Tricky times for centralized exchanges—but things can be turned around

cointelegraph.com:

As I was reading the news and following the FTX fiasco developments, I wondered, “What would centralized exchanges do now?” How should they market and position themselves?

Because of the FTX fiasco, the whole industry has suffered, but the centralized exchanges have taken a major hit. Last week, Binance experienced the largest net outflow of Ethereum (ETH) of roughly $1.44 billion, followed by OKX with $1.24 billion. In just a week, almost $3 billion of ETH had been taken out of these centralized exchanges. The figure would be even more if we were to look at the trading volumes on other centralized exchanges. This goes to show how people are wary of putting their money in a centralized exchange.

So, where does this leave the centralized exchanges? How do they earn back the trust of the community? As a marketer, I feel there are three things centralized exchanges should focus on to gain back people’s trust:

Be it in the current market scenario or a better time for the industry, humanizing your brand is one of the best things you could do. 

So, how do you do that?

Let the community know there’s more to your brand than simply being one of the many exchanges. The people behind a brand help build trust in a company or a project. This is why brands shell out millions of dollars to get celebrities, personalities and people they trust to become their brand ambassadors. 

I’m not saying you need to get a celebrity to endorse your brand. Rather, the people in your company can be your brand ambassadors and, in turn, help humanize the brand (the way Binance has done with CZ). And it doesn’t have to be just a single person. It’s better if there are multiple people representing your brand. 

Introducing your core team members to the community