Crypto exchange, Flipster, doubles conversion rates with Twilio Segment

Challenge

Flipster, one of the fastest-growing crypto exchanges, aiming to make crypto trading more accessible and user-friendly. The platform is dedicated to building an easy-to-use platform in a rapidly growing global market.

Solution

By leveragingTwilio Segment, Flipster rapidly built and scaled its cryptocurrency platform, successfully doubling conversion rates within three years.

Launched in 2021, Flipster set out to make cryptocurrency derivatives and spot trading easier and more accessible. The derivatives market, which involves buying, selling, and trading contracts based on the future price of cryptocurrencies such as Bitcoin, rather than the actual coins themselves - is expanding rapidly. However, both new and seasoned traders encounter significant challenges when it comes to participating in crypto derivatives.

“Most cryptocurrency derivatives exchanges have complex interfaces which leave many would-be users feeling overwhelmed or sidelined,” says Seunghwan Ban, Data Engineer Team Lead. “We couldn’t find anything that offered both novice and experienced traders a user-friendly, seamless experience along with fast, reliable support.” 

A market opportunity was spotted: to build a crypto trading platform that was easy and enjoyable for everyone to use. The company turned to Twilio Segment for the tools needed to rapidly build and scale such a platform. After just three years, Flipster is now one of the fastest-growing crypto trading platforms, offering over 350+ perpetual futures listings on the latest cryptocurrencies and also supports spot trading on major coins.

How Flipster built a scalable and compliant data stack with Twilio Segment

The founders of Flipster knew that choosing the right technology partner would be crucial to the platform’s success. Ultimately, they selected Twilio Segment to improve the Flipster customer experience, drive more reliable, user-friendly engagement, and achieve personalization at scale. 

Building Flipster with Segment meant the company could create customer profiles that are synced in real-time to Flipster’s data warehouse. That means: 

• More accurately processing Flipster customer data
• Stitching together online and offline interactions
• Gaining a much more in-depth understanding of customers’ interests, needs, and pain points—all in real-time.

With a data warehouse-centered CDP stack, Flipster can unlock advanced analytics based on customer data, while maintaining data quality at scale. 

“Segment’s simple and straightforward audience building and activation interface means even non-technical teams can easily access a more complete customer data set,” says Ban. 

To address Flipster's data challenges, the company leveraged Twilio Segment to streamline its data collection process and optimize its integrations. By utilizing Connections and Protocols with tools like Amplitude (Actions), AppsFlyer, Facebook Conversions API (Actions), Google Cloud PubSub, Google Tag Manager, and Iterable, Flipster was able to create a more cohesive and accurate data flow.

By automating tasks like logging QA for Amplitude, Flipster's engineering team was able to shift focus from manual data maintenance to more high-impact product development.

This not only boosted productivity but also helped Flipster: 

• Move towards a more compliant and reliable data foundation
• Reduce discrepancies and ensure data accuracy across the board 
• Enhance their customer experience while maintaining a modern and scalable data infrastructure.

Uncovering data blind spots and leveling up conversions

For Flipster, embracing Segment has resulted in richer targeting, faster time to value, and data-driven decisions that directly enhance the Flipster customer journey. For example, the Flipster marketing team has been able to make major improvements to the user experience in the critical area of deposit transactions.

Previously, they relied exclusively on server-side data to determine whether funds had been deposited or withdrawn from user accounts. While this method provided basic transactional information, it failed to give Flipster a comprehensive view of how users were interacting with the deposit process as a whole. This created a blind spot in their understanding of the customer experience, as they couldn’t capture the nuanced behaviors and pain points users might encounter during the transaction process.

“To fill in the gaps, we had to conduct interviews with customers, which was time-consuming and didn't provide the real-time insights we needed,” says Ban. 

However, since deploying Twilio Segment, teams have been able to log detailed customer events that more accurately reveal how users interact with the platform throughout the deposit process. “By addressing these issues with Twilio Segment, we have doubled our conversion rate from account activation to making a deposit, increasing from 5% to 10%,” says Ban.

At the same time, Flipster’s total user balance has grown more than ten times, indicating that users are more engaged and satisfied with the platform.

Building for the future with bold ideas and unstoppable scalability

Looking ahead, the founders of Flipster intend to leverage Twilio’s innovative approach to support the integration of new features and enhancements into their platform.

“We’re constantly looking for new ways to improve Flipster so traders can make faster moves ahead of the market,” says Ban. “For our customers, success isn’t just about executing profitable trades. It’s also about having confidence in using a high-performance platform that can reliably manage large orders with minimal latency.”

Soon, Flipster trading will also be available as a desktop application. This cross-platform integration will enable traders to open positions in a web browser while monitoring market movements on the go from the Flipster mobile application.

“Segment empowers us to make data-driven decisions that directly enhance the customer journey. We look forward to leveraging the tool for further optimizations.” says Ban.