Ciara Sun – HUOBI : DeFi vs CeFi? China, Digital Dollar vs. Yuan (CBDC) & Huobi token?

Ciara Sun – HUOBI : DeFi vs CeFi? China, Digital Dollar vs. Yuan (CBDC) & Huobi token?


Maybe that’s the ultimate goal – to have
a decentralized exchange but now you know there’s technical issues and
there’s trust issues and even like right now you know people people say that
exchanges they have responsibilities of helping with anti-money laundering and you
know kyc it’s hard to go decentralized right now Cheers guys for watching Cryptonites
and once again don’t forget to check out our awesome community app where as you
can see as of now I have forecasted correctly but the issue is there are 23
hours left check it out Dear crypto community of blockchain
buddies across the globe welcome back to Cryptonites and our special edition in
Davos here we’re on the road and we’re really excited because we’re meeting
tons of really cool people and there are a lot of cool things
happening in this small town and today we have a very special guest Ciara Sun
chief of staff at Huobi. Ciara lovely to see you!
hi great talk yesterday thank you it was really good but before jumping into the
talk I would love to ask about yourself yeah I know that you started off with
Boston Consulting Group which is a very luxurious or a nice company to work for
very difficult to get in and you took that leap of faith to join the crypto
world could you tell us a little bit about that story yeah well I was working
in New York you know ConsenSys is there a lot of crypto communities there and I
always knew that I wanted to do something more exciting and you know
from my age I I missed a whole era of the internet like it’s too late for me
to do a start-up you know in that industry so when I see blockchain its really
you know just excited me and I thought this is good I should do it so I decided
to quit and it kind of freaked out my family a bit because you know this
industry is so young and especially my grandma why she never heard of that word
she’s like what is blockchain and it’s just like illegal what are you doing it’s
just like crying, everything and now I saw good you know because our present
indoors the blockchain industry in October 24th and made blockchain our
national strategy so we’re like good now and I called my grandma and she’s so
happy she’s like oh now I understand you’re doing something nice and
and has a good tutor that’s awesome so happy your grandma’s relieved now you’re
not worried about this world what we’re talking about the Internet and a lot of
people talk about the Internet of information the internet of value or the
Internet of money is that kind of how you saw it you’re like damn I missed the
boat in terms of the internet or dot-com era yeah this is the new wave is that
what you felt yes exactly yes this is like a totally different
technology like like what I said yesterday you know couple of interesting
facts about.. Imagine that you create a simple photo sharing app and it will be
worth 1 billion dollars it’s impossible all right but Instagram did it and you
imagine that you create a simple chat app and will be worth 19 billion dollars
impossible right but like whatsapp did it and bitcoins even better
it created a permissionless and decentralized platform this is this tone
and now is worse 133 billion dollars it’s definitely the area that we should
you know all work into that’s really fascinating and so you were based in New
York and obviously there’s one topic one big topic you know a lot of people are
discussing China and we feel like there’s a lot of people that are getting
inaccurate information or have a misconception with what’s truly
happening in China went there myself and I realized
different cities had different purposes different activities could you please
kind of educate us so that we can have a better understanding of how things are
going so far yeah absolutely so you know after 2017 when Chinese came up with
regulations that it’s not okay to do it changes in China so hobby formed this
new entity called flowba China and we do blush and research and watching
technology consulting and also washing education in China well we’ve been
working on this for over a year now so we’re one of the earliest into the space
and it’s quite interested to see if how different cities reacts so for example
in Beijing there are some top universities and we partner
was China was Peking University on Blockchain education so it’s very
academic yeah and in in Shanghai is more like it’s the International hub so we
we’ve been communicating was talents and top brains in the industry all over the
world and then there’s Hainan this beautiful island is the same yeah it’s a
sandbox and it’s very open to watching technology and watching industry
actually we host we hosted the first-ever government-backed conference
in Hainan in December and it’s a great conference we’ve invited ministers from
16 different countries and discussing about washing and digital assets it’s
it’s a it’s a very great opportunity for us to share thoughts on on a more like
national level and there’s change and to you know it’s known as the Silicon
Valley of China yeah so we’ve been working with
Tencent and Huawei and Bank to not only four blocks and
education but for some real user case scenarios for blockchain technology
