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"We can no longer band-aid the current system" - OKX

Published on

May 11, 2023
Read Time:3 Minute, 38 Second

A provocative new promoting marketing campaign by cryptocurrency alternate OKX challenges conventional monetary and Web3 rivals by calling for a redesign of present monetary and digital techniques.

The corporate launched its newest production-quality advert, which is refined targets American exchange Coinbase and the broader traditional finance (TradFi) realm. In an in-depth interview with Cointelegraph, Haider Rafique, OKX's Chief Marketing Officer, detailed the exchange's belief that blockchain technology is essential to rebuilding financial infrastructure and empowering digital ownership.

Under Rafique's tenure, OKX has formed high-profile partnerships and bold ad campaigns with the likes of Manchester City and the McLaren Formula 1 team to bring cryptocurrencies and Web3 offerings to large audiences around the world.

Inflation, data breaches and censorship are symptoms of a broken system. ‍

Input #Web3 - Trustless, clear and permissionless. It makes financial freedom accessible and monetary inclusion potential. ✊✨#RewriteTheSystem with #OKX: https://t.co/ECwmYkwE5r pic.twitter.com/sooaT03Kkx

– OKX (@okx) May 9, 2023

The Rewrite the System marketing campaign options highly effective imagery that highlights inflation, knowledge breaches and censorship as indicators of a damaged system. As Rafique defined, talks about updates to the prevailing monetary and digital infrastructure usually are not fixing the long-standing issues that fashioned the premise of the marketing campaign:

"The present system is not actually designed to be upgraded after which upgraded to a system that may actually remedy a few of the issues that the entire system created."

A number of industry-relevant occasions came about over the previous yr, highlighting the shortcomings of present monetary techniques and the failures of TradFi and decentralized finance (DeFi) gamers.

The notorious collapse of FTX and the arrest of its former CEO Sam Bankman-Fried have tarnished the cryptocurrency area's picture. In the meantime TradFi establishments faced their own crises in a high-inflation economic environment where companies like Silicon Valley Bank, Silvergate Bank, and Signature Bank all went bust.

“I think there will be constant outages in this current system because it is overloaded. From the perspective of the financial ecosystem, it is being pressured.”

Rafique believes the current situation will serve to show how blockchain-based software allows people greater control over their economic and digital sovereignty:

"Our hope is that we can give the people who started Web3 the tools to ultimately download software onto your computer or phone that will allow you to be your own bank."

Interoperability is another key component of a compelling case for blockchain-based Web3 tools to reinvent financial systems and platforms. Rafique used the isolated nature and incompatibility of the Google Play Store and Apple's App Store as an example of where blockchain-based applications or network interoperability might come to the fore:

"Crypto and blockchain-based apps are actually designed to connect to each other and promote their interoperability."

Providing a wallet service that connects public chains to streamline digital asset management is part of the exchange's effort to provide a Web3 experience that demonstrates the interoperability inherent in blockchain technology:

"We want to connect all crypto ecosystems together so that you can hop from one place to another or to another place very easily and at very low transaction costs."

In terms of its promotional efforts, Rafique clearly believes that entertaining audiences with new partnerships in different markets and areas has created a specific image for the exchange.

Related: Formula 1's Daniel Ricciardo dives into the crypto space at Token2049

Cointelegraph was present when OKX took over the livery of McLaren's F1 car at the 2022 Singapore Grand Prix and spoke to Australian driver Daniel Ricciardo, a personality who played a prominent role in McLaren's advertising campaign in late 2022. Humorous TV adverts featuring Manchester City manager Pep Guardiola and his players and Metaverse campaigns starring Jack Grealish underline the company's efforts to promote Web3 to potential new users:

"They either want to articulate an issue that's imminent in their lives or get their focus back on entertaining people, and they might just give us a chance."

Accompanying the release of the Rewrite the System campaign was a new partnership announcement with the Tribeca Film Festival. The exchange's Web3 focus on non-fungible tokens via its marketplace forms the backbone for augmented mixed reality experiences at the popular New York film festival.

Related: NFT Communities Greenlight Web3 Movies: A Decentralized Future for Fans and Hollywood



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 11, 2023
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