Crypto has been at its mercy an ongoing bear market which began in the spring of 2022, following a historic bull run in which investors, developers and users piled into the Web3 space.
Cointelegraph spoke with Dorian Vincileoni, Head of European Business Development at KuCoin, at the Proof of Talk 2023 blockchain conference about how companies in the space can make the most of the bear market with users as the main focus.
Vincileoni told Cointelegraph that bear markets have given companies time to build, innovate and develop products and services that make users more efficient. He explained that during bull markets there is “so much noise in the market” that it is harder to hear the needs of the community.
“When it’s a bear market, you have a lot more legitimate opinions from your organic user base. We listen carefully to what our organic base has to say and what they care about.”
The executive director went on to say that it is not time for the stock exchanges to be “drawn into a spiral of negative news”, but rather to focus on improving so that they know where to go next when favorable market conditions return.
“We really try to look at communities. If there is any real organic community investing or interested in this project, then our goal is to serve them.”
“One thing we’ve seen is that in this bear market, projects have still been able to create organic communities,” he said. “The level of interest in the market is decreasing, but not at all.”
KuCoin is not alone in its community-focused approach. Cointelegraph recently spoke with Binance’s new VP of Marketing, who also emphasized that the crypto space needs to “double down.” community support during the bear market and regulatory uncertainty.
Vincileoni said that when it comes to regulatory uncertainty, they have stopped trying to “guess” what will happen next. Instead, when it’s clear to him, it’s best to react and adapt, calling the space an “adaptive race”.
“We really try to focus on what we can do and what we can influence, which guarantees the safety of users’ assets at all times. [The industry] it can have a real impact.”
In fact, he told Cointelegraph that a market survey conducted by KuCoin revealed a strong user interest in implementing AI for security purposes.
Recently, there was a Twitter account of a cryptocurrency exchange subject to compromise resulting in users losing funds due to a false whistleblowing report.
Vincileonoi concluded by saying that despite the current conditions, he believes the market is still “full of opportunity” and that “we are truly at the beginning of an era that we can hardly imagine.”