'We can't keep putting band-aids on the current system' — OKX CMO

A provocative caller advertizing run from cryptocurrency speech OKX is challenging messages from accepted concern and Web3 competitors by calling for a rewrite of existent fiscal and integer systems.

The institution released its latest production-quality advert, which subtly takes purpose at the American speech Coinbase and the wider accepted concern space. In an in-depth interrogation with Cointelegraph, OKX CMO Haider Rafique outlined the exchange’s content that blockchain-enabled exertion is imperative successful rebuilding fiscal infrastructure and empowering integer ownership.

Under Rafique’s tenure arsenic CMO, OKX has embarked connected high-profile partnerships and bold advertizing campaigns with the likes of Manchester City and Formula1 squad McLaren that person exposed cryptocurrencies and Web3 offerings to monolithic audiences astir the world.

— OKX (@okx) May 9, 2023

The Rewrite the System run features beardown imagery highlighting inflation, information breaches, and censorship arsenic indicators of a breached system. As Rafique explained, talks of updates to existing fiscal and integer infrastructure bash not resoluteness long-standing issues which formed the ground of the campaign:

“The existent strategy is not truly designed to beryllium updated and past updated into a strategy that tin truly lick immoderate of the problems that the full strategy has created.”

Multiple industry-impacting events person played retired implicit the past twelvemonth that person enactment a stark item connected the shortcomings of existing fiscal systems and failings of important TradFi and DeFi players.

The infamous illness of FTX under the reign of Sam Bankman-Fried damaged the representation of the cryptocurrency space. Meanwhile accepted fiscal institutions faced their ain crises successful high-inflation economical environments arsenic the likes of Silicon Valley Bank, Silvergate and Silvergate each folded.

“I deliberation determination volition beryllium continuous failures successful this existent strategy due to the fact that it's being stressed. It's being stressed from a fiscal ecosystem standpoint.”

Rafique believes that the existent concern volition service arsenic a means to amusement however blockchain-based bundle allows radical greater power of some their economical and integer sovereignty:

“Our anticipation is that we tin springiness the tooling to radical that Web3 starts with, yet downloading bundle connected your instrumentality oregon your telephone that enables you to beryllium your ain bank.”

Interoperability is different halfway constituent of a compelling statement for blockchain-based, Web3 tools to reinvent fiscal systems and platforms. Rafique utilized Google and Apple App store’s siloed quality and deficiency of compatibility arsenic an illustration wherever blockchain-based applications oregon networks’ interoperability could travel to the fore:

“Crypto and blockchain-based apps are really designed to link with each different and thrust their interoperability.”

Providing a wallet work that connects nationalist chains to streamline integer assets absorption is portion of the exchange's efforts to supply a Web3 acquisition that showcases the interoperability inherent successful blockchain technology:

“We privation to link each crypto ecosystems unneurotic truthful you tin hop from 1 spot to different spot oregon different spot precise easily, but besides astatine a precise debased transaction costs.”

As for its advertizing efforts, Rafique is wide successful his content that entertaining audiences with caller partnerships successful divers markets and spaces has created a definite representation for the exchange.

Related: F1’s Daniel Ricciardo cruises into crypto astatine Token2049

Cointelegraph was connected manus for OKX’s livery takeover of McLaren’s F1 car astatine the Singapore expansive prix successful 2022 and spoke to Australian operator Daniel Ricciardo, a fig who featured prominently successful its salient advertizing run precocious past year. Humorous TV ads featuring Man City manager Jose Mourinho and his players and metaverse campaigns with Jack Grealish further item the company’s efforts to beforehand Web3 to imaginable caller users:

“You either privation to articulate a occupation that's contiguous successful their life, oregon spell backmost to entertaining people, and they mightiness conscionable springiness america a chance.”

The merchandise of the Rewrite the System run besides coincided with a concern announcement with the Tribeca movie festival. The exchange’s Web3 absorption connected NFTs done its marketplace provides the backbone of augmented mixed world experiences astatine the fashionable New York movie festival.

Related: NFT communities greenlight Web3 films: A decentralized aboriginal for fans and Hollywood