How would you like to introduce yourself to our readers? You’re an inspiration to many entrepreneurs who are hustling to make it big and they would love to know more about you.
I am a strong believer choosing to be in the innovative blockchain industry, although this is a new thing to the market despite its years of existence, we are still expecting its mass adoption. I am glad that myself and the team are well aligned and dedicated fully with great ideas to the industry, only with passion can makes the work finished more than just a completion.
“Innovation distinguishes between a leader and a follower.” – Steve Jobs.
I think great leaders all possess with certain qualities – such as willing to stick with a bold course of action. Bill Taylor, an innovator and entrepreneur once mentioned real leaders understand that in an era of hyper-competition and non-stop disruption, the only way to stand out from the crowd is to stand for something special. In view of this, not only we contribute to the cryptocurrency community to stand out, the community has rewarded us to be more than ordinary. I hope entrepreneurs can all understand that it is a choice to be a leader or a follower and it serves a different mindset in leading the company to grow big or sustained.
OKEx has grown to become one of the world’s largest Cryptocurrency and Virtual Asset trading exchange company. OKEx also claims to be the most trusted Digital Asset Exchange. What do you have to say about it? Please tell us the story behind OKEx and how do you see things shaping in the years to come?
We are the people who believed in the blockchain-empowered economy, hence a fair and transparent Financial Ecosystem on Blockchain is our future. There are 3 pillars that keep our core values.
- Apply blockchain technology in the global economy to allocate the society resources in an efficient and cost-effective way
In view of multiple layers of intermediaries in traditional financial market, operating a functional system would take high cost and long processing time to verify a transaction, blockchain technology can better allocate society resources in a more efficient and cost-effective way. OKEx has taken the lead in innovation on blockchain technology – OKChain / OKDex, as well as launched OK Jumpstart, a token-sale platform to support quality projects and promote the blockchain community.
- Traditional financial market and digital asset market
Issue with over 5B of global population have no bank account nor access to financial services because of the silo, clumsy and expensive traditional financial system has brought us concern. Digital decentralized financial system works mutually beneficial with traditional market in substantially lower the operation cost and cover area that traditional market cannot cater. This is the reason why OKEx serves as a one-stop show with products that caters all level of users (C2C as an entry step to crypto, Spot/IEO to understand trading process, Derivatives for professional trading). Also, we never rest in enhancing the risk management system that compatibly fit the market along time.
It is essential to set up clear compliance to provide credibility and trust to a digital asset exchange, hence, to cultivate a fair and transparent trading market, e.g. KYC, regulation. We uplift the industry standard: be ethic, be transparent, be self-regulated; set up example to the industry, to tackle the unique challenges in crypto through working with different stakeholders and encourage crypto acceptance to counter the misconduct behavior and guide the industry to operate in a more complied manner
OKEx is set to launch a platform for Security Tokens. Please tell us about that.
Along relocating our headquarter to Malta last year, we have decided to team up with MSX, the Digital and Fintech arm of Malta Stock Exchange Holdings to launch a new exchange in support of Malta’s “Blockchain Island” initiative. The partnership was formalized in the form of a Memorandum of Understanding (MoU) signed in Valletta, Malta on July 19, 2018.
Reaching to its final stage, the new exchange will operate under the name OKMSX and will leverage OKEx’s digital asset operations and security expertise, along with the Malta Stock Exchange’s 26-year track record of operating as a regulated stock exchange with extensive experience in regulatory compliance and client due diligence. OKMSXhas applied for an Investment Services license and aims to launch in Q1 2020, and it will be well positioned to develop an institutional grade security-tokens trading platform.
Ref. Press Room – OKEx Celebrates First Anniversary in Malta with Significant Milestones
OKEx recently donated 4.5 Million Dollars worth Bitcoin to foster Perpetual Swap Market. Please tell us about that.
While we see an overwhelming growth in our perpetual swap market recently and we still hold a strong belief in derivative market with a healthy growth, we believe the $4.5 million donation can give extra confidence for customers trading on our platform. The idea of insurance fund is to pay the amount of default value on margin call before the clawback event is triggered. So, the bigger size of insurance fund, the less likely the clawback would be occur. The clawback mechanism would be act as the last defense line in occurrence of large-scale systematic event. Insurance is added cushion to protect trader’s profit from reaching the last defended line.
No clawback has occurred on OKEx perpetual swap since its launch and with the enhanced risk management system, it strikes a better balance between avoiding early liquidation and maximizing traders’ benefits, yet OKEx will continue in bringing a better user experience.
You know that the market is fierce when it comes to exchanges. There is so much competition which you face from already established players and also from new exchanges. How do you plan on staying ahead and to be on top in this already saturated market?
We always turn competition into motivation, innovation is the key to success. As a pioneer to build OKEx as a one-stop shop, covering both spot and derivatives trading, has set us a leading position in helping users to optimize their investment strategies with diversified instruments.
We keep investing in developing blockchain technology, hence develop products catering users’ needs and suggestions, to bring the best trading experience in the industry. By developing OKChain and pushing all other related blockchain development, we are prompting the growth of the industry and utilizing the resources to foster a new economy on blockchain technology, which provide financial access to everyone through achieving de-intermedium.
Security concern is also another priority that we will never rest in pursuing a safe, reliable, and stable environment for digital asset trading on the web. With a comprehensive security system, no major security issues, hacks, and asset losses have ever taken place on OKEx.
Does the company have a vision for India specifically? If not, what is Company’s vision for the world? Would you like to comment on India’s scenario and the Indian Government scepticism for the Digital Assets, specifically Cryptocurrencies.
We have put our current expansion priority to European market as we have seen western countries have been quite open in adopting cryptocurrency and setting up legal frameworks to either foster or curb the use of this ever-evolving asset class. However, we are paying attention to Asian market and are ready to embrace once they are ready.
Where do you see OKEx in the next 5 years?
OKEx has been committed to delivering a one-stop service of spot and derivative market, we never rest in enhancing our products portfolio. In 5 years’ time, we hope to see more of the financial inclusion around the world, demonstrating a mutually beneficial environment between traditional financial market and crypto market,
Please tell us about your experience of working with OKEx and how you shaped this company to where it stands now.
Iwas strongly inspired by will.i.am, founding member of The Black Eyed Peas that said from a Forbes interview– “Do you want to be remembered because you made loads of money, or that what you achieved helped to make lives and communities better?”
This strikes into my head that running OKEx is not just a digital asset exchange, but to commit a bigger vision of helping the crypto community, hence, the financial. I have been working with OKEx in a very diversified culture and lots of innovative ideas sparkled. It is my job to coordinate and balance the ideas, to transform them into concrete actions. We are still expanding for international market, and we are experts from each field e.g. marketing & communications, product engineers, research analysts, legal and so on, we believe putting ourselves fully engaged internally with sometimes the help of external arms would be a healthy way in running the operation.
Open communication is extremely important in this office. This is one of the most precious assets in possessing with brilliants minds at the same place, yet the differentiation of how OKEx stands out.