capture users from established exchanges is a big challenge.

In the past year, traditional finance has begun to enter the Web3 world, and many large companies and even government regulators have begun to pay attention to the development of "blockchain finance".

Wang Shijie pointed out that the upcoming Bitcoin halving event in the first half of 2024 has made many peers optimistic about the market development in 2024, giving rise to the idea of ​​opening an exchange. “I think these are the steps that the blockchain industry has entered the mainstream. It’s a signal of trend, so this time is actually a good time.”

The first stop for newbies! Direct ball duel with simple interface

Since making blockchain technology "simple and easy to use" is the key for future exchanges to win the competition, ZONE Wallet has put great effort into the interface design for this purpose.

For example, avoid using "withdrawal", "deposit" and other relatively currency terms. Instead, use "transfer in" and "transfer out", and use simple words below to assist with explanations to help users understand it easier.

In addition, the transaction speed of blockchain cannot be as fast as traditional financial transfers. Newbies often worry about whether their transfer fails before receiving the payment. Therefore, ZONE Wallet puts reminder words on each step of the transfer page, as well as the estimated transfer time of different blockchains, to reduce the transfer problems and anxiety of novices.

ZONE Wallet currently only provides basic tokens that novices must buy such as Bitcoin (BTC), Ethereum (ETH), and U.S. dollar stablecoins (USDT, USDC), reducing the investment risk of novices buying coins. It also provides the option of regular fixed amounts, allowing novices to invest the amount they can afford each month at an average holding cost, making it the first step for lazy people to invest.

Wang Shijie said that in the future, other currencies with sufficient liquidity and sufficient value support will be gradually listed on the shelves to reduce investment risks for novices.

It is expected that the legal currency function will be launched next year! Cleaning is the biggest challenge

ZONE Wallet completed the money laundering prevention law compliance statement this year and became the 27th operator on the list of "passing the money laundering prevention statement" announced by the Financial Supervisory Commission. This was also one of the challenges that impressed Wang Shijie most during the preparation process of the exchange.

Wang Shijie said that the Financial Supervisory Commission attaches great importance to and is cautious about the development of the entire industry, and has conducted many back-and-forth communications before. “From the end of last year to the present, many new companies have applied for security laundering licenses, but this year only ZONE Wallet and another The exchange has been approved, but there are probably at least 30 or 40 other applications that have not been approved yet.”

Since ZONE Wallet started trial operation on November 4, more than 2,000 users have registered. It is expected that in February next year (2024), the function of legal currency will be officially launched and the promotion of the product will be expanded.

Review editor: Gao Jingyuan

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