Cryptocurrency exchange OKX’s provocative new advertising campaign challenges messages from traditional financial and Web3 competitors by calling for a rewrite of the current financial and digital system.
The company has released its latest product quality advertisement. This subtly targets the American exchange Coinbase and the wider traditional financial space. In an in-depth interview with Cointelegraph, OKX Chief Marketing Officer Haider Rafik said that blockchain-enabled technology is essential for the exchange to rebuild its financial infrastructure and strengthen digital ownership. outlined the beliefs of
During Rafique’s tenure as CMO, OKX embarked on high-profile partnerships and bold advertising campaigns with the likes of Manchester City and Formula 1 team McLaren, bringing its cryptocurrency and Web3 offerings to massive global audiences. released to the public.
Inflation, data breaches, and censorship are signs of a broken system.
—OKX (@okx) May 9, 2023
The Rewrite the System campaign features powerful imagery highlighting inflation, data breaches, and censorship as signs of a broken system. As Rafique explained, talk of updating existing financial and digital infrastructure doesn’t solve the long-standing problems that formed the basis of the campaign.
“The current system was not designed to update and then update to a system that actually solves some of the problems the system as a whole has created.”
Over the past year, multiple industry-impacting events have unfolded, highlighting the shortcomings of the existing financial system and the failures of key TradFi and DeFi players.
The infamous collapse of FTX under Sam Bankman-Fried’s reign has tarnished the image of the cryptocurrency space. Meanwhile, traditional financial institutions faced their own crises in a high-inflation economic environment, with financial institutions such as Silicon Valley Bank, Silvergate and Silvergate going bankrupt.
“I think we will continue to fail because the current system is under stress. It is highlighted from the perspective of the financial ecosystem.”
Rafique believes the current state of affairs serves as a means of demonstrating that blockchain-based software gives people greater control over both their economic and digital sovereignty.
“Our hope is to give people starting with Web3 the tools to eventually download the software onto their machines and phones and become their own bank.”
Interoperability is another key component of the compelling argument for blockchain-based Web3 tools for reinventing financial systems and platforms. Rafique used the siled nature and incompatibility of his App Stores at Google and Apple as an example of how blockchain-based applications or network interoperability can come to the fore. .
“Cryptocurrencies and blockchain-based apps are really designed to connect with each other and promote interoperability.”
Providing wallet services that connect public chains to streamline digital asset management is part of the exchange’s efforts to deliver a Web3 experience that showcases the interoperability inherent in blockchain technology.
“We want to connect all the crypto ecosystems together so that it is very easy to move from one place to another or to another with very low transaction costs.”
As for advertising, Rafique believes that entertaining audiences with fresh partnerships in diverse markets and spaces has created a particular image of the exchange.
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Cointelegraph spoke with Australian driver Daniel Ricciardo about OKX taking over McLaren’s F1 car livery for the 2022 Singapore Grand Prix. Man City’s humorous TV ad featuring his manager Jose Mourinho and his players and his Metaverse campaign with Jack Grealish further underscore the company’s efforts to promote his Web3 to potential new users. doing.
“You either want to clarify a pressing issue in their life or you want to get back to entertaining people. They might give us a chance.”
The release of the Rewrite the System campaign coincided with the announcement of a partnership with the Tribeca Film Festival. Web3, an exchange focused on NFTs through the marketplace, provides the backbone for an augmented mixed reality experience at the popular New York Film Festival.
Related: NFT Community Approves Web3 Films: A Decentralized Future for Fans and Hollywood