Recap of OceanTalk — Founder & CEO Xiaoning Nan Special
One month till OceanEx 2 year anniversary, CEO Xiaoning Nan provided answers to everything about OceanEx from the community.
Whale: OceanEx will be 2 years old next month, to give our community members a chance to better understand OceanEx, we hold this session to elaborate and update the community with our CEO Xiaoning Nan.
Hi, Nan!
Nan: Hi everyone! I am excited to be here to communicate with everyone. Thank you all for attending. We truly appreciate your time!
Whale: 1. KuCoin and other exchanges were recently hacked. What security measures has Oceanex put in place to prevent the exchange from getting hacked? What is your next plan to To Be truthful again to other traders since more exchanges faced problems last week? Did you plan to transfer funds to a cold or hot wallet?
Nan: We use AI technology to control the risk of getting hacked. Our Co-founder and CTO Jiayu Zhou had released a paper detailing SHORELINE, a deep-learning framework that estimates the optimal threshold of hot wallets from historical wallet activities and dynamic trading networks. Its major use case details a process that would mitigate risk from cyber criminals and hackers on cryptocurrency exchanges. For more info, please check on: OceanEx Releases New AI Framework SHORELINE to Mitigate Losses of Exchanges Hacks
We worked with Cobo Custody to manage and secure some of our assets, and most of our tokens are in cold wallets now.
Whale: 2. There’s a lot of concern in the community regarding the OCE token price and use cases for the token because many think that the price refects on OceanEx’s image. What measures are planned to keep the OCE ecosystem growing, to generate more volume and to make the coin better known?
Nan: Now, we are focusing on the to B service as well. With the birth of OceanEx Pay, we would like to enable it more power and applications.
We are in negotiation and discussion with the e-commerce SaaS platforms who have provided service for thousands of online merchants. Hope we could get access to their merchant clients by cooperation.
Imagine that, thousands of online merchants accept OCE, VET, HAI, SHA and other VeChain ecosystem tokens as one of the payment methods for customers. This could be a huge potential opportunity for us to enable OCE use cases. OceanEx Pay is one of our use cases, but we will make more use cases for OCE and attract more users to our exchange to generate more volume.
We are also considering defi and other new models inside of the crypto industry which can be developed by us.
Whale: 3. There are so many projects listed on other exchanges because fomo defi and nft projects, why OceanEx does not follow the trend , listing many projects…why ? Is it strategy?
Nan: To catch the trend, we also listed some popular and solid defi tokens such as LINK, SHA and COMP for spot trading and defi index for future contract trading. We also launched the defi zone.
However, it is very obvious that most defi tokens have decreased dramatically. I think this could be a very strong reason that we don’t list many of them.
On the one hand, we value all of our users, so we don’t want to list the scam projects. On the other hand, we are always welcome for high quality products as well. To be honest, we have a high review standard, so it seemingly appears to be a slow movement, however under the surface, our listing team has done a lot of work and efforts on finding and negotiating with good projects.
Whale: 4. When the OCE burn meets the set cap, what will happen after that?
Nan: From Oct 18th, 2019, OceanEx started the very first OCE Burn, and we will burn OCE revenues until the total circulating supply of OCE is reduced to 7 billion. On Oct 9th, 2020, we just completed the 5th OCE Burn with 157,291,855 OCE burned.
For the burn history plz check out the below pic:
If all the OCE tokens are burned, we will find some other way to benefit our token holders with profit.
Whale: 5. What are the biggest challenges OceanEx is fighting with at the moment?
Nan: The biggest challenge for us currently is how to surpass ourselves, beyond the limits and bring more value to our community and all OceanExers.
Whale: 6. Do you foresee in the roadmap a direct on site fiat system and the potential addition of a MasterCard with fiat and crypto use?
Nan: We don’t provide the onsite fiat system in the near future. Now we are working with cooperation partners such as Prime Trust, Simplex and Banxa to provide secured and fast fiat gateway service or buy crypto service. We supported the major fiat currency now such as AUD, FBP, EUR, CAD, HKD, RUB, TRY and etc.
