Former OKX CEO Jay Hao joins Indian blockchain startup CIFDAQ as co-founder

Jay Hao, the former CEO of OKX, one of the largest cryptocurrency exchanges in the world, has joined CIFDAQ, a bootstrapped Indian blockchain startup as its co-founder and global COO.

In an exclusive interaction with YourStory, Hao throws light on CIFDAQ’s growth strategy as it plans to launch a centralised crypto exchange and a wallet next month.

He assures that CIFDAQ will implement robust safety measures and adopt the highest levels of cybersecurity across its operations. CIFDAQ will also build an ecosystem with financial prudence, he says.

A frugal approach, he adds, is fundamental to the company’s strategy for long-term profitability.

Hao joined OKX in 2018 when it had become the world's largest cryptocurrency exchange by reported turnover. During his tenure, OKX entered India and United Arab Emirates and bolstered its presence in Latin America. The company also saw its largest trading volume in history under Hao.

Cybersecurity and user trust

One of the biggest challenges that crypto exchanges face today is that of security. With the crypto industry becoming a target of hacks and security breaches, CIFDAQ seeks to prioritise building a secure platform.

"We’re adopting the highest levels of cybersecurity," Hao assures.

CIFDAQ is determined to implement robust safety measures across all facets of its operations. "We’re not just protecting wallets; we’re safeguarding the entire ecosystem," he adds.

"History has shown that even giants can fade away, so it’s not about who enters first but how you differentiate and execute," he notes.

Hao has been closely following the crypto heist that saw Indian crypto exchange WazirX knocking on the doors of Singapore's bankrupcy court.

Hao acknowledges that, in the crypto industry, "pretty much everybody has experienced a hack." However, he emphasises that a hack itself isn't necessarily detrimental to the company. "It's more about the trust you can uphold with your clients," he points out.

Discussing the approach taken by some exchanges, Hao expresses disagreement over how WazirX handled the situation it was in. "I probably wouldn't agree with what WazirX has done," he says.

He strongly believes in prioritising user trust. "I'd rather give the money back to the users, instead of taking it from them."

CIFDAQ’s growth strategy

Hao believes many exchanges rely too much on external funding without careful execution. "Talent and funding are crucial, but execution matters more," he emphasises.

Hao is confident about CIFDAQ’s process-driven approach and its ability to be frugal with resources, which is key to outlasting competitors.

Hao explains that CIFDAQ is building an ecosystem with financial prudence. "We don’t waste money—we’re frugal and ensure every penny is used wisely," he asserts.

This approach, he says, is fundamental to the company’s strategy for long-term profitability, particularly in developing markets such as Southeast Asia, Latin America, and Africa.

Hao is bullish on CIFDAQ's potential to reach underbanked regions. While global exchanges like Binance have made inroads in Southeast Asia, many local exchanges lack the global resources to scale, he adds.

"I see a lot of potential in India and Southeast Asia. Our competitors might be global giants, but our real competition is ourselves."

The company’s strategy includes acquiring licences from various jurisdictions to ensure compliance while expanding into emerging markets.

Hao plans to make gaming a key part of CIFDAQ’s blockchain ecosystem, as he views it as a natural fit for blockchain applications like NFTs and play-to-earn models. He envisions a platform where gamers can earn, trade, and own tokenised assets, creating a more immersive experience.

This approach would also enhance user engagement and drive wider adoption of CIFDAQ’s ecosystem, making gaming a major driver for the platform’s growth, he says.

Also Read

Singapore court grants WazirX moratorium to partially refund crypto hack losses

Profitability and sustainability

CIFDAQ emphasises profitability and sustainability over growth at any cost.

"We’re not just building another financial platform; we are building an open blockchain solution that includes everything from gaming to stock trading across markets like the US, Japan, and Hong Kong," says Hao.

CIFDAQ Blockchain Ecosystem Global Inc is a global blockchain ecosystem company offering advanced blockchain solutions, virtual digital asset exchange services, and tokenisation.

Mumbai-headquartered CIFDAQ, which was founded in 2020 by Rahul Maradiya, also has offices in Delhi, Bengaluru, and Kolkata.

Maradiya's vision for CIFDAQ centres around building a sustainable, compliant blockchain ecosystem that caters to a diverse range of traders and markets. He emphasises the importance of simplicity, inclusiveness, and strong compliance.

“We want to obtain our own licences in every jurisdiction... even if it takes six months or a year," he tells YourStory.

Maradiya highlights the need to avoid temporary solutions and focus on long-term stability. His approach involves scaling gradually while creating a platform with products for all types of traders.

“You can’t build a skyscraper and then have the floor crumble beneath you," he says.