Moving Forward Through Tough Times, an Interview with OKEx’ Jay Hao

Moving Forward Through Tough Times, an Interview with OKEx’ Jay Hao

NewsBTC requested just a few inquiries to Jay Hao, CEO of the world’s main crypto-asset trade and buying and selling platform to grasp his perspective of the present international financial state of affairs and way forward for cryptocurrencies. In this interview, Hao additionally provided some insights into how OKEx is getting ready itself to realize progress within the close to future.
Q: The world goes by way of some robust instances, with the mainstream monetary markets taking an enormous hit. How has this impacted OKEx?
A: With unemployment charges skyrocketing around the globe and international uncertainty over the pandemic, I’m afraid that the worst of the financial fallout should be to come back. Our trade as a complete has proven unimaginable resilience to international occasions up to now and the cryptocurrency house continues to thrive.
As most conventional corporations are compelled to put off workers, many in crypto are hiring, together with OKEx. The very nature of our work implies that our groups can work remotely and so, on this sense, the lockdowns which have affected our workers at totally different instances across the globe haven’t impacted us an excessive amount of as an organization.
As for the massive hit within the monetary markets, Black Thursday in March when the inventory market crashed and the selloff spilled over into the cryptocurrency market, many customers suffered from technical points however OKEx held its personal very nicely.
We weathered the volatility and the robustness of our infrastructure was obvious as we had been capable of ship a steady buying and selling service all through. We truly took the lead amongst derivatives exchanges at our peak processing 98.436 trades over a one-minute interval!
As an trade, the unlucky drop in BTC value and improve in buying and selling was worthwhile for us within the short-term. However, now we have seen a downturn in buying and selling quantity within the following months, as have exchanges throughout the board. This is predicted as many merchants that had been liquidated have exited briefly. It might take a short while for his or her confidence to return.
However, we’re extraordinarily bullish on crypto for the long-term and strongly consider that this disaster will flip extra individuals away from the standard monetary system. We’re busy constructing our ecosystem and providing extra instruments and merchandise. We launched OKChain in February earlier than the disaster took maintain and had been capable of decide to open supply two months later. We’ve additionally partnered with Ethereum making OKPool one of many first mining swimming pools to turn out to be a validator on the Topaz ETH testnet.
Along with this, now we have expanded our DeFi supply so as to add C2C loans in addition to different merchandise and we proceed to carry profitable token gross sales through OKEx Jumpstart. Our newest one registered a 300% surge. All in all, OKEx is extraordinarily wholesome and rising continually. We are eager for the longer term and work arduous to consolidate our place within the trade.
Q: So far, the response from the crypto neighborhood has been blended. The expectation of an enormous surge in BTC value following halving didn’t materialize as imagined. What is your outlook for crypto within the present state of affairs?
A: In some methods, the halving occurred at a really well timed second in that Bitcoin did the precise reverse of what we’re seeing with limitless QE in main economies. This will probably be essential as individuals start to grasp ideas like cash provide, inflation, QE, and so on. and the way it impacts them. On the opposite hand, Bitcoin doesn’t exist in a vacuum. The COVID-19 disaster not over and the worst of the financial fallout should be but to come back. We might see markets additional affected by sell-off strain.
In these circumstances, I feel that Bitcoin has proven unimaginable value resistance and it isn’t stunning to me that the worth has not surged but. This is the worst financial disaster in a century and with a smaller block reward, some miners could also be compelled out of the sport if the worth spirals down once more. That mentioned, my outlook on Bitcoin and cryptocurrency, basically, may be very bullish for the long-term. I feel the worth surge is inevitable, however we must have an extended view.
Q: How does OKEx plan to climate the COVID-19 pandemic?
A: We will proceed to construct, develop, and innovate. We are nonetheless hiring, now we have many thrilling initiatives, and we’re hopeful that the pandemic will probably be behind us quickly. We have already confirmed how sturdy our infrastructure is and that we will address sudden volatility. As for our workers, their wellbeing is of utmost significance to us. At the beginning of the pandemic, OKEx provided a do business from home coverage to all workers and has simply lifted up. They will solely go to OKEx workplaces whether it is protected to take action and we guarantee sanitized and protected locations for them to work, we additionally permit them to do business from home the place wanted.
We are additionally initiating our OKEx Beacon Program subsequent month which is a Masterclass and mentorship program particularly for members in Europe, one of many areas hardest hit by unemployment. I and our Director of Financial Markets Lennix Lai will probably be mentoring members after a masterclass given by distinguished journalists within the house. We hope that this can encourage individuals affected by the disaster to take the subsequent steps and begin their profession in crypto.
Q: OKEx is understood for continuously releasing new merchandise and options based mostly on the neighborhood’s wants and necessities. What can we anticipate within the coming days?
A: Next month, we will probably be specializing in increasing data of the blockchain house particularly to individuals who have been affected by financial hardship. With the Beacon Program, we purpose to develop with the neighborhood past merchandise and options and stimulate insightful engagement with the trade. Through this initiative, with skilled masterclasses and 1:three mentoring with our executives, we hope that such direct and private engagement will enrich blockchain data on either side and maybe stimulate new chemistry.
Product-wise, we’re going to have an enormous announcement over choices buying and selling quickly, keep tuned!
Q: There are many individuals on the market concerned about engaged on thrilling tasks. How can one turn out to be a part of what you all at OKEx are doing?
A: Reach out to us and inform us what you possibly can carry to the desk! We have a emptiness web page on LinkedIn and we additionally settle for resumes on an ongoing foundation. We’re continually looking out for brand spanking new expertise throughout all areas. As a world-leading cryptocurrency spot and derivatives trade, with a large ecosystem, we’re at all times in want of latest palms! If you need to work in a fast-paced, difficult however at all times thrilling atmosphere the place you may be studying and innovating continually OKEx may very well be the place for you.
Q: Anything else you wish to add?
A: Over the previous few days, I’ve been reaching out to OKEx prospects, asking for his or her suggestions, and answering their questions personally. It has been an enlightening expertise and I feel it’s superb for all CEOs to be on the entrance strains with their prospects to grasp their ache factors to allow them to enhance their services.
OKEx isn’t like a standard firm the place administration may be very distant from workers. We domesticate an atmosphere that encourages our workers to talk up and supply their concepts, inform us once we’re doing one thing unsuitable. This means, we study and develop collectively as a workforce and alongside our prospects.
OKEx has come a really great distance and I’m pleased with all that now we have achieved up to now. Without a doubt, it’s as a result of our amazingly gifted workforce.

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