Wednesday, 14th July 2pm UTC
Hello everyone welcome back again to AMA series FCM. Today we will have an AMA with Mr. Haohan Xu as founder and CEO from Apifiny Connect 🥳
Hello Haohan Xu welcome to Forum Crypto MoonLight 🥳🥳🥳. Happy to see you here. Thank you for taking your time to be at Forum Crypto Moonlight in the midst of your busy life. 🥳
Haohan Xu : Thanks for having me here!
Before we start this AMA, I’ll explain a little bit about how the AMA will works today
There are 3 segment in this AMA
Segment 1: Project Introduction
Segment 2: Question from Twitter
Segment 3: Free Asking
Before we go to segment 1, we want to know more about your background.
So could you please explain to us a little about your background before entering the cryptocurrency world and why did you finally create Apifiny Project?
Haohan Xu : Yes sure. My name is Haohan Xu, the Founder&CEO of Apifiny. Prior to starting Apifiny, I was a engineering student at Columbia University SEAS, where I did some crypto arb trading. I started as a day trader in equity spot & options, then got into crypto during the 2015/2016 boom.Even though crypto is an asset class based on new technology, I realized the market structure for crypto is actually very behind equity. It’s liquidity are very fragmented, this is not surprising given the asset class has not matured yet. So I wanted to build a tool that solves the fragmentation problem for the traders. The idea of Apifiny sort of started while I was a student there.
SESSION INTRODUCTION PROJECT
Q1. Can you explain what Apifiny is to our community and what problems ultimately led your team to create this project?
Haohan Xu : Yes of course, our goal is to unify extremely fragmented global trading systems so that professional traders can use a much simpler, faster, and more cost-effective global trading platform. Apifiny delivers unmatched global liquidity, superior price discovery, normalized market data, tighter spreads, and higher fill rates and capital utilization. Unlike legacy solutions, Apifiny integrates institutional-grade APIs, high-speed trading, and smart order routing (SOR) technologies to provide seamless access to the world’s premier digital asset exchanges on a single platform. As a result, Apifiny empowers professional traders with a prime brokerage-like service that unlocks new revenue opportunities and increases profits with unprecedented speed..
So to put that into simpler expressions, we are focused on solving the problems presented by the fragmentation of the crypto market. You might ask, what fragmentation?
Bitcoin is a global asset, more global than Apple stock, or some fiat currencies. However, it is being traded in a very local way. Each exchange is its own marketplace, and the participants in each marketplace do not communicate with the participants in the other.
So in the US you have Coinbase, Gemini..etc. In Korea, you have Bithumb, in Japan you have bitflyer… All of these exchanges have different prices of Bitcoin, which makes it impossible for anyone to buy/sell bitcoin at the lowest/highest price at any point in time
So we aim to provide access to all the exchanges across the world so that anyone can discover the best prices of crypto at any given time, all through a one-time onboarding/KYC process, with discounted fees as well
Q2. As we know more than 50% of traders use Binance as an application for trading and the rest use other markets such as Huobi, Coinbase, Hotbit, and others. Then why should we choose Apifiny when we can trade independently in our respective markets?
Haohan Xu : That’s a good question. So, the cool thing about Apifiny is you can actually still use your favorite exchange under our umbrella. The only difference is actually a benefit; 20% less fees on all of your trades. Furthermore, all of the connections open up new trading opportunities that you wouldn’t have been able to utilize otherwise. For example, we know that during extreme market conditions, even large exchanges like Binance had trouble keeping uptime in their exchange. Through Apifiny, you can still access all other exchanges even if one exchange goes down. Additionally, a major advantage of using Apifiny over traditional exchanges is our API. If you have the technical skillset, you can plug into all of 26+ exchanges and trade with a quick command.Here’s a demo of me exploiting a arb opportunity during an early iteration of our product
Q3. I see that Apifiny has several products namely GBBO, Apifiny Connect, ExOne Plus, and BTCHV Token. Can you please explain to us in more detail about these products and what can users do with these products?
Haohan Xu : Sure, let me just cover the ones that are close to release that/have the most benefit. We’ve been speaking about Apifiny Connect throughout the beginning of this AMA, so I won’t cover it, but for the others:
GBBO is our own exchange that doesn’t have any fees at all, it has unparalleled liquidity and price discovery compared to any other exchange.
BTCHV is a token that standardizes the Bitcoin Hashrate! Mining Bitcoin effectively and seriously is hard, as very few people have the capital or the channel to access the mining machines. So we standardize the hashrate a powerful machine would product into tokens, so anyone can own hashrate and achieve the same effect as mining Bitcoin with a machine!
ExonePlus is a non-retail facing product, we service exchanges and token issuers to provide them with liquidity services.
Q4. I don’t think trading through website becomes a problem for computer users. But as we know now, many people do their trading activities using smartphones. And for me personally it’s not easy to trade through website. Then is there any plan from Apifiny to creat an App so it will make it easier for smartphone users. If you have that plan when we can expect it?
Haohan Xu : We’ve designed our platform with the professional and institutional traders in mind, and most of our target audience uses our platform to access numerous exchanges via a single set of APIs. Plus our other advantages, such as institutional-grade performance.
We don’t currently have an app on our roadmap as institutional traders do not trade much on apps, however, we have many features lined up for retail. The app will probably be scheduled in Q2 2022.
Q5. What is your team’s next plan to increase users from Apifiny? And who will you collaborate with in the future to make Apifiny grow?
Haohan Xu : Because of the way we structure our products, we can grow our ecosystem at scale. We are at the very front of connectivity to exchanges as a service, we will also add more trusted crypto custodians into our system along with the exchanges.
Besides our product growth, we have a world class marketing team that is currently working with multiple groups similar to this one on long-term partnerships as well as, setting up a referral network with influencers you’ve likely heard of. The company has gathered a group of talents from internet, finance and blockchain industries, including Google, JP Morgan, Morgan Stanley, Citibank, quant fund Tower Research, KCG, SEC, NYSE, Deloitte, Accenture, and FireCoin. Our team members graduated from Harvard, Yale, Columbia, Wharton, University of Chicago, Duke University and other prestigious institutions.
SESSION TWITTER QUESTION
Q1. From @hina_eman_khan : I’m really impressed from this project team. So, tell us what makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?
Haohan Xu : We are the leading company in the world in terms of connectivity to exchanges and providing it as a service. Our Apifiny Connect launched very recently, and the infrastructure is already processing billions in volume every month. In addition, as I said above, the company has many talented people from esteemed institutions such as Google, JP Morgan, Morgan Stanley, Citibank, quant fund Tower Research… We can fusion the expertise from traditional finance into the crypto markets.
Q2. From @mybey88 : Can you provide an example of how an automated self-balancing fair market value system works? And what kind of mechanism ensures absolute fairness and transparency in @Apifiny_ ?
Haohan Xu : Yes, Currently, the crypto trading market is very unfair to begin with. 99% of the people who are investing or trading crypto are not getting the best price available to them, why? Exchanges are individual marketplaces, while BTC is 30000 on Binance, it could be 30020 on Coinbase, and 29975 on Huobi. Although this might not matter to retail traders as much, for an investor with large amounts of capital or a trader who is trading frequently, the cost could add up.
Through Apifiny Connect, our traders would get access to nearly 30 exchanges and capture 80%+ of the market activity. They can self select exchanges in Apifiny Connect and see what the prices are across exchanges at any given time, and pick the best price + fees for themselves.
Q3. From @Kutayalpz : The only lack that the trading markets have is that there is requiered a huge Liquidity to guarantee the payment of the choice when the time experies, so can you tell us how do you ensure that you liquidity will be enough?
Haohan Xu : It’s good we are talking about liquidity here. People have to know that although Binance is the largest exchange in the world, they capture less than 20% of the spot volume on BTC, and they can go down during extreme market conditions. This is not a problem specific to Binance, many large exchanges have this issue too. Given the number of exchanges we’re connected to. We will have the most liquidity compared to any other single exchange such as Binance, Huobi or Coinbase.
Q4. From @Debby9900 : We often hear that some cryptocurrency platforms experience data theft and abuse by hackers, talking about the security quality of the #Apifiny platform. How secure is @Apifiny_ to solve this problem?
Haohan Xu : Apifiny’s user data are stored in the most secure way possible following the most strict compliant standards possible, we are licensed across nearly 40 states in the US and many countries across the world. So we have been subject to the most strict standards in terms of data privacy and security.
In terms of funds safety, it is not a concern since our funds and the user’s funds are parked at the external exchanges such as Coinbase and Binance. So the security really is dependent on the exchanges, and we usually only choose to work with the most trustworthy exchanges. For the wallets that we control in the system, we are partnering with two large custodians based in the US to make our wallet system more secure and trustworthy.
Q5. From @luckluckan1 : The biggest problem for CryptoQuants is the cost. What is your solution to prevent this from happening? and provide important aspects of your project that we should know about?
Haohan Xu : Crypto quants are very sensitive to cost. In Apifiny, all costs to trade on exchanges are discounted by 20%, in our own exchange GBBO, the cost to trade is 0! In addition, traders can easily perform arb strategies and institantly rebalance the funds between exchanges. We also have solutions catered to quants, such as colocation, FIX API…etc
SESSION FREE ASKING
Q1. Lakin : How is this project different from the rest of the other outstanding projects currently in the market?
Haohan Xu : For Apifiny Connect, we are a broker and self-selecting order router. Some of the unique features that no one else have at once : One-time onboarding/KYC, users can self-select exchanges, 20% discount on trading fees across all exchanges, REST/FIX API translation, colocation, instant transfer across exchanges
Q2.Risky : What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
Haohan Xu : We focus on the set of problems institutional traders face and we believe unifiying the fragment marketplace is the best way to solve that. We open our platform to retails as well. Ultimately, we want everyone to get access to the best prices and liquidity when getting exposure into crypto.
Q3.🤫পরে কলদে এখন AMA করতেছি🤫 hello sir,
Is your project restricted, on any regions or anywhere, from the globe are allowed?????
Haohan Xu : We are a regulated company based in the U.S, so we only operate in the regions we are licensed in, or in the regions where the law permits. We certainly restrcit access from OFAC sanctioned countries for compliance reasons
Q4.Sen : One of your killer feaures is that you don’t charge taker fees, but this behavior is the same to maker users? Or this type of order need to pay a fee?
Haohan Xu : maker and taker are both 0!
Q5. 🚗KaKa🚗 🚗Lot🚗 : Liquidity, Transaction fees and slippage are always important factors in Finance services. How does APIFINY solve the above problem to attract users?
Haohan Xu :Liquidty: We provide access to more liquidity than Binance Huobi OKEX combined. Transaction fees, 20% lower than any exchange you can find. Slippage, negligible due to the unparalleed liquidity
Haohan Xu : Thanks for having me here today, please check us out at apifiny.com. If you are interested in where all the arb is or interested in DeFi and its interaction with CeFi, please check out and follow my Twitter https://twitter.com/HaohanXu
Telegram Group Official : https://bit.ly/2Uz2Ou8
Telegram Channel Official: https://bit.ly/3xnNcbh
Twitter : https://bit.ly/3hpgbWK
Website : https://apifiny.com/
Create Apifiny account : https://bit.ly/3xqBOeQ