Breaking the Cycle: CoinEx’s Jeff Ko on How Institutional Capital and Web3 Innovation Are Redefining Crypto’s Future
At TOKEN2049 Singapore 2025, CoinEx’s Head of Research, Jeff Ko, shares his perspective on the forces reshaping digital property—from DAT tokens and tokenized shares to stablecoins and real-world property—arguing that institutional capital is breaking crypto’s four-year cycle and paving the method for true mass adoption.
This yr, the morning queue for Token2049 Singapore stretched over 40 minutes as hundreds gathered for the occasion. After navigating by the large crowd, BeInCrypto might sit with Jeff Ko, the Head of Research at CoinEx, who shared insights on crypto’s evolution and institutional transformation.
The dialog explored rising traits reshaping digital property and TradFi convergence. He examined shifts from DAT tokens to tokenized shares, stablecoins, and on-chain issuance. He believes institutional capital is breaking crypto’s four-year cycle and mainstream adoption awaits killer apps. Ko emphasised that true mass adoption relies upon on constructing higher Web3 functions that outperform Web2 counterparts.
What are your impressions of Token2049 Singapore this yr, relating to ambiance and {industry} focus?
It’s superb, as all the time. Token2049 is one in all the best crypto occasions in the world. Today is the first day, however I’m already excited. Of course, I already skilled the queue this morning, and there will probably be numerous facet occasions to sit up for over the week.
DAT tokens have just lately drawn important consideration. How do you view this rising class of crypto property?
I additionally got here throughout fairly just a few DAT offers just lately, so I can undoubtedly really feel that the shift is going on. We’re transferring past BTC, and buyers are diversifying into Ethereum or Solana and BNB, AVAX, Chainlink, Casper, and even Babylon. One key issue to think about is the deal construction. Many buyers contribute money, however some go for in-kind contributions, swapping tokens bought or mined at low value for fairness shares. These offers usually are not easy, and a number of dimensions impression the danger and return.
Tokenized shares are being described as a bridge between TradFi and crypto. What potential and challenges do you see?
It’s simple to inform the potential benefits of tokenizing shares, making property extra accessible by fractional possession, markets that run 24/7, and the potential to plug into DeFi protocols to faucet into liquidity swimming pools and even be used as collateral. But issues usually are not all rosy: a number of variations exist throughout totally different platforms, inflicting fragmented liquidity and inadequate market makers as a consequence of low quantity and incentives. Investors in tokenized shares might not obtain voting rights or authorized protections. Finally, regulation continues to be unclear; for instance, the US has not but given them a inexperienced mild.
The convergence of TradFi and crypto is a significant theme. How do you assess this development?
The convergence of crypto and TradFi is going on. We are seeing the proliferation of tokenized property, not simply US treasuries or equities but in addition fastened earnings, gold, and personal fairness funds. Traditional gamers like Robinhood provide crypto buying and selling, whereas centralized exchanges roll out tokenized shares. At the identical time, crypto firms are going IPO. The whole market construction blurs the traces between TradFi and crypto, displaying that integration is underway on either side.
Stablecoins stay a key a part of the crypto infrastructure. With regulation advancing globally, how do you see their evolution?
Whether it’s MiCA in Europe, the Genius Act in the US, or Hong Kong’s framework, they create a stable spine for the sector. Stablecoin market capitalization retains hitting all-time highs, now over 300 billion. We have seen many new fashions launched just lately. Exchanges are pushing stablecoin earn merchandise, which are sometimes backed. This is shifting yield-seeking habits throughout TradFi and crypto. In TradFi, individuals get round 4% from US treasuries, whereas stablecoins in crypto might provide double digits. This blurs the line between the two markets as TradFi crosses over to crypto in quest of yield.
Beyond tokenization and stablecoins, might RWAs and on-chain issuance be the subsequent breakthroughs for deeper TradFi–Web3 integration?
They are already taking place. Tokenization and stablecoins present product-market match, however we also needs to take a look at on-chain fairness or fastened earnings issuance. Fixed earnings is a large market, extra for institutional gamers. Blockchain might supercharge effectivity with sooner capital flows, automated coupon distribution, and settlement. In August, monetary establishments like Bank of America and Citadel pulled off the first absolutely on-chain US treasury financing with USDC and real-time settlement. That pilot exhibits deeper integration has already began.
With institutional capital more and more flowing in, do you consider the conventional four-year crypto cycle is being disrupted?
Yes, the four-year cycle is breaking. It started with the introduction of ETFs, which introduced billions of institutional funds into the market. Pension funds and nationwide reserves are additionally beginning to faucet in. Countries are legalizing crypto and stablecoins. Tokenized property are proliferating. This isn’t just retail chasing pumps anymore, however establishments utilizing crypto as a core portfolio technique. It is a structural change in investing.
As a Gold Sponsor of Token2049, how does CoinEx uphold its philosophy whereas participating with Web3, DeFi, and infrastructure?
CoinEx began in 2017 and has been by many ups and downs. We have seen many initiatives that haven’t made it by the cycles. Our philosophy is that we don’t chase narratives. We stay prudent, observing, studying, and analyzing the market. We distinguish short-term hype from sustainable alternatives. The focus is on what we do finest: enhancing our platform, constructing infrastructure, and delivering a seamless, dependable buying and selling expertise. That is why we survived all these years.
Finally, how can Web3 transfer past area of interest communities and obtain true mainstream adoption?
We have but to see killer apps in Web3 that outperform their counterparts in Web2. It’s all about person expertise. If somebody can construct a greater Facebook, Instagram, Google, or Visa/MasterCard on Web3, we may have mass adoption in crypto. That’s what it takes.
Toward a Smarter, More Inclusive Future for Web3
As the dialog drew to a detailed, Jeff Ko highlighted what he believes is the most important issue for the subsequent section of crypto evolution — higher person expertise.
“Web3 doesn’t want extra hypothesis; it wants higher merchandise. Once we’ve functions that outperform Web2 in usability, belief, and utility, true mass adoption will observe.”
About CoinEx
Established in 2017, CoinEx is an award-winning cryptocurrency alternate designed with customers in thoughts. Since its launch by the industry-leading mining pool ViaBTC, the platform has been one in all the earliest crypto exchanges to launch proof-of-reserves to guard 100% of person property. CoinEx gives over 1400 cash, supported by professional-grade options and providers, for its 10+ million customers throughout 200+ nations and areas. CoinEx can be house to its native token, CET, incentivizing person actions whereas empowering its ecosystem.
The exchange has remained steadfast by each market cycle and continues to focus on sustainable development over hype. Its enduring mission — to make crypto buying and selling easier, safer, and extra accessible to customers worldwide — displays the very spirit that has stored the firm thriving for eight years.
To be taught extra about CoinEx, go to: Website | Twitter | Telegram | LinkedIn | Facebook | Instagram | YouTube
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