Bitget's Chinese Head Xie Jiayin Shares Observations from Token2049: Users are More Professional, Projects are Moving Towards Tokenization
Xie Jiayin, the Chinese head of Bitget, shared after attending Token2049 that user profiles are changing, becoming more professional, and no longer just requiring a trading entry point.
He stated that users are beginning to define products in reverse, with demands for brokers that enhance capital efficiency through options and strategy platforms, creating a virtuous cycle that encourages platforms to build a more complete global financial ecosystem; for institutions, the core demand is the capital efficiency brought by tokenization.
The bubble is clearing, projects are starting to move towards de-tokenization, with fewer projects focused solely on storytelling and concepts, and more projects with tangible products emerging; projects are no longer relying solely on issuing tokens for marketing and profit, but are returning to the essence of business, creating real value through payments, asset management, and brokerage services.
The industry is bidding farewell to reckless growth and welcoming a clear regulatory framework, with compliance pushing crypto from a fringe asset to the mainstream, which will inevitably be accompanied by short-term pain, requiring many entrepreneurs to adjust their business models; in the long run, compliance and institutionalization will attract long-term capital and professional talent, driving the industry from a high-volatility innovative market to mature financial infrastructure.
Token2049 in Singapore in 2026 is expected to attract about 25,000 attendees from 160 countries, with an agenda covering tokenization, stablecoins, and institutional participation, featuring discussions on capital efficiency and regulatory paths between executives of traditional financial institutions and crypto projects.
Market Mechanism: More professional users and institutional funds are driving platforms to expand from a simple trading entry to tools for capital efficiency and multi-asset services, with the demand for tokenization bringing capital into products that can enhance efficiency; the de-tokenization of projects and compliance requirements are putting pressure on financing for purely narrative projects, while projects and platforms with real payment, asset management, or brokerage capabilities are gaining long-term capital and talent inflows.
Source: Public Information
ABAB AI Insight
Xie Jiayin, as the Chinese head of Bitget, has long been promoting the platform's expansion from crypto trading to stocks, commodities, and multi-asset scenarios. The company previously launched products like rToken to connect crypto users with traditional assets and emphasized that user feedback drives product iteration; discussions during Token2049 focused on the capital efficiency of tokenization and regulatory implementation.
On the capital path, platforms and projects are shifting resources from pure token marketing to payments, asset management, and brokerage services to create verifiable revenue; institutions are seeking capital efficiency through tokenization, with funds flowing from high-volatility narrative projects to infrastructures with grounding capabilities and compliance frameworks, forming a shift from fringe assets to mainstream financial channels.
Similar cases include early internet projects transitioning from concept financing to actual business models, and traditional finance attracting institutional capital after regulatory clarity; the current crypto industry is in a phase of transitioning from high-volatility innovation to regulated infrastructure, with a decrease in pure token projects and an increase in multi-asset and efficiency tools.
This essentially involves a restructuring of the industry chain and regulatory changes. User and institutional demands are driving products to expand from trading entry points to capital efficiency tools, while de-tokenization and compliance requirements are reshaping project financing and operational methods; the inflow of long-term capital and professional talent will shift the industry from speculative cycles to foundational layers that can be embedded in traditional finance.
ABAB News · Cognitive Law
When users define products in reverse, platforms shift from entry points to efficiency tools.
Pure narrative financing decreases, while real business and compliance attract long-term capital.
After regulatory clarity, high-volatility innovations settle into infrastructure.