Introduction: A Meeting of Industry Titans
The blockchain space witnessed an exceptional dialogue between two leading women shaping the industry's future:
- Xu Kun, Chief Strategy Officer at OKEx
- Dovey Wan, Founding Partner at Primitive Ventures
Their 90-minute conversation covered critical topics including:
- Blockchain M&A strategies
- Risk mitigation frameworks
- Ecosystem development approaches
- Exchange operational philosophies
Section 1: Decoding Blockchain M&A Strategies
The CMC-Binance Acquisition Case Study
Key discussion points:
- Acquisition types in tech (defensive vs. offensive)
- Talent acquisition ("acqui-hire") dynamics
- Valuation methodologies in private deals
Xu Kun's perspective:
"Any exchange's core focus remains trading infrastructure. Acquisition decisions must demonstrate clear synergy with this primary business pillar while maintaining ecosystem fairness."
Dovey Wan's analysis:
"Most blockchain acquisitions resemble talent recruitment rather than traditional M&A. The reported $400M CMC valuation likely involved creative structuring rather than pure cash consideration."
Section 2: Building Resilient Blockchain Organizations
Operational Survival Frameworks
Three pillars of longevity:
- Sustainable cash flow models
- Technical differentiation
- Adaptive corporate culture
Dovey Wan's business model analysis:
"Profitability requires choosing among four fundamental models: advertising, marketplaces, subscriptions, or virtual goods. Organizations without revenue streams require extreme capital efficiency."
Xu Kun on OKEx's advantage:
"Our technical depth combined with prudent treasury management provides stability. The exchange maintains full fiat coverage of operational liabilities—no 'crypto-only' balance sheet risk."
Section 3: Shaping Crypto Asset Ecosystems
OKEx's "Dual Global" Strategy
Product Matrix Approach:
| Product Line | Key Offerings | User Need Addressed |
|---|---|---|
| Buy Crypto | Fiat gateways, OTC | Initial entry |
| Exchange | Spot, derivatives | Trading execution |
| Earn Tools | Staking, lending | Yield generation |
| Education | OKEx Academy | Knowledge building |
Xu Kun's vision:
"We've architectured our ecosystem around complete user lifecycles—from first crypto purchase through sophisticated trading strategies. This full-spectrum approach differentiates OKEx in the exchange landscape."
Industry Insights FAQ
Q: What makes an acquisition target valuable to exchanges?
A: Targets must demonstrate clear synergy with core trading operations, whether through technology, talent, or user base expansion.
Q: How can crypto businesses survive market volatility?
A: Maintain fiat coverage of liabilities, diversify revenue streams, and preserve technical agility to adapt quickly.
Q: What's next for exchange competition?
A: The battleground shifts to localized services and complete ecosystem offerings beyond pure trading.
Q: How important are derivatives to exchange ecosystems?
A: Products like options complete institutional offerings while providing hedging tools for all traders.
👉 Discover OKEx's latest institutional offerings
The conversation revealed how thoughtful strategy separates enduring companies from transient players in blockchain's competitive landscape.