[WATCH] LBank global CEO Allen Wei addresses the importance of CEX in the Web3.0 era

Category: Crypto Fintech GCC

In an AIBC interview with Irina Heaver, Allen Wei, the CEO of LBank Global spoke about the relevance of centralized exchange (CEX) in the era of Web 3.0 projects and the GameFi boom

As a centralized cryptocurrency exchange, LBank has been providing crypto exchange services for millions of users across the globe since it was founded in 2015. When asked about if there are still places for CEX in the crypto space, Allen Wei said that he still thinks centralized exchange plays a very important role in crypto industry.

He further explained that although decentralized exchange has many advantages, it’s more suitable for experienced crypto investors. CEX is a perfect place for those newcomers who’ve never invested in crypto before and want to explore this new territory for the first time.

“As a centralized exchange, we offer services that are more convenient, such as fiat payment. We offer more educational opportunities for the users, making sure it’s easier for newcomers to enter this industry, which will eventually help this industry grow. We are constantly thinking about how to promote this industry and how to make more people to know about cryptocurrency, blockchain, and their values.”

As for the future of centralized exchanges with more decentralized options, Allen Wei clarified that LBank is already offering some decentralized services to its users. He thinks that although decentralization is the future, it still needs time to be adopted properly. LBank will continue to prepare for more decentralized services. Therefore, by connecting centralized exchange with decentralized services, it will help the future of decentralization come true.

When it comes to cyber security, Allen Wei thinks that no matter decentralized or centralized, exchanges all face various kinds of cyber security problems. For instance, wallet security is vitally important for every exchange. LBank takes these problems seriously. It has a specialized risk control team and security team that are dedicated to ensuring the security of the platform.

Security is the most basic requirement for an exchange in order to keep the funds safe. LBank has never lost any cryptocurrency or fund due to a hack since its establishment 6 years ago. It will continue to keep this record in the future.

For newcomers, Allen Wei recommended that they can choose leading exchanges to keep their funds safe, since there will be more professionals working on protecting their funds. He also suggested that users should never easily authorize their wallets to other smart contracts. They should carefully check every smart contract to avoid frauds, which will result in users losing their cryptocurrencies.

When talking about LBank’s expansion to the middle east, Allen Wei explained that he came to Dubai first to expand LBank globally. He thinks Dubai is a very open place. Many crypto related companies are gathering in Dubai, making it almost like a crypto hub for the world.

“Dubai is very international. It’s easy to get connection here and it’s the right place to find the right people with different nationalities. So, it’s also easy for us to build the global team and to find the resources here. Personally, I like Dubai very much cause it’s a safe place where I can have a quality life. I’ve invited lots of my friends to come visit Dubai.”

For the topics of NFT, GameFi, and Metaverse, Allen Wei introduced the venture capital fund of LBank that is dedicated to these aspects of crypto space. LBank Labs focuses on finding projects with great potentials in GameFi and Metaverse areas. Its investment team will continue to invest in those quality projects.

“I think NFT, GameFi and Metaverse are currently bringing many traditional industries into the crypto world. They play important roles in expanding the industry as a whole.”

About LBank Exchange

LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users from now more than 210 regions around the world.

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