OKX former CEO Jay Hao has joined Indian blockchain startup CIFDAQ as co-founder and global COO. The strategic shift may signal in the future a turning point for CIFDAQ as it prepares to launch a centralized crypto exchange and wallet in a rapidly evolving space.
The entry of Hao into CIFDAQ highlights an interesting shift in the crypto industry. It is away from just growth and towards sustainability, trust as well as user security. The world has witnessed downfall of several crypto giants due to hacks and security breaches.
This is a lesson that another major Indian crypto exchange named WazirX has learned the hard way. Its recent debacle led to bankruptcy court in Singapore and raised serious concerns about how crypto companies handle crises. Hao has been vocal in his criticism and openly disagreed with how WazirX managed its fallout. His approach is refreshingly user-centric. He suggested that it is not just about weathering a storm, but while also maintaining the trust of users. The stance of Hao is that he would rather give the money back to users.
The frugal approach of CIFDAQ to scale also sets it apart from many crypto startups that often burn through capital without concrete plans for profitability.
The inclusion of gaming in CIFDAQ’s roadmap adds an interesting layer to its strategy. Blockchain gaming is still an underexplored avenue. CIFDAQ can differentiate itself from other players and potentially drive higher engagement while expanding ecosystem. Hao belief that gaming is a natural fit for blockchain further strengthens CIFDAQ’s forward-looking strategy. It seems well-poised to cater to the younger as well as tech-savvy audience that is often at the forefront of crypto adoption.