No Result
View All Result
Thursday, July 4, 2024
Get Interviewed
No Result
View All Result
No Result
View All Result

‘We can’t keep putting band-aids on the current system’ — OKX

by Russ Turner
May 11, 2023
in Cryptocurrency
Reading Time: 4 mins read
‘We can’t keep putting band-aids on the current system’ — OKX

Would You like a feature Interview?

 

All Interviews are 100% FREE of Charge

5c86301c bfc5 42bb 9c66 3231cd94930f

A provocative new advertising campaign by cryptocurrency exchange OKX challenges traditional financial and Web3 competitors by demanding a rewrite of the current financial and digital system.

The company unveiled its latest production-quality ad. It aims at American exchange Coinbase and the broader traditional finance (TradFi) space. In an in-depth interview with Cointelegraph, OKX Chief Marketing Officer Haider Rafic outlines the exchange’s belief that blockchain-enabled technology is essential to rebuilding financial infrastructure and empowering digital ownership. bottom.

During Rafique’s tenure, OKX embarked on high-profile partnerships and bold advertising campaigns with the likes of Manchester City and the McLaren F1 team, exposing its cryptocurrency and Web3 services to a large global audience.

The “Rewrite the System” campaign features powerful imagery highlighting inflation, data breaches and censorship as signs of a broken system. As Rafik explained, talk of updating existing financial and digital infrastructure does not solve the long-standing problems underlying the campaign.

“The current system was not designed to be updated to a system that actually solves some of the problems that the system as a whole causes.”

The past year has seen multiple events impacting the industry highlighting the shortcomings of the existing financial system and the failures of TradFi and decentralized finance (DeFi) players.

The infamous demise of FTX and the arrest of its former CEO Sam Bankman-Fried has tarnished the image of the cryptocurrency industry. On the other hand, the TradFi agency Silicon Valley Bank, Silvergate Bank, Signature Bank, etc. all faced their own crisis in a high inflation economic environment, including bankruptcy.

“I think there will be continued failures as this current system is stressed. That is highlighted from the perspective of the financial ecosystem.”

Rafique believes the current situation is instrumental in demonstrating how blockchain-based software can give people greater control over their economic and digital sovereignty.

“Our hope is to give people the tools to start Web3 and eventually download software onto their machines and mobile phones so they can be their own bank.”

Interoperability is another central component of the compelling argument for blockchain-based Web3 tools for reinventing financial systems and platforms. Rafiq cited the siled nature and incompatibility of Google’s Play Store and Apple’s App Store as an example of how blockchain-based applications and network interoperability may come to the fore. rice field.

“Crypto- and blockchain-based apps are really designed to connect with each other and promote interoperability.”

Offering a wallet service that connects to public chains to streamline digital asset management is part of the exchange’s efforts to provide a Web3 experience that showcases the interoperability inherent in blockchain technology.

“We want to connect all cryptocurrency ecosystems to each other so that it is very easy to move from one place to another or to another, but transaction costs are also very high. can be kept as low as possible.”

In terms of advertising efforts, Rafique believes that entertaining viewers with fresh partnerships in diverse markets and spaces has created a certain image for the exchange.

RELATED: F1’s Daniel Ricciardo Enters Crypto With Token2049

Cointelegraph was on site when OKX took over the livery of McLaren’s F1 car at the 2022 Singapore Grand Prix and spoke with Australian driver Daniel Ricciardo, who featured prominently in the late 2022 advertising campaign. A humorous TV ad featuring Manchester City manager Pep Guardiola and his players, the Metaverse with Jack Grealish, his campaign further underscores the company’s efforts to promote his Web3 to potential new users. I’m here.

“Either we want to articulate a pressing issue in their life, or we want to get back to entertaining people. Then they might give us a chance.”

Along with the release of the “Rewrite the System” campaign, we also announced a new partnership with the Tribeca Film Festival. The exchange’s Web3 focuses on non-fungible tokens through its marketplace, providing the backbone for the augmented mixed reality experience at the popular New York Film Festival.

Related: NFT Community Greens Web3 Films: A Decentralized Future for Fans and Hollywood