Crypto exchange OKX has launched a global ad campaign that takes aim at the “broken ways” of the centralized financial system. The 60-second video campaign, launched on May 9, argues that “the system doesn’t need an update; it needs a rewrite.”
While the video doesn’t reference Coinbase directly, it does appear to take a subtle dig at the exchange with its tagline. This comes after Coinbase launched a campaign called “It’s time to update the system,” arguing that American financial institutions rely on outdated technology and that crypto is the answer to this problem.
OKX, however, takes Coinbase’s idea a step further, arguing that the decentralized nature of Web3 means consumers don’t even need to be involved with centralized players in the first place. Haider Rafique, chief marketing officer of OKX, said in a statement,
“There are two camps of thoughts. One side suggests we update existing systems to create a better world. The other believes we need a system rewrite. Our new campaign is a nod to those who believe we need to re-write the system into Web3.”
OKX’s ad campaign was produced in collaboration with BBDO New York, its advertising agency. The Seychelles-based crypto exchange has recently signaled its intention to expand its crypto services to Australia, stating on March 29 that Australia would be a key growth market for the firm moving forward.
OKX debate between updating new systems and rewriting them
The debate between updating existing systems and rewriting them is a contentious one in the crypto world. Some argue that existing financial systems can be improved by integrating blockchain technology, while others believe that a completely new system is necessary. OKX’s campaign clearly falls into the latter camp, promoting the decentralized nature of Web3 and advocating for a complete overhaul of the financial system.
The argument for a completely new system is rooted in the belief that the current financial system is inherently flawed and has been designed to benefit a select few at the expense of the masses. The decentralized nature of blockchain technology, and specifically Web3, is seen as the solution to this problem. By removing centralized players from the equation and allowing for peer-to-peer transactions, the financial system can become more equitable and accessible to all.
While the idea of a complete system rewrite may seem radical, it is gaining traction in the crypto world. Web3, which refers to the third generation of the internet, is seen as the future of the internet and has been embraced by many in the crypto community. The decentralized nature of Web3 allows for greater transparency, security, and control for users, making it an attractive alternative to the current system.
OKX’s ad campaign is not the first time a crypto exchange has taken a dig at its rivals. In February, Kraken launched a campaign that criticized the “pump and dump schemes” of other exchanges. The campaign featured a series of billboards that read, “Somebody has to say it. Crypto doesn’t have to be sketchy. Kraken.”
As the crypto industry continues to grow and evolve, it’s likely that we’ll see more of these types of ad campaigns. While some may see them as divisive, they do serve to highlight the different approaches and philosophies that exist within the crypto community. Whether you believe in updating existing systems or completely overhauling them, one thing is clear: the crypto industry is here to stay, and it’s not going away anytime soon.
