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CIFDAQ Aims At $50-$100 Mln Trading Volume
CIFDAQ is currently focused on building its user base and liquidity, with a target of achieving a daily trading volume of 50-100 million USD in the coming year.
Himanshu Maradiya also reiterated that CIFDAQ plans to capitalize on rising demand by expanding into crypto-regulated countries across Southeast Asia, the European Union, and Japan.
Web3 startups have raised over $5.4 billion in venture capital during the first three quarters of 2024. This figure reflects a significant investment trend, with $1.4 billion raised in the third quarter alone.
Investors are increasingly targeting emerging markets at the intersection of blockchain and artificial intelligence (AI). Projects focused on decentralized blockchain infrastructure have also recently attracted substantial capital flow.
Even as Bitcoin reaches $80,000 a piece, sparking renewed investment interest, India is yet to make significant progress in establishing a regulatory framework for cryptocurrency. According to a report by Chainalysis, India currently leads the world in the global crypto adoption index this year.
In 2023, India ranked sixth among the world's top 9 deep tech ecosystems, with over 3,600 startups, according to a Nasscom report. However, a weak supporting ecosystem limited its growth potential and first-mover advantages. In the past five years, Indian deep tech startups raised USD 10 billion, but only USD 850 million in 2023— a dramatic 77 per cent drop from USD 3.7 billion in 2022. This decline reflected investor concerns about potential returns.
Jay Hao, the former CEO of OKX, one of the largest cryptocurrency exchanges in the world, has joined CIFDAQ, a bootstrapped Indian blockchain startup as its co-founder and global COO. In an exclusive interaction with YourStory, Hao throws light on CIFDAQ’s growth strategy as it plans to launch a centralised crypto exchange and a wallet next month.
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🚀 Dive into the future of CIFDAQ! Founder & Chairman Himanshu Maradiya and Co-Founder & Global COO Jay Hao reveal their vision and mission for the platform in this exclusive interview. Don't miss out on their insights into what's next for CIFDAQ! 🌍