For more details about it please refer to
USD Gateway: OceanEx Opens USD Fiat Gateway
Buy Crypto:
https://oceanex.medium.com/oceanex-buy-crypto-now-opens-aud-gbp-and-eur-channel-e152a14db4d2
https://oceanex.medium.com/oceanex-buy-crypto-now-opens-cad-hkd-rub-try-and-more-channels-174e14887c58
https://oceanex.medium.com/oceanex-enables-buy-crypto-with-debit-and-credit-card-payments-68d3f7d83c14
Also we are extending more fiat gateway and MasterCard with fiat and crypto use. Please stay tuned with us.
Whale: 7. #DeFi vs #CeFi: Who To Trust With Your Bitcoins?” Can you share your opinion on this ? And do you have defi ( farming) products?
Nan: Defi and Cefi, it is interesting to discuss which one is better, but i can not say which one is better.
Now, cefi provides more user friendly experience and more liquidity, it’s more easy to use. But defi is developing very fast, and I think the future of blockchain is defi. With the current situation of user experience and crypto technology as it is, we consider that for now, both centralized and decentralized exchanges are coexisting and needed. Finally, we believe in full decentralization, but we recognize this may involve a few incremental processes, instead of one tremendous jump forward.
Our team is also making some research of defi now and trying to find some products for our eco in future.
I did not hold any defi tokens now, but i joined a short period of CURVE last month.
Whale: 8. Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of the exchange more global?
Nan: Sure, we have listed projects all over the world, and have established partnerships with their teams. Besides, we have our opws and ambassadors all over the world, some of them are actually cryptocurrency developers. We will never stop forming partnerships with great global blockchain pioneers and players.
Whale: 9. Does OceanEx have plans to enter into the cryptocard market, integrating OceanEx Pay and OCE club membership?
Nan: It’s a good idea to integrate cryptocard with OceanEx Pay and OCE Club Membership. We are continuing to follow the latest news in the cryptocard market. If there is any opportunity, we will let you know.
Whale: 10. Will OceanEx plan on creating an OceanEx Pay application to be used by consumers on a daily basis?
Nan: We will consider this proposal after more merchant users accept the OceanEx Pay.
Whale: 11. Any plans for an OceanEx debit card?
Nan: Currently, we don’t have such a plan.
Whale: 12. Will there be any additional rewards for $OCE holders soon?
Nan: There will be an exclusive 2nd Anniversary event especially aiming at giving back to our supportive OCE holders soon.
I can be a little spoiler, it’s abt NFT. Stay tuned for more news about our 2nd Anniversary celebration events next month.
Whale: 13. Are the team working on allowing US citizens to be able to KYC?
Nan: It mainly depends on the USA(local) policy regulations.
Whale: 14. What are the current OceanEx priorities?
Nan: Now, our tech team is heavily working on updating the future contract engine for better service, new margin function, updating affiliate program, OceanEx Pay and diversifying CryptoFarm. Some new functions will be released near our 2nd Anniversary.
For the marketing team, they are working on the series event for celebrating our 2nd Anniversary. There will be so much fun and reward to give back to our community.
Here are some of the ongoing events, ill list them below:
1. OceanEx Pilot Whale Recruitment: we are seeking Blockchain enthusiasts worldwide! If you’re passionate about OceanEx, crypto and would love to be one of us, please apply from here:
https://oceanex.medium.com/oceanex-pilot-whale-program-3-0-6ba02cec5da8
2. Four dedicated OPWs were promoted to be new OceanEx Ambassadors — to further grow OceanEx, be our representative and expand to every corner of the world:
https://oceanex.medium.com/oceanex-pilot-whale-program-3-0-6ba02cec5da8
3. Take a moment to recall and Share Your Lovely Story with us on twitter to Win 1M OCE reward：
https://twitter.com/OceanexOfficial/status/1320956744793612288
4. To celebrate #OceanEx 2nd Anniversary, we have prepared 4 Trading Competitions — Trade to Win Up to $20,000 value reward. Twitter lucky draw is going on right now with 2 EXCLUSIVE OceanEx Gift Sets.
https://twitter.com/OceanexOfficial/status/1321302169086271491
More than these, I’ve heard from the marketing team, there will be an interesting Halloween event coming. Enjoy everyone!
