5 Questions with Coinhako's Liu Yusho

FOUNDER of cryptocurrency wallet and exchange Coinhako, Liu Yusho, is considered an "OG" or "Original Gangster" of the crypto scene in Singapore.

He launched Coinhako straight out of university in 2014, and has witnessed the rise and fall and rise again of crypto in the public sphere. From Bitcoin to initial coin offerings, he has seen it all, including how regulations with cryptocurrency have evolved over the years.

In our monthly series, Liu shares how he navigated from potentially folding the business to growing Coinhako's user base to over 400,000 users.

1. What were you doing before starting Coinhako?

I started Coinhako shortly after graduating from NTU (Nanyang Technological University) Mechanical Engineering. Before founding the company with my army buddy, Gerry Eng, I worked on a couple of ventures during my free time in school. I've always had a keen interest in startups. Post-graduation, it was an opportune time to embark on a new venture full-time. Back in 2014, there was a market gap in trading cryptocurrencies like Bitcoin and this inspired Coinhako, a user-centric platform providing access to the crypto market for investors, which I've been running since.

2. How has that experience translated into your current role?

I currently hold the position of chief executive officer of Coinhako, and I drive the company's corporate strategy, investor relations as well as its business development and expansion.

Creating a product or service that serves the needs and wants of customers is one of the key determinants behind the longevity of a business. There are times when we get carried away by novel ideas and product concepts, but they will lose their shine over time without a clear purpose.

Also, conviction is critical. The market might not be ready or receptive to your product or service; it can be discouraging when business results are unsatisfactory. However, if you firmly believe in your product, stand by it, find ways to refine the offering or adopt a new approach to your business strategy. This enables you to take full advantage of the opportunities when the market presents them.

I'd like to add that a startup endeavour is a journey; it is almost impossible to be fully prepared. There will be challenges and uncertainties in the journey, and you may be daunted by setbacks. However, I urge entrepreneurs out there to have a determined mind, adopt a can-do attitude, and connect with like-minded people and industry veterans to learn from them. As they say, it is not from ourselves that we learn to be better than we are.

3. What is one thing you would tell your younger self?

Travel and get lost in beautiful places. Venture beyond our shores. Singapore is a great nation but there's also a world of opportunities out there.

4. What's the best advice you've received, and what was the situation?

Keep things simple and elegant. It was advice given to us by a mentor prior to us pitching to potential investors in the US. My co-founder and I prepared a very complex and wordy deck for our first video interview for our incubator programme. It was our first interview with a Silicon Valley investor. This simple advice and guidance shaved our deck by half. By having a succinct presentation and a clear message, we were able to secure our first cheque. This advice still follows us today when it comes to most, if not all, aspects of our business.

5. What's the biggest and worst setback you've experienced?

As one of the longest-standing crypto platforms in the Asia-Pacific region, we have been through two crypto winters and it wasn't easy. We went through a low point in 2015, when we were projected to fold the company in six months as the demand for crypto was not picking up. Fortunately, we tided through that period, and I am thankful that we emerged stronger than ever. I don't think there are many companies that weathered through the two winters in Singapore, or even globally.

BT's 5 Questions series aims to glean insights from stalwarts and little-known talents in South-east Asia's startup ecosystem. Want to read more from this monthly series? Check out the previous one featuring venture capital star Jenny Lee, and why you shouldn't listen to her.

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