The current global rate of crypto adoption is far from satisfactory, and various strategies are in play to draw more people into the web3 universe. One individual acutely tuned into these efforts is Herbert Sim, who serves as the Chief Operating Officer (COO) of the digital asset trading platform, Websea. Sim graciously took part in an engaging conversation where he shed some light on the existing trends and future possibilities of web3 market dynamics.
An eminent figure in the world of digital currencies, Sim’s résumé boasts of illustrious experiences. As COO of Websea, his current preoccupation lies in developing a web3 platform catering to the interests and demands of the youth. Prior to this venture, he held prominent positions in well-known establishments such as Huobi Global and Cryptology Exchange where he deepened his comprehension of the FinTech space.
Sim’s influence in the crypto market cannot be confined to his professional roles alone. Known as ‘The Bitcoin Man’, Sim’s contributions extend to angel investing and advisory stints for various crypto projects. His venture capital fund, aptly named ‘The Bitcoin Man’, continues to invest in and incubate promising startups. Further, his passion project, Crypto Chain University (CCU), is a non-profit that hosts a plethora of blockchain research materials and policy-oriented works.
It is Sim’s firm belief that the web3 sector has much ground to cover in bringing decentralized protocols to the general populace. He remains unflinching in his commitment to realize the vision of ‘onboarding the next billion’ to crypto.
When asked for the reasons behind the slow pace of mass crypto adoption, Sim pointed out the lack of user-friendly web3 protocols. He emphasized that we can’t expect novices to navigate intricate applications for daily digital asset transactions. Hence, the need for a seamless transition from web2 to web3 protocols is absolutely essential.
Crypto exchanges, he noted, are the primary gateways for entry into web3 investments and trading in crypto and NFTs. However, many are known to have complex user interfaces, a fact which could deter potential users. Sim underscored a necessity to develop exchanges that could provide digital asset services easily, yet remain intricately connected to the broader web3 economy. Such a development, he stated, would invite demographically diverse individuals into the crypto world.
On discussing the potential might behind future crypto adoption, Sim suggested a combination of individuals hailing from various age groups and geographical locations. He pointed out how a significant growth in global crypto users can be traced to Asian and African countries but, on closer inspection, it is the young demographic which emerges as the main driving force. More than the older demographic, the youth, especially Millennials and Gen Z, seem to be more inclined towards crypto due to various socio-economic factors, making them perfect candidates for Sim’s youth-centric digital asset ecosystem, Websea.
Websea, as a digital asset trading platform, is designed exclusively to serve the requirements of the global youth. The platform offers attractive features like a dual account system, predictive trading analytics, strategy recommendations and others. These attributes along with financial incentives and gamified trading experiences make Websea an appealing option for young folks to enter the world of digital trading.
Commenting on the cyclical nature of the crypto market and its influence over the industry, Sim admitted that the bull market euphoria does, in fact, attract new investors to the crypto space. He dismissed the notion of any wrongdoing in speculative trading during such a run and drew parallels to the stock market’s inherent cyclic nature. Additionally, he made it clear that young investors are well aware of their decisions, whether they are investing in meme coins or more serious assets like Bitcoin or Ethereum.
Hence, according to Sim, driven by a clear financial strategy coupled with cohesive understanding, it is the youth who holds the potential to enhance the global adoption of crypto and enrich the web3 space in the years to come.
