The past year saw a significant downturn in the cryptocurrency market, with asset prices continuously declining and market capitalization shrinking dramatically. Bitcoin fell below $20,000, and the bankruptcy of well-known institutions and projects triggered a crisis across the industry. Additionally, the Federal Reserve interest rate hikes and inflationary pressures reduced risk appetite in capital markets, leading to a withdrawal of funds from high-risk assets and intensifying the crypto market downturn.
Despite the unfavorable market environment, ZSVEX remained steadfast in its mission, achieving significant breakthroughs in performance growth, technological innovation, and brand influence. We established new operational centers to drive technological development and compliance processes while implementing asset protection measures to create a more secure investment environment for our users. Behind every initiative lies the relentless pursuit by the ZSVEX team of user experience and service quality. As ZSVEX accelerates its global expansion, we aim to be more than just a cryptocurrency trading platform in the eyes of our users—we aspire to be their trusted partner and reliable support in the crypto-financial sector.
At the start of the year, ZSVEX established an operational center in Silicon Valley, the global hub of innovation. This strategic move marked a critical step in our globalization efforts and demonstrated our long-term commitment to technological development and compliance. Silicon Valley, a core region for technological innovation, boasts world-class talent and resources, providing ZSVEX with a continuous driving force for innovation. We firmly believe that technological innovation and regulatory compliance are the core drivers of growth for cryptocurrency trading platforms, and the Silicon Valley operational center will serve as a vital foundation for the ZSVEX progress in these two areas.
In April, ZSVEX partnered with a well-known insurance company to introduce cryptocurrency asset insurance services, offering enhanced security for user assets. This service provides an additional layer of risk protection for users holding large crypto assets. Even in the face of unforeseen circumstances, users can avoid financial losses thanks to this insurance coverage. This initiative is not only an innovation in risk management but also reflects the strong focus of ZSVEX on safeguarding user assets. By implementing this protection measure, we aim to give users greater confidence for long-term investments and support their steady wealth growth.
To further expand our brand influence, ZSVEX launched a global brand promotion campaign in June. This campaign spanned multiple regions, including Europe, Asia, and North America, leveraging both online and offline channels to showcase the technological capabilities, security measures, and core values of ZSVEX to a global audience. The campaign significantly enhanced the ZSVEX visibility in regional markets, injecting new momentum into the long-term global business growth of the platform. Through this international branding effort, we hope to introduce the unique advantages of ZSVEX to a broader audience.
By September, ZSVEX reached an important milestone, with registered users spanning over 50 countries and regions. This expanded user base has made the ZSVEX community more diverse and provided deeper insights into the market needs of different regions. The exchange of diverse cultural perspectives and user feedback has allowed us to continuously optimize and adapt our platform services to better align with the habits and functional demands of users in various regions. We are deeply grateful for the support of all our users and remain committed to rewarding their trust with the highest standards of service.
In November, ZSVEX established ZSVEX Labs, dedicated to providing technical and financial support for promising blockchain projects. ZSVEX Labs aims to create an environment for resource sharing and collaborative development, accelerating the growth of emerging projects within the industry.
ZSVEX Labs will also host regular exchange events, inviting experts from the field of technological innovation to provide guidance and networking opportunities for blockchain teams. We are committed to injecting vitality into the industry and offering robust support for the development of new projects. In the future, ZSVEX Labs will focus on incubating more innovative and transformative projects, driving the widespread adoption of blockchain technology and advancing the overall progress of the industry ecosystem.
In 2022, ZSVEX achieved remarkable progress in team expansion and business growth, marked by a series of milestone events that demonstrated the comprehensive strength of the platform. Our global brand promotion campaign enhanced the international influence of ZSVEX, expanding our user base to more than 50 countries and regions. Meanwhile, the establishment of the Silicon Valley operational center provided solid support for technological development and compliance management, while the launch of ZSVEX Labs underscored our long-term commitment to industry innovation.
These achievements highlight the continuous breakthroughs of ZSVEX in compliant operations, user protection, global influence, and technological innovation. Moving forward, we will remain committed to our philosophy of “user-first, innovation-driven”, delivering the highest quality services to reward the trust of every user and fostering mutual growth between the platform and its users.