A provocative new ad campaign from cryptocurrency exchange OKX challenges traditional finance and Web3 competitors by calling for a rewrite of current financial and digital systems.
The company has released its latest production-quality ad that subtly criticizes US crypto exchange Coinbase and the broader traditional finance (TradFi) space. In an in-depth interview with Cointelegraph, OKX marketing director Haider Rafique highlighted the exchange’s belief that blockchain-based technology is imperative to rebuilding financial infrastructure and empowering digital ownership.
Under Rafique’s tenure, OKX has embarked on high-profile partnerships and bold advertising campaigns. with teams like Manchester City and the McLaren Formula 1 team, exposing cryptocurrencies and Web3 offerings to massive audiences around the world.
Inflation, data breaches, and censorship are symptoms of a broken system.
Enter #Web3 – trustless, transparent, & permissionless. It makes economic freedom accessible & financial inclusion possible. ✊✨#RewriteTheSystem with #OKX: https://t.co/ECwmYkwE5r pic.twitter.com/sooaT03Kkx
—OKX (@okx) May 9, 2023
Inflation, data breaches, and censorship are symptoms of a broken system. Enter Web3: trustless, transparent and permissionless. It makes economic freedom accessible and financial inclusion possible. ✊✨Rewrite the system with OKX:
The “Rewrite the System” campaign features powerful images highlighting inflation, data breaches and censorship as indicators of a broken system. As Rafique explained, talks about upgrades to the existing financial and digital infrastructure do not resolve the long-standing issues that are at the heart of the campaign:
“The current system is really not designed to be upgraded and then upgraded to a system that can truly solve some of the problems that the whole system has created.”
Last year there were several high-profile events in the sector, which highlighted the deficiencies of the existing financial systems and the failures of TradFi and decentralized finance (DeFi) agents.
The infamous bankruptcy of FTX and the arrest of its former CEO, Sam Bankman-Fried, damaged the image of the cryptocurrency space. For their part, DeFi institutions faced crises of their own in a high-inflation economic environment.with bankruptcies like those of Silicon Valley Bank, Silvergate Bank and Signature Bank.
“I think there will be continued failures in the current system because it is under stress. It is stressing from the point of view of the financial ecosystem.”
Rafique believes that the current situation will serve to show how blockchain-based software allows people to have greater control of their economic and digital sovereignty:
“Our hope is that we can give people the tools Web3 starts with, ultimately downloading software onto their machine or phone that allows them to be their own bank.”
Interoperability is another central component of a compelling case for blockchain and Web3-based tools to reinvent financial systems and platforms. Rafique used the siled nature and lack of compatibility of Google’s Play Store and Apple’s App Store as an example where interoperability of blockchain-based applications or networks could come to the fore:
“Apps based on cryptocurrency and blockchain are really designed to connect with each other and drive their interoperability.”
Providing a wallet service that connects public chains to streamline digital asset management is part of the exchange’s efforts to offer a Web3 experience that showcases the interoperability inherent in blockchain technology:
“We want to connect all the cryptocurrency ecosystems so that you can jump from one place to another or to another very easily, but also with very low transaction costs.”
As for his advertising efforts, Rafique is clear in his belief that entertaining the public with fresh partnerships in various markets and spaces has created a certain image for the exchange.
Cointelegraph was on hand at the OKX livery takeover of McLaren’s F1 car at the 2022 Singapore Grand Prix and spoke to Australian driver Daniel Ricciardo, a figure who figured prominently in its ad campaign in late September. 2022. Humorous TV spots featuring Manchester City manager Pep Guardiola and his players, and metaverse campaigns featuring Jack Grealish further highlight the company’s efforts to promote Web3 to potential new users:
“Either you articulate an immediate problem in their life or you entertain people, and then maybe they give us a chance.”
The launch of the “Rewrite the System” campaign has been accompanied by the announcement of a new partnership with the Tribeca Film Festival. The exchange’s Web3 focus on non-fungible tokens through its marketplace provides the backbone of mixed and augmented reality experiences at the popular New York film festival.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.