Whale: 15. Are rumors about Vechain/OceanEx stable coins true?
Nan: We worked with Vechain team to develop regulated stable coin for months, but it’s very complicated and need more time to push that. Especially in the Covid 19 times. I believe you guys could understand under current epidemic circumstances. (Note: Nan later clarified that it is postponed and delayed, not completely off the table)
Whale: 16.Is there marketing or another plan to attract more market makers and increase volume on OceanEx?
Nan: Sure, we are always welcome the big whales and mm to join in us. We have special fee discounts for them. We used to run the VIP Privilege Program: Introducing the OceanEx VIP Privilege Program
If anyone wants to have a special fee discount and meet the standard of trading volume requirement, please contact @oceanexvip for further guidance.
Whale: 17. Binance, Huobi those China based exchanges have achieved great success in terms of volumes and token price. What prohibited oce team to learn from them? For example providing staking, profits sharing model, otc services, bridging fiat to crypto through Alipay, wechat pay etc. Because of regulation?
Nan: Our CryptoFarm is one kind of staking, and we will keep developing more models of staking with projects.
Due to regulation and laws, some of the other products we never provided. And most of our users from the EU and South Asia. We never provide service to china based KYC users, so the alipay and wechat OTC are not needed actually.
Whale: 18.Although China has a strict regulation right now (that’s why OceanEx is not open Chinese citizens) as the team has connections in homeland, I think you might have explored certain areas(maybe to B) If so, can you give more details? About business aims in China.
Nan: We provide To B blockchain service to some companies and do that consulting with them in china, except trading service.
Whale: 19. What’s OceanEx’s vision? Is it unchanged given regulation circumstances? How do you plan to achieve it in the next months, years?
Nan: Our goal is always to build a legit, secure, professional, and user-friendly exchange. We will update and perfect our product and constantly optimize the user’s experience. Safety of the user’s fund will be always the top priority for our work.
At OceanEx our vision has always been to Connect Global Crypto Community with Best Trading Experience. Meanwhile we recognize infrastructure is a fundamental way to attain this goal, and we work so hard to make sure that all of our products and services contribute in some way to reaching our vision. Last 2 years were the foundation building phase for us. Now we have evolved into much more than just the crypto to crypto trading exchange. The foundations we’ve built to empower us to grow the crypto and new financial derivatives also include futures trading platforms, many more fiat-to-crypto gateways, and staking services. Our mission is building the infrastructure for crypto in tomorrow’s world. This includes our core businesses such as spot trading exchange, futures trading, fiat gateways, and wallets, and much more to come. We will continually use our platform to connect newbies with professional traders, all crypto supporters with quality projects, our business partners with our beloved global community, our community members with us.
We will bring our users more innovative and professional financial derivatives and products such as SharkFin, ETH CryptoFarm and so on. As listing is also one of the major jobs of exchange, we will continually list good quality and solid projects.If you guys have any proposals or recommendations, plz feel free to contact our ambassadors.
Whale: 20. How does OceanEx cooperate with Vechain? Any big milestone planned could be shared now?
Nan: We work very closely to develop more products in the eco system to service our eco users. We have announced the custody service, payment solution with VeChain, others in development will be announced when we are ready.
Whale: 21. Will a convert dust to $OCE option be implemented in the near future?
Nan: We won’t develop this function at the moment.
Whale: 22. Will OceanEx pay be actively marketed to reach potential businesses?
Nan: We are integrating with the e-commerce SaaS platform now. With the cooperation of our partners, we will be able to access thousands of online merchants in the future. Hope we can enable as many applications as possible for the whole VeChain ecosystem.
Whale: 23. Are there any plans for a Euro stable coin on the OceanEx platform?
Nan: Currently we dont have such plans.
Whale: 24.What does it offer to beginning users who don’t have much knowledge about OceanEx? Is there any informative material that can facilitate the use of the OceanEx?
Nan: Please refer to the guidance for new users on our platform. https://support.oceanex.pro/hc/en-us/sections/360003005312-New-User-Guide
If you have any other questions, feel free to ask in our channel and our beloved pilot whales will assist you.
