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Blockchain Insider: CoinLion CEO on Building a New Kind of Crypto Exchange

Last Updated March 4, 2021 5:03 PM
Jared Polites
Last Updated March 4, 2021 5:03 PM

Blockchain Insider is a new column dedicated to interviewing leaders in the blockchain world. These include founders, traditional industry veterans turned ICO participants and everything in-between. The weekly interviews will cover a wide range of questions and try to explore the motivation behind blockchain-based ideas and the problems blockchain technology is being used to solve.

In 2017, cryptocurrency exchanges saw more users than some of the world’s largest investment brokerages. The reality is crypto exchanges can be daunting first-time users. Deposits, account verification, fees, various coins and wallets make up just a few aspects of the necessary learning curve.

Unlike most exchanges, CoinLion  is building an exchange that is dedicated to a simple user experience, with a social component that is centered around information sharing. The result is a platform that will include portfolio management, content education, and community incentives. Following a deep dive review on HACKED , I had the chance to catch up with Joshua Dewitt, CoinLion’s CEO, and discuss the platform in more detail and what is in store for 2018.

1.Tell us a little bit about yourself:

My background is in the financial industry. My passion and expertise is in portfolio management and construction. Before starting CoinLion, I was with Merrill Lynch working on a team managing traditional assets. I first got into cryptocurrency through mining. I was fascinated with the technology and the ability to send transactions almost instantly with no middleman for an incredibly low cost.

The more I began to mine and trade, I realized that this was going to be a big part of our future and ultimately change the way we transact and interact globally.

2. What was your inspiration behind CoinLion? How did it all start?

I was spending much of my time trying to figure out how to effectively manage portfolios of digital assets, but found the lack of professional tools to be frustrating. There were no platforms available that had the tools needed to properly manage a portfilio. There were also no platforms that incentivized users to share information and strategies related to the management of digital assets. This social aspect is something that is valuable not only to professional traders, but casual investors as well. Education is key.

In addition, there is a lack of research and analytics in the space. It was out of the desire to solve these problems that CoinLion was founded in early 2017. Over the past few months, the development and the growth have been rapid. As the crypto trading space expands, interest has risen dramatically.

3. What makes you guys different than your competitors? 

The CoinLion platform consists of three main components working together to maximize the user’s trading experience. The first is a cryptocurrency exchange focused on giving users the best trading experience possible. The second component is a portfolio management tool that allows for the creation and management of cryptocurrency portfolios. The third component is a public profile system that rewards users who create and share portfolios, strategies, and information with other users.

CoinLion is the first digital asset exchange to integrate all of these components together and deliver powerful trading and management tools that assist users in making smart, controlled, investment processes. 

4. What is the biggest problem currently in the market?

There are many to name but the three biggest in my opinion are:

  1. Existing exchanges and platforms have failed to deliver a powerful, secure, user-friendly platform that provides the tools, research, and education needed for the beginner, and advanced alike, to effectively manage digital assets.
  2. Currently, there is a disconnect between the tools, research, and analytics that exist in the modern financial world and those that are available in the cryptocurrency and digital asset space to properly manage portfolios and execute strategies. This has created a cumbersome and confusing user experience, especially for the beginner.
  3. Trading platforms today are also riddled with security issues that have caused a significant barrier to entry for a large percentage of the population. There is no trusted platform that provides crypto traders a community to learn, build, and grow their crypto holdings using simple and powerful tools.

5. If there is one thing you could change in the industry, what would it be?

The industry is evolving so rapidly and the technology is revolutionary. If I could change one thing, it would be to make it simpler and easier for anyone who wants to get involved to participate. That is really the ultimate goal of CoinLion. 

6. What does 2018 have in store for you guys?

We are currently in the process of raising funds for the ongoing development of the platform. Our token sale is running until the end of February 2018. We are continuing to build out the CoinLion platform and have an anticipated launch date of July 2018. We expect to see continued growth of new entrants into the market and are excited to provide future users with the tools they need to make smart decisions when it comes to managing digital assets.

Disclaimer: The author has had a working relationship with CoinLion. Access to CoinLion management was made through the author’s personal network.