Mingyuan Wang, Co-Founder of HiCoin, ChainUP’s wallet solutions division, has given detailed insights into their wallet solution. ChainUP is a leading global blockchain technology service provider with well-developed blockchain solutions such as white-label crypto exchange, wallet, and exchange liquidity solutions, to name a few.
ChainUP Wallet Solutions Provider Hicoin provides a true one-stop crypto wallet service solution that includes wealth management, mining, payments, e-commerce, OTC payments, portfolio replication, and lending, amongst other functionalities.
Full-Featured Wallet Solution
HiCoin focuses on blockchain wallet technology services and currently has an HD (Hierarchical Deterministic) Wallet as well as Cloud Wallet’s core products. It also has asset custody features – comprehensive payment, wallet with fully functional features and other landing solutions, and also the ability to quickly build digital wallets and complete blockchain ecosystems for projects, exchanges, online e-commerce, physical enterprises, traditional users, small and medium blockchain enterprises, etc.
Currently the largest systems provider in the blockchain wallet industry, HiCoin was established two years ago, and has served more than 100 customers. It provides a full-featured wallet that includes digital currency applications such as wealth management, mining, payments, e-commerce, OTC payments, portfolio replication, lending, and other functionalities.
Blockchain Wallet Applications
The main landing apps are usually e-commerce, gaming, tokenization, payments, wealth management, and mining. In the future, there will be more varied possibilities like borrowing and portfolio replication.
“I feel that exchanges are similar to securities companies while wallets are similar to banks,” said Wang. “So using this analogy, China has 100 million shareholders but 1 billion bank users. It should not be prioritized in order of magnitude. For the exchange, there is a high frequency of transactions and it functions satisfactorily as a profit-making mechanism. The wallet is more low-profile – it will gather heat slowly, but that flow of heat will be long-lasting.”
B2B vs B2C
At present, Wang contends that the vast majority of B2C wallets on the market are not profitable, and that most of them are for users in the token gaming industry.
“We hope to be able to tap traditional and financial industries, companies with traffic and products, to use our technology for entry into blockchain, thereby converting more new users,” he said. “There are already many B2C wallet companies in the crypto industry that are beginning to provide technical services.”
HiCoin recently served a homestay platform that hoped to acquire millions of users on the platform. By letting users hold digital currencies, the platform could increase their financial attributes and win more customer loyalty, differentiating themselves from rival platforms.
“We prefer this type of customer where they have a set volume of traffic from their customer base, using the blockchain wallet as a tool,” he said. “For the others, we can innovate blockchain application attempts on enterprise scenarios, since wallets are excellent use-case scenarios. E-commerce, games, payments, and finance all have features that can be combined.”
Developing Wallets that Meet Future Requirements
“A good hardware (like an iPhone) plus a HiCoin decentralized wallet can work together very well,” suggested Wang. “However, a hardware wallet is still necessary to store the private key offline so that the private key never touches the internet. In this capacity, it might be better than a mobile phone that can be connected at any time. To better meet future requirements, I would say wallets like HiCoin which we are developing to function as financial centers, will be the answer.”
As HiCoin mostly serves B2B customers, asset security is of paramount importance. This has constantly led to higher security standards, with HiCoin accumulating a wealth of experience in this area.
In terms of risk control and security, HiCoin wallets have inherited the perfect risk control and security system of parent company ChainUP, which can achieve 100% full risk-control coverage. With 30-over security technology guarantees, ChainUP/Hicoin can provide security auditing; monitoring from different angles (users, businesses and systems); multi-level early-risk warnings; and ensure asset safety. At the same time, they have reached long-term and in-depth strategic cooperations with many domestic and foreign security agencies such as Johnwick, CertiK and Chains Guard.
In the past 18 years, HiCoin has been using the DApp platform as the basic foundation. Currently, there are three types of applications, ETH, EOS, TRX, to directly connect with wallet balances.
“The core focus should be on integrating the DApp to be truly operational,” said Wang. “The future wallet is likely to be a distribution center for applications.”
Pointing out that the wallet is the first entry to blockchain, Wang explained that “to enter blockchain, the first stop requires a container and a carrier – a wallet…HiCoin is committed to lowering the technology threshold of the wallet, hoping that it will become the industry’s infrastructure utility, like water and electricity, ready for everyone’s needs.”
Overseas Markets and Compliance
The global COVID-19 epidemic has had some recent impact on HiCoin, its brand, and technology implementation. Though, the company’s timely strategy adjustment and response since the outbreak this year, and recent partnerships, have all effectively minimized the impact.
“We will be focusing on this year’s international conferences. I hope the epidemic will end soon!” said Wang. “In terms of overall planning, HiCoin will follow in the footsteps of ChainUP to further strengthen the process of globalization and internationalization. At the same time, as products in the compliance process, we will also work on strengthening government cooperation and actively promote the implementation and realization of blockchain applications.”
With the huge upheavals in Bitcoin price movements in Q1 likely extending to Q2, it was imperative that HiCoin continued to “lay a solid foundation, provide better services to customers, and prepare for the huge opportunities next year.”
While many wallets aimed to become the ‘Alipay of the blockchain industry’ Wang insisted that industry conditions had to first be met. These included solid technology, adequate strategic partners, visionary judgment, and strong execution.
For novice wallets users, Wang recommends prioritizing security, then functionality and lastly ease of use.
HiCoin, a subsidiary of ChainUP, is a leading provider of cryptocurrency wallet solutions. HiCoin builds integrated blockchain ecosystems to provide safe, diversified and reliable wallet technology services.
ChainUP is a leading blockchain technology solution provider in the world. It owns eight well-developed product lines: digital currency trading (financial derivatives), wallet, situational awareness, public chain, and consortium blockchain, mining pool, blockchain cloud media, liquidity, broker, and has constructed an industrial closed-loop from technology service to traffic and traffic commercialization. So far, it has served 300+ exchange clients, 100+ digital wallet clients, 150+ liquidity service clients, which include 50+ million users in over 20 countries from Asia, Europe, America, and Oceania. The team members behind ChainUP have worked in top blockchain or internet companies and institutions in technological development and operation management, and are highly experienced in the blockchain industry. It has obtained several rounds of investments from well-known top institutions in the industry, such as Morningside Venture Capital, Joy Capital, Node Capital, Albatross Venture, Taoshi capital, amongst others.