Whale: 25. As we all see In some exchanges have been attacked, users’ KYC information has been Stolen OR leaked. This situation worries users. So Question is How are KYC information protected in your servers? Is it possible to seize or leak KYC information?
Nan: We have a system of security set to protect all user’s data including KYC infomation. To improve security, all KYC data is encrypted storage. Also KYC auditors are strictly and well trained, they are given limited access to prevent internal risks.
Whale: 26. What is the number #1 priority for Development in 2021?
Nan: Our priority goal since day 1 is forming globalization and providing localization service for global crypto users. In the past two years, our major user base are from EU, SEA and North America. In the coming year, we will serve our existing users with the best trading experience, at same time, we will put emphasis on exploring more counties and markets.
Actually, we do listen and realize our users’ needs, so we aim to develop and optimize the OCE use case and OCE ecosystem in 2021.
We will never stop building more foundations to grow our ecosystem and provide more products for our users.
Here comes our sections 2 — Open talk: OceanExers and CEO Xiaoning Nan.
Q: What do you think of PayPal entering the space? Do you seem them as competition?
A: Not at all, i 100% welcome them, and hope they bring more new people to crypto world.
Q: I am a holder not a trader will there be incentives for people holding OCE rather than just trading discounts.
A: Actually, we do listen and realize our users’ needs, so we aim to develop and optimize the OCE use case and OCE ecosystem in 2021. We also prepare the special 2nd anniversary events exclusive for OCE holders.
Q: Do you have a target number to achieve in terms of exchange user accounts? If so, mind sharing your top marketing strategy to significantly attract new customers?
A: Keeping users’ assets safe will be always no.1. besides, listing, cooperation, provide even better service, more financial products and derivatives…
Q: Will $OCE be used for the gaming industry?
A: If we have more development, will share with you guys.
Q: The trends with major exchanges currently seem to be Yield farming, 1 click farming. Do you plan on following this trend to increase OCE use-cases?
A: We are looking into this area as well, but I’ve to be honest, most of them with high risks.
Q: What is your long-term vision of the industry in which Ocean Exchange operates? Are you afraid one day there will be another project with more advanced technology that could replace the Ocean?
A: No, we are fearness warriors. At OceanEx our vision has always been to Connect Global Crypto Community with Best Trading Experience. Meanwhile we recognize infrastructure is a fundamental way to attain this goal, and we work so hard to make sure that all of our products and services contribute in some way to reaching our vision. Last 2 years were the foundation building phase for us. Now we have evolved into much more than just the crypto to crypto trading exchange. The foundations we’ve built to empower us to grow the crypto and new financial derivatives also include futures trading platforms, many more fiat-to-crypto gateways, and staking services. Our mission is building the infrastructure for crypto in tomorrow’s world. This includes our core businesses such as spot trading exchange, futures trading, fiat gateways, and wallets, and much more to come. We will continually use our platform to connect newbies with professional traders, all crypto supporters with quality projects, our business partners with our beloved global community, our community members with us.
Q: What can we expect to see from OceanEx in the short-term (at some point in 2020) and 2021 and beyond (long-term goals)?
A: We will launch new product near our 2 years birthday, please stay tuned, I cant tell you guys now, otherwise my marketing team will hunt me for ruining the surprise too early.
Q: Nan what do you think of Chinese regulation towards to exchange? Although it is closed to Chinese citizens but I think as your home country you must have some plan to explore right? Could you share some insights?
A: We provide B2B blockchain service to some companies and do that consulting with them in china, except trading service.
Q: How do you compete with other exchanges that provide reward sharing based on transactions? How about monthly rewards for club members based on each tier?
A: It’s not a sustainable business model, so we wont follow it.
Q: Nan, at this point would you say OceanEx is more focused on small time investors like ourselves, or more on larger businesses. I mean this in the same way that Vechain focuses on enterprises first
So more like custodian services for enterprises then pure trading. Where is the primary focus currently ?
A: They both have same equal value in my heart. however we will not be able to achieve what we have now and who we are without the contribution of our OceanExers! so i guess, the words just speak for me.
Thanks Nan for joining our OceanTalk and thanks for all the questions guys! This of OceanTalk — Xiaoning Nan Special is over, appreciate the folks who stayed all the way.
Let us see you next time!
