“Whatever good things we build end up building us.”
After receiving a Master of Science in electrical engineering from the Georgia Institute of Technology in 1996, Jay Hao spent the following two decades in the semiconductor industry, developing a wide range of applications for multimedia processors and wireless communication systems. Hao was recognized as a successful leader with a wealth of experience in product management before making a switch to the blockchain industry in 2017.
He joined Hormones Live as its chairman, leading the company’s external communications program with a keen focus on the blockchain sector, supervising and guiding the operation team toward a successful app launch.
Hao then moved on to his current role as CEO of OKX, a cryptocurrency and derivatives exchange, where his belief in blockchain technology and obsession with the metaverse has already helped in introducing path-breaking innovations. He remains a vociferous supporter of Bitcoin and has stated that security, innovation and reliability are the three pillars of his growth strategy at OKX.
Hao also serves as OKX’s chief customer service officer, ensuring that customer feedback is translated into vital development updates in OKX’s products and services. He is committed to leading the cryptocurrency exchange to new standards of excellence, powered by technology breakthroughs and extensive collaborations with other players in the Web3 space.
By his own admission, Hao believes that blockchain will eliminate all transaction barriers in the future and bring about substantial efficiency gains within the global economic system.
Hao helped OKX become a comprehensive cryptocurrency exchange offering various financial services, including spot and margin trading, futures and options, perpetual swaps, DeFi, lending and mining services for many types of cryptocurrencies.
Under Hao’s leadership, OKX’s EVM- and IBC-compatible layer-1 blockchain network called OKX Chain crossed the milestone of 100 million wallets, joining the elite club of blockchains such as Ethereum, Solana and BNB Smart Chain that have achieved the same feat.
Hao returned OKX back to its market dominance in Bitcoin derivatives by optimizing its trading engine and products, improving customer satisfaction levels and expanding the product ecosystem. From a mere 8% market share at the end of 2021, OKX later commanded a quarter of the Bitcoin derivatives market, scripting one of the most commendable recoveries in the crypto world in 2022.
Navigating OKX through a tough external environment in 2022, Hao bolstered the exchange’s reputation for not having any security disruption or potential hack over its entire history by bringing in even more transparency.
OKX was one of the first exchanges to publish its proof-of-reserves report in the aftermath of the FTX fiasco, reiterating its approach of offering higher transparency, advancements in technology and ever-improving risk management to win the trust of its users.
Despite his unflinching support for blockchain and cryptocurrencies in particular, Hao maintains a balanced approach when predicting major trends for 2023. Hao believes that the crypto industry will see fewer mergers and acquisitions this year and a slow development pace in the blockchain gaming space.
Moreover, he believes that Bitcoin spot ETF approvals will be unlikely, while the chances of a broader regulatory framework being implemented are much higher. On the positive side, Hao predicts that 2023 will be remembered as the year of rapid development in the Web3 infrastructure space, potentially introducing new NFT liquidity tools and domains.
In addition, he sees the industry working toward plugging DeFi’s security vulnerabilities and improving interchain operability so as to improve the end-user experience for millions transitioning to the Web3 ecosystem. Tempering optimism with a grounded approach, Hao is confident that 2023 will be the year where cryptocurrencies redeem themselves, as long as the industry learns from the lessons of 2022.
