Jay Hao, the CEO of the digital asset alternate OKEx, took half in Cointelegraph China HUB, a web-based interview column began by Cointelegraph Chi
Jay Hao, the CEO of the digital asset alternate OKEx, took half in Cointelegraph China HUB, a web-based interview column began by Cointelegraph China. Prior to now, Hao has said that blockchain will remove transaction obstacles, enhance effectivity and finally affect the event of the worldwide financial system. However what does he take into consideration the world of blockchain now?
Cointelegraph: Is cryptocurrency a distinct segment trade growing with uncertainty and volatility? And the way did OKEx overcome the volatility of the trade to turn into one of many prime exchanges?
Jay Hao: As you stated, the cryptocurrency trade itself brims with uncertainties, and it’s OKEx’s innate mission to be ready to satisfy new challenges on all events. Prior to now yr, the bottom value of Bitcoin reached about $3,300 and the best exceeded $13,000. Particularly up to now three months, the worldwide monetary trade has encountered large fluctuations below the affect of COVID-19. 24/7 free-to-trade cryptocurrency has reacted much more on this plunge.
“For exchanges, the largest problem introduced by such large fluctuations is the soundness of the buying and selling system and threat management below such excessive market habits.”
So, my crew and I’ve constantly held a consensus: on this planet of cryptocurrency, know-how energy should be the important thing to constructing any crypto ecosystem. Prior to now yr, now we have polished the development of the system with out stopping, and now we have carried out a whole bunch of great upgrades. Our distinctive tremendous matching engine and Lightning 2.zero system be sure that the platform can run secure even below excessive market circumstances, and in addition the order processing pace has ranked excessive on the world’s prime choices exchanges lists. That is certainly a matter of delight.
CT: Are you able to give some particulars about OKEx’s growth plan or total technique?
JH: From my standpoint, popularity is the inspiration of an enterprise, particularly within the crypto world. Along with the well-known the explanation why Libra’s issuance is so difficult, I feel there’s one other issue. Enterprise lies occur as soon as or numerous occasions. In spite of everything, a lie requires numerous lies to make up for it, and the vicious cycle will all the time collapse.
As Fb is among the primary sponsors, it was bothered with issues resembling person information leakage and unauthorized assortment of person information, which have significantly harm market confidence. Lawmakers’ mistrust of Fb even exceeds that of cryptocurrency itself or blockchain know-how.
“Subsequently, inside OKEx, I repeatedly stress with the crew that we must not ever do something that harms the pursuits of customers. ‘Buyer first’ is all the time the core worth of OKEx, which additionally acts because the cornerstone of our internationalization.”
The internationalization of OKEx has been accelerating. At current, it has reached cooperation with the world’s seven largest authorized fiat fee suppliers by the fiat gateway mission, supported 30 fiat currencies together with United States {dollars} and euros, and accepts 17 fee strategies together with Visa and Mastercard. Additionally, now we have supplied companies to greater than 20 million customers in additional than 200 international locations and areas all over the world, and that’s nonetheless rising.
Within the crypto world, OKEx’s function isn’t solely as a buying and selling platform but additionally a blockchain know-how firm. We’ve got launched OKEx Cloud, counting on the technical energy and repair expertise accrued by OKEx within the discipline of digital property for a few years and offering alternate know-how companies to the world.
In addition to, OKChain, independently developed by OKEx, was additionally accomplished as 100% open-source. OKChain pioneered the “business chain alliance” mannequin, which can face all ecological nodes and supply environment friendly, free and boundless public chain ecosystems. It’s a vital step for our internationalization.
In abstract, OKEx’s internationalization has three factors: first, clients come first; second, to satisfy international differentiated wants and supply localized companies; and third, we’re not constructing an alternate, however a world free, equal and wholesome encryption ecosystem.
CT: In accordance with CryptoCompare, the mixed volumes of OKEx’s, BitMEX’s, Huobi’s and Binance’s derivatives markets in March totaled $514 billion, or 86% of your entire market. And OKEx took greater than BitMEX. How do you see the competitors out there?
JH: Within the face of competitors, I all the time imagine that steady and wholesome competitors will carry new vitality into the market. Whereas selling the progress of the trade, it additionally permits customers to have a greater reference foundation when selecting a buying and selling platform. We are going to actively study from glorious rivals. In spite of everything, the beneficiaries below wholesome competitors will all the time be customers.
Can a contract dominate the competitiveness and destiny of an alternate? The reply is, after all, no. No firm might be in style on this planet with just one perform. The wants of customers are continually altering. Within the enterprise…