Bear market allows crypto companies to ‘listen’ to users: KuCoin exec

Crypto has been at the grace of an ongoing bearish market that started in the spring of 2022, after a historical bull run that had developers, investors and users stacking into the Web3 area. Regardless of interest decreasing and companies requiring to adapt to the present market conditions, many in the area still see this as a time to develop the industry. Cointelegraph talked to Dorian Vincileoni, the Europe company advancement lead of KuCoin, at the Proof of Talk 2023 blockchain conference on how business in the area can best utilize the bear market with users as the main focus. Dorian Vincileoni, the Europe business development lead of KuCoin (left) with Cointelegraph Reporter Savannah Fortis at Proof of Talk 2023 in Paris. Source: CointelegraphVincileoni informed Cointelegraph that bearishness have actually provided companies time to construct, innovate and develop services and items to develop more performance for users. He described that throughout booming market there is “so much noise on the marketplace” making it more difficult to hear community needs.” When its a bearishness, you have a lot more genuine opinions from your organic user base. We are closely listening to what our organic base is saying and what they are interested in.” The executive continued by saying this is not the time for exchanges to be “dragged by the spiral of negative news” but rather to focus on improvement to know where to go next when beneficial market conditions return. ” We actually try to look at communities. If there is a real organic neighborhood invested in this job or interested, then its our goal to supply service to them.”” One thing that we have actually seen is that throughout this bearish market, jobs still managed to create organic neighborhoods,” he stated. “The level of interest in the market is down however not nonexistent at all.” Related: Crypto layoffs decrease, with layoffs falling to 570 in FebruaryKuCoin is not alone in its community-first approach. Cointelegraph recently spoke to Binances brand-new VP of marketing, who likewise stressed that the crypto space needs to double down on neighborhood assistance during both the bearishness and regulative uncertainty. Vincileoni stated when it comes to regulative uncertainty they have stopped trying to “presume” whats next. Rather, when provided clarity its finest to then adjust and react, calling the space an “adaptive race.”” We really try to concentrate on what we understand how to do and what we have an influence on, which is guaranteeing the security of the possessions of users at all times. [The market] can have a real impact on this.” In truth, he informed Cointelegraph that a market research done by KuCoin revealed a large interest from users regarding the implementation of AI for security functions. Just recently, the cryptocurrency exchanges Twitter account underwent a compromise that resulted in users losing funds due to a fake giveaway statement. Vincileonoi nearby stating despite the current conditions he believes the market is still “filled with chances” which “we are really in the beginning of an age that we hardly can picture.” Magazine: Features Tornado Cash 2.0: The race to construct safe and legal coin mixers

Source: CointelegraphVincileoni informed Cointelegraph that bear markets have offered companies time to construct, innovate and establish services and products to create more performance for users. He explained that throughout bull markets there is “so much sound on the market” making it more difficult to hear neighborhood needs.” When its a bear market, you have much more genuine opinions from your organic user base. Cointelegraph recently spoke with Binances new VP of marketing, who likewise stressed that the crypto space needs to double down on community support during both the bear market and regulative unpredictability.

Other Questions People Ask

How does the bear market allow crypto companies to better listen to users according to KuCoin exec?

According to Dorian Vincileoni, the bear market provides crypto companies with the opportunity to focus on genuine feedback from their organic user base. During bullish times, the market is often filled with noise, making it challenging to discern community needs. In contrast, the current bearish conditions allow companies to gather more authentic opinions and insights from users, which can drive innovation and product development.

What strategies can crypto companies adopt during a bear market to engage with their users?

Vincileoni emphasizes that crypto companies should prioritize community engagement and actively listen to user feedback during a bear market. By focusing on building organic communities and understanding their interests, companies can develop services that truly meet user needs. This approach not only fosters loyalty but also positions companies to adapt effectively when market conditions improve.

Why is it important for crypto exchanges to focus on community during a bear market?

Focusing on community during a bear market is crucial because it helps crypto exchanges maintain a connection with their user base amidst declining interest. Vincileoni points out that this period allows for deeper insights into what users genuinely want, which can lead to better product offerings. By nurturing these relationships, exchanges can ensure they are prepared for future market upswings and regulatory changes.

What role does regulatory uncertainty play in how crypto companies operate during a bear market?

Regulatory uncertainty can complicate how crypto companies navigate a bear market, as highlighted by Vincileoni's comments. He suggests that instead of trying to predict regulatory changes, companies should focus on what they can control, such as ensuring user asset security. This adaptive approach allows businesses to remain resilient and responsive when clarity is achieved in the regulatory landscape.

How can the current bear market be seen as an opportunity for innovation in the crypto space?

The current bear market is viewed as an opportunity for innovation because it allows companies like KuCoin to concentrate on developing new products and services tailored to user needs. Vincileoni notes that despite decreased interest, there is still significant potential for growth and improvement in the industry. By leveraging this time for research and development, crypto firms can emerge stronger and more aligned with user expectations when the market rebounds.