solutions that’s so cool so those four cities or the kind of the most dedicated
to blockchain these days I’d say yes all very interesting so these you mentioned
some tech giants right now are they getting really involved in blotching
because you know a lot of companies say we’re doing blockchain more for like
marketing or public image type thing but are they really involved and interested
yeah I think so yes for example we partnered with by two and they’re really
working on a watching platform and is watching the solution yeah they’ve been
putting resources into this fantastic one thing that I really love about there
will be exchange and the business in general is you guys are always regulated
you’re licensed and obviously you got the virtual currency exchange license in
Japan which is very difficult to get there’s a waiting list of hundreds
hundreds of companies but could you tell us like why is it important for you to
be regulated or compliant or licensed… why does it really matter well first of
all I think change customers from all over the world we have customers from
130 countries they are all depositing their funds into a change so we have to
make them feel they’re secure and we are trustworthy so it’s our duty to do
things slowly compliance yeah it makes a lot of edge trust right like you said I
think people don’t realize how difficult it is to get a license and all the due
diligence behind it yeah you know so like like I shared in my presentation
yesterday Huobi is talked to a court in terms of
aggregated funds deposit into the exchange by the end of December last
year so we’re top two in the world it means that some customers put a lot of
trust in us yeah that’s fantastic yeah actually I read recently that less than
10% of the the crypto currency exchanges across the globe are licensed so you’re
very privileged I think to be the very few – yeah or we’re working hard that’s
great so you’re talking about how volume how is the excitement of these days do
you feel like you know some people said that the bear market was a bit tough you
know and and many people working on exchanges were saying oh you know the
crypto winter is affecting us but you said that the interest is still there do
you still see lots of interest yes well I think we definitely seen quite a bit
of interest from institutions yeah so our institutional business units
performance increased by 400% in q3 so thank you sir in q4 in last year so it’s
definitely a sign and I think that from the year of 2020 and from now on in the
future high net worth individuals and institutions will be country
contributing a lot of the trading volumes in crypto currency that’s great
to hear are they mainly interested in for
example Bitcoin and Ethereum or other asset classes sub asset classes what’s
the impression you’re getting now well they’re definitely starting with Bitcoin
yeah yeah a liquidity issue yeah there are definitely create leash issue for
for other all coins and even for Bitcoin for institutions to execute large orders
they need you know smooth fiat gateway they need help with execution large
order and they need similar you know trading experience so that’s why we we
we formed this new entity this new business unit institutions in the global
institutional business unit and to tailor some products to meet our
institutional clients needs yeah that makes a lot of sense we have the same
feedback in Switzerland its Bitcoin only for now yeah but it’s already a good
step right yeah definitely that’s cool and in terms of yourself like obviously
the Huobi token HT has been has had a spectacular performance but even more
important than performance has utility like real utility can you tell us a
little bit about the Huobi token that would be really nice yeah so we are
working hard on you know finding real your circulation areas for for our
customers and HT holders to utilize HT we recently announced a partnership with
travel.com so HT holders can use HT to get discount
hotel bookings across like two hundred and thirty different countries yeah
that’s amazing yeah and we make sure that you know within you know the more
compliance way so countries that should not take cryptocurrency payments
yeah we make sure that their their IQs blogs and you’re so right because multi
utility tokens have been the best performing tokens out of 2018-2019 and
likely to go in the future so so happy that you guys are giving real utility
and ability to use the actual token yeah yeah yeah and one more well a story was
HT is that it’s the way to see our real volume right and will real revenue
because we use 20% of our revenue to buy back and and burn HT token from the
market from the market yeah it’s not from their own Treasury that’s a really
good point is that one of your favorite feature
in terms of economics a lot of people love the by backburn system and you have
a cool logo with a flame right on the the website and yeah is that one of your
the exciting features to you are there what is yours yeah because we want it’s
it’s it’s kind of aligned with the features of watch and and cryptocurrency
itself is transparency so we want to make what’s going on which will be more
transparent and you guys give annual reports you share all this data yes and
every quarter we disclose all the HT that back yeah to our clients fantastic
what are some features of the future that you would like to see in terms of
trading like or are investing in crypto is there any particular this show is
called Cryptonites so it could talks about kind of like the limitations we
still have what would you like to see as one of the next futures maybe in 2020 or
20 21 yeah definitely well first we’d love to see more
countries to come up with regulations and rules so that a lot of currencies
can can can be used I mean you know trade crypto that sounds look definitely
this thing that we want to see and Austin you want to see more institutions
and treat from traditional markets coming into into the market until okay
and you know the coda T will become better yeah that’s a huge topic this
year right regulatory clarity like it’s still quite unclear one of the massive
topics as well is the renminbi the Chinese yuan being digitized and that’s
being debated all over the place and I know like people have different opinions
but what’s your take you know the US dollar might be digitized you know
renminbi is this a good thing for us as a crypto movement or what’s your overall
idea and yeah so we know that Facebook announced Libra but he’s more from a
company level and he’s been challenged multiple times by the US Congress
however for for the Chinese central bank announced d-sub and I think it’s a very
good sign for us to see how remain being how China is going to play
in the market I’ve been moving fast faster than them we all expected yeah
it’s really exciting I mean I would love to have these global currencies
digitized so that I can you know diversify my portfolio as well and yeah
are you are you a fan of the defy movement by the way these days you know
DeFi is like every conference Defi, Defi , decentralized finance, decentralize
exchanges, the MakerDAO and all these platforms… What’s your overall
view on this defi movement well we’ve definitely see a lot of DeFi projects
coming up. We say is still very early and we hope to see some great DeFi projects
you know coming up in this year and we’ll wait and see how the market is
reacting to that yeah that should be very exciting and in terms of
decentralized exchanges and centralized exchanges people have different opinions
but do you see the future being a mix of both or how do you see how the future of
exchanges maybe 5-10 years from now I know it’s a difficult question to ask
maybe that’s the ultimate goal – to have the decentralized exchanges but now you
know there’s technical issues and there’s trust issues and even like right
now you know people people say that exchanges they have responsibilities of
helping was untie my laundry and you know kyc it’s hard to go decentralized
right now and speaking of anti money laundering
develop this new system Star Atlas – it’s an anti monitoring system – to
track every single you know bad transactions it’s it’s it’s not for
profit and we’ve just did it because we feel that as one of the leading exchange
in the world we are we’re obligated to fantastic well I totally agree with you
like in terms of centralized exchanges division and you know the philosophy is
great but there are many hurdles right like you said you can’t kyc which you
know can allow some criminal activity but on top of that the user experience
right the liquidity yeah and many people think that there are no fees but
actually in a smart contract they include fees within this
our contract so it is not feel it’s either right so yeah yeah that’s really
interesting are there any other things like that you you really are excited
about this year that you want to share any maybe numbers or anything about
yourself that you love to share to the community out there yeah so as the
markets become bigger and we’ve attracted attention from the traditional
world our team has been more professional like we have talents from
Goldman Sachs from Merrill Lynch from starters so we’ve been working on some
good products so that we see speak the same language of the traditional finance
people and our petrol swap is coming up in q1 and some other great features so
we’re really excited about this year and we’re going global this year that’s
great please do go global I met you I know your team in London and great
people in London as well and in terms of following hope you’re following yourself
like where should we find you where’s the easiest way to get in touch with you
twitter twitter yeah yes Ciara and the square will be sierra underscore Hobie
definitely okay for those who want to get in touch with Ciara definitely
contact Ciara through Twitter and don’t forget to Like comment subscribe and we
will be back next week premiering at 8 o’clock GMT at a PC near you thanks guys
thank you!

14 comments

  1. Cool lady in your show sir… interestingly she's one of those behind Huobi and what she related to Justin Sun?✌🏻. Great interview as always and keep it up💪

  2. Grandma was right initially. Dodgy exchange 100X leverage?
    Washing BTC from Plus token scam?
    Didn't see much transparency in regard to this!!
    Seems greedy and unethical.
    We shall see, maybe not much difference from other exchanges, but surely Coinbase is 'safer'

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