Source: Cointelegraph Original: "{title}"
Last week, the global cryptocurrency trading platform Gate.io announced a brand upgrade, changing its Chinese name from "芝麻开门" to "大门". The new name symbolizes openness, fairness, and innovation, embodying the values of technology and trust.
Gate.io stated that this move represents the brand's outlook for the future, aiming to drive industry development through technology and open a broader cryptocurrency gateway for global users.
Not only Gate.io, but most other mainstream cryptocurrency exchanges also have exclusive Chinese names, reflecting a high regard for the Chinese market. For example, Binance is referred to as "币安", OKX corresponds to "欧易", and HTX corresponds to "火币". These brands are continuously optimizing their product localization and strengthening their connection with Chinese users through the establishment of Chinese communities, the release of Chinese content, and the organization of local operational activities.
Some cryptocurrency exchanges' Chinese and English names:
Gate.io
大门
Binance
币安
OKX
欧易
HTX
火币
MEXC
抹茶
KuCoin
库币
What is the strategic value of the Chinese market?
A large potential user base
The Chinese-speaking population is one of the largest cryptocurrency user groups in the Asia-Pacific region, covering multiple Chinese communities such as mainland China, Hong Kong, Taiwan, Singapore, Thailand, and Malaysia. Relevant data reports indicate that, apart from China, the six countries with the largest Chinese population globally are:
The differences in cryptocurrency policies across different countries and regions have created unique profiles of Chinese cryptocurrency users.
In September 2017, the People's Bank of China, in conjunction with multiple departments, issued a notice to comprehensively ban ICO activities and shut down domestic cryptocurrency exchanges. Subsequently, in May 2021, relevant regulatory authorities issued another document to crack down on Bitcoin mining and trading activities. Since then, exchanges, project parties, miners, and ordinary users have begun to shift overseas.
However, Chinese users have not disappeared.
According to survey data from Singapore's cryptocurrency payment company Triple-A, as of 2023, the global cryptocurrency ownership rate (including off-chain users) averages 4.2%. In regions where Chinese is the primary language, the number of cryptocurrency users in mainland China alone has reached 19.9 million; Hong Kong has 180,000; Singapore has 640,000; and Taiwan has 540,000. The total number of users in these regions is 21.26 million.
If we further consider the proportion of Chinese people in places like Indonesia, Thailand, Malaysia, the United States, and Canada, the total number of cryptocurrency users reachable through Chinese content will be at least 23.57 million.
A highly active investor group
Chinese users are a highly active and influential group in the global cryptocurrency market, with significant participation in areas such as mining, decentralized finance (DeFi), and NFTs. Many Chinese investors have a high acceptance of financial instruments, derivatives, and leveraged trading methods, with high average transaction values.
Investment amounts of Chinese users in the cryptocurrency market. Source: DeFlow
The highest proportion of Chinese users entering the cryptocurrency market is between 1 to 3 years, reaching 41%, followed by users with 3 to 5 years of experience, accounting for 28.1%.
Strong community and language influence
Chinese communities have strong stickiness and dissemination power, with many cryptocurrency projects specifically setting up Chinese Telegram groups, WeChat communities, and public accounts for communication and operation. If a platform has a good reputation and experience among Chinese users, it can easily lead to exponential growth.
According to past public shares by Binance founder Zhao Changpeng (CZ) on multiple occasions, Binance's growth has received strong support from the Chinese community. Especially during the bull market in early 2017, Binance successfully attracted a large number of Chinese users through word-of-mouth communication in WeChat groups and Chinese communities.
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