‘We won’t maintain placing band-aids on the present system’ — OKX CMO

A provocative new promoting marketing campaign from cryptocurrency trade OKX is difficult messages from conventional finance and Web3 opponents by calling for a rewrite of present monetary and digital techniques.

The corporate launched its newest production-quality advert, which subtly takes intention at the American trade Coinbase and the broader conventional finance area. In an in-depth interview with Cointelegraph, OKX CMO Haider Rafique outlined the trade’s perception that blockchain-enabled know-how is crucial in rebuilding monetