The blockchain and cryptocurrency industry is known for its volatility, rapid innovation, and high stakes. In a recent insightful discussion between two of the most respected female leaders in the space—OKX Chief Strategy Officer Xu Kun and Primitive Ventures Founding Partner Dovey Wan (Wan Hui)—key topics such as company acquisitions, long-term sustainability, risk management, and ecosystem development were explored in depth.
Moderated by Bibi News founder Xiao Gui, this conversation offered rare strategic clarity from top-tier professionals who have not only survived but thrived through multiple market cycles.
The Real Motives Behind Crypto Company Acquisitions
One of the hottest topics in the crypto world was Binance’s acquisition of CoinMarketCap (CMC), a move that sent shockwaves across the industry. But what drives such high-profile deals? And how do companies determine whether an acquisition is truly valuable?
Strategic vs. Defensive Acquisitions
Xu Kun emphasized that any acquisition must align with a company’s core business—especially for exchanges like OKX, where trading remains the central pillar.
"For OKX, every strategic decision revolves around strengthening our trading ecosystem. Before acquiring any company, we ask: Does this enhance our core value? Does it improve user experience or platform security?"
She also highlighted that while many speculate about OKX making similar moves—such as acquiring data platforms like Tokenview—no official steps have been taken yet. However, she confirmed that OKX is actively refining its international product offerings, with major updates expected around August to September.
A critical but often overlooked aspect? The method of payment.
"Was it cash, tokens, or equity swap? Until Binance discloses the settlement details, we can't know the real cost. This lack of transparency makes it hard to assess true valuation."
👉 Discover how leading crypto platforms evaluate strategic partnerships and growth opportunities.
Understanding Acquisition Types: Acqui-Hire vs. Premium Buyouts
Dovey Wan broke down acquisitions into two main categories:
- Defensive acquisitions – aimed at eliminating competition or securing key technology.
- Offensive acquisitions – used to expand market share or enter new verticals.
She compared the crypto space to traditional tech, citing Oracle’s aggressive buying strategy in Silicon Valley. However, she noted that most acquisitions in blockchain are actually acqui-hires—where talent, not revenue, is the primary asset.
"In Silicon Valley, big firms like Google routinely acquire startups just for their engineers—$200K–$300K per head. The product often gets shelved. I believe most of Binance’s past acquisitions were of this type."
When it comes to CMC, Dovey expressed skepticism about the reported $400 million price tag.
"Back in 2017–2018, CMC made nearly $100 million in ad revenue with fewer than 20 people. At 10x revenue multiples, a fair price would’ve been $1 billion. Now they’re selling for $400 million? That doesn’t add up unless there are hidden liabilities or declining traffic."
She speculated that non-financial factors may have influenced the deal—such as regulatory burdens or personal connections (both CZ and CMC’s founder are Canadian).
"Sometimes in crypto, deals happen because founders ‘click’—not because of spreadsheets."
How to Build a Long-Lasting Blockchain Company
With projects like FCoin and Xiaocoin collapsing amid market swings, longevity has become a key differentiator among crypto businesses.
Core Principles for Sustainable Growth
Dovey outlined a fundamental truth:
"To survive long-term, you need cash flow—real revenue from real users."
She identified four universal monetization models applicable to blockchain ventures:
- Advertising
- Marketplaces
- Subscription services
- Virtual goods
"If your project doesn’t fit one of these models, you’re not building a business—you’re running a community or foundation funded by reserves."
For organizations like the Ethereum Foundation, survival depends on runway management, not profitability. Their goal isn’t to generate income but to steward development over decades.
However, media companies face unique challenges. Dovey criticized the common Chinese media model of relying on sponsorships ("qia fan" or “eating meals” from sponsors), warning it compromises editorial independence.
"When your content serves advertisers instead of readers, you lose credibility—and eventually, your audience."
OKX's Three Pillars of Resilience
Xu Kun shared OKX’s internal framework for enduring market cycles:
Strong Operating Cash Flow
- Unlike many exchanges holding reserves in volatile crypto assets (coin-denominated capital), OKX maintains liquidity in stablecoins and fiat.
- This shields operations during crashes like the March 2020 “Black Thursday” event.
Product-Market Fit Across User Lifecycle
OKX structures its offerings around four core stages:
- Buy Crypto (on-ramps via credit cards, P2P)
- Exchange (spot, margin, futures, options)
- Earn Tools (staking, lending, yield products)
- Investor Education (OKX Learn platform)
Cultural Agility: Embracing Change
- When OKX launched options trading in early 2020, adoption was slow due to complexity.
- After introducing beginner-friendly educational content in March, daily volume surged multiple times over.
- This demonstrated the power of listening to users and adapting quickly.
"We don’t just build products—we build understanding."
FAQs: Addressing Common Questions About Crypto Business Models
Q: Are most crypto acquisitions overvalued?
A: Often yes. Many are symbolic or talent-driven rather than financially justified. Without transparent reporting, valuations can be misleading.
Q: Can a crypto project survive without generating revenue?
A: Only if it has substantial reserves and low burn rates—like major foundations. For startups, sustainable income is essential.
Q: Why did OKX prioritize investor education as a core product line?
A: Because poor user understanding leads to panic selling and reputational damage during downturns. Educated users make better decisions—and stay longer.
Q: Is being coin-denominated a risk for crypto firms?
A: Extremely. Holding operational funds in volatile assets exposes companies to sudden insolvency during market drops.
Q: What makes OKX’s product strategy unique?
A: It’s one of the few exchanges designed around the full user journey—from first-time buyers to advanced traders—ensuring retention and deeper engagement.
Q: Will we see more exchange acquisitions in 2025?
A: Likely. As global regulations tighten, larger players will buy compliant entities to accelerate market entry.
Building the Future: Globalization and Full-Cycle Services
OKX’s current strategy centers on two pillars: globalization and full-cycle service integration.
With expanded hiring and localized products for English-speaking markets launching mid-2025, OKX aims to compete directly with regional leaders in Europe, India, and North America.
Their investor education arm—OKX Learn—has already gained traction beyond their user base, becoming a trusted resource even for non-users.
"Education isn’t just CSR—it’s customer retention, brand trust, and ecosystem growth rolled into one."
The discussion concluded with a shared belief: success in crypto isn’t about chasing trends—it’s about building resilient systems, staying user-focused, and having the courage to evolve.
As Xu Kun put it:
"We’re not here for quick wins. We’re here to build something that lasts."
Final Thoughts
In an industry where hype often overshadows fundamentals, the insights from Dovey Wan and Xu Kun serve as a powerful reminder: longevity comes from discipline, not speculation.
Whether you're launching a startup, investing in tokens, or building a community—focus on cash flow, user needs, and adaptability.
And when uncertainty strikes—as it always does in crypto—the strongest survive not by luck, but by design.