coinhako Research by SuperAGI

Coinhako Market Research Report

Overview

Coinhako is a leading cryptocurrency exchange platform based in Singapore, founded in 2014. It was established by entrepreneurs Yusho Liu and Gerry Eng to provide straightforward access to digital currencies like Bitcoin. Coinhako has established itself as a major player in the Asian crypto market, emphasizing user-centric features, security, and regulatory compliance. The platform offers cryptocurrency spot trading, facilitating the buying, selling, and swapping of digital assets using various payment methods, including SGD, USD, PayNow, bank transfers, and Visa/Mastercard payments.

Recent Performance and Developments

Coinhako faced revenue challenges in 2022, dropping from US$36.3 million to US$10.8 million, resulting in a round of layoffs. However, the company has been on a recovery trajectory in 2023, highlighted by a 912% increase in institutional trading volumes. As of December 2023, Coinhako achieved a record SGD11 billion in traded volume. One notable strategic development includes its participation in TP ICAP's UK-based Fusion Digital Assets exchange, aiming to enhance liquidity and global market presence.

Leadership Team

The leadership team is anchored by Co-founder and CEO Yusho Liu, responsible for corporate strategy and business development. Gerry Eng, Co-founder and CTO, focuses on technological advancements and compliance, maintaining Coinhako's competitive advantage.

Funding and Investment

Coinhako has raised a total of $10 million across three funding rounds, with notable investors such as SBI Group and Boost VC. This financial backing enables Coinhako to pursue technological innovations and geographical expansion.

Market Position and Recognition

Coinhako is acknowledged as one of the most trusted cryptocurrency platforms in the region due to its strict regulatory adherence and strategic partnerships. Its mission emphasizes financial inclusion and ease of access to digital currencies for users across Asia.

Services and Customer Engagement

Coinhako caters to both individual and institutional clients, providing services for purchasing cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, alongside token swapping and price charting. The platform is accessible via web and mobile, with user satisfaction driven by regular updates and engagement through blogs and newsletters.

Competitor Profiling

Competitive Landscape

Coinhako operates amidst strong competitors, including:

1. Binance: Leading the global market, Binance reports an average daily volume of $65 billion.

2. Coinbase: The largest US-based exchange, with a revenue of $6.56 billion in 2024, operating in over 100 countries.

3. Gemini: Known for its rigorous compliance and security, founded by the Winklevoss twins.

4. Crypto.com: Boasting over 100 million users globally and emphasizing security.

5. OKX: The second-largest exchange by trading volume, offering a wide array of financial services.

User Sentiment and Challenges

User feedback indicates discontent with Coinhako's pricing structure, especially regarding crypto and fiat transfers, with competitors like Binance and Coinbase often seen as having more competitive fees.

Strategic Insights

To maintain competitiveness, Coinhako could benefit from streamlining its fee structure, enhancing security, and expanding its service offerings. Potential strategic partnerships could also bolster regional market positioning.