Jay Hao, former CEO of OKX, one of the world’s largest crypto exchanges, has joined Indian blockchain startup CIFDAQ as co-founder and global COO.
In an exclusive conversation with YourStory, Hao sheds light on CIFDAQ’s growth strategy, which plans to launch a centralized cryptocurrency exchange and wallet next month.
He will ensure that CIFDAQ implements robust safety measures and employs the highest level of cybersecurity across its operations. CIFDAQ will also create a financially prudent ecosystem, he said.
He added that a frugal approach is fundamental to the company’s strategy for long-term profitability.
Hao joined OKX in 2018, when it became the world’s largest cryptocurrency exchange by reported revenue. During his tenure, OKX expanded into India and the United Arab Emirates and grew its presence in Latin America. The company also recorded its highest trading volume ever under the Hao administration.
Cybersecurity and user trust
One of the biggest challenges facing cryptocurrency exchanges today is security issues. As the cryptocurrency industry becomes a target for hacks and security breaches, CIFDAQ seeks to prioritize building a secure platform.
“We employ the highest level of cybersecurity,” Hao asserts.
CIFDAQ is determined to implement strong safety measures across all aspects of our operations. “We are not just protecting wallets, we are protecting the entire ecosystem,” he added.
“History shows that even giants can fall. So it’s not about who gets in first, it’s about how you differentiate and execute,” he noted. Masu.
Hao is keeping a close eye on the crypto heist that knocked Indian cryptocurrency exchange WazirX on the door of Singapore’s bankruptcy court.
Hao acknowledged that “almost everyone in the cryptocurrency industry has experienced hacking.” However, he emphasizes that hacking itself does not necessarily harm a company. “What matters is whether you can maintain trust with your customers,” he points out.
Mr. Hao discussed the approach taken by some exchanges and expressed disagreement with how WazirX handled the situation it found itself in. “I probably don’t agree with what WazirX did,” he says.
He strongly believes in putting user trust first. “Rather than take money from users, we want to give money back to users.”
CIFDAQ growth strategy
Hao believes that many exchanges rely too much on external funds without careful execution. “Human resources and funding are critical, but execution is even more important,” he emphasizes.
Mr. Hao believes in CIFDAQ’s process-driven approach and ability to conserve resources, which is key to beating competitors.
Hao explains that CIFDAQ is building an ecosystem with financial prudence. “We don’t waste money. We are frugal and make sure every penny is spent wisely,” he claims.
He says this approach is the cornerstone of the company’s strategy to ensure long-term profitability, especially in developing markets such as Southeast Asia, Latin America and Africa.
Hao is bullish on CIFDAQ’s potential to enter underbanked areas. He added that while global exchanges like Binance are expanding into Southeast Asia, many local exchanges lack the global resources to scale.
“We see a lot of potential in India and Southeast Asia. Our competitors may be global giants, but our real competition is ourselves.”
The company’s strategy includes obtaining licenses from various jurisdictions to ensure compliance while expanding into emerging markets.
Hao plans to make games an important part of CIFDAQ’s blockchain ecosystem, as he believes games are a natural fit for blockchain applications such as NFTs and the Play-to-Earn model. He envisions a platform where gamers can earn, trade, and own tokenized assets, creating a more immersive experience.
He says this approach will also strengthen user engagement and drive broader adoption of CIFDAQ’s ecosystem, with gaming becoming a key driver of the platform’s growth.
Profitability and sustainability
CIFDAQ values profitability and sustainability over growth at all costs.
“We’re not just building another financial platform; we’re building an open blockchain solution that includes everything from gaming to stock trading across markets like the US, Japan and Hong Kong,” Hao said. says Mr.
CIFDAQ Blockchain Ecosystem Global Inc is a global blockchain ecosystem company providing advanced blockchain solutions, virtual digital asset exchange services, and tokenization.
Founded in 2020 by Rahul Maradhya and headquartered in Mumbai, CIFDAQ also has offices in Delhi, Bengaluru, and Kolkata.
Maradiya’s vision for CIFDAQ is centered around building a sustainable and compliant blockchain ecosystem that accommodates a diverse range of traders and markets. He emphasizes the importance of simplicity, comprehensiveness, and strong compliance.
“We want to get our own license in every jurisdiction…even if it takes six months or a year,” he tells YourStory.
Maradhya emphasizes the need to avoid temporary solutions and focus on long-term stability. His approach involves expanding gradually while creating a platform with products for all types of traders.
“You can’t build a skyscraper and have the floors underneath collapse,” he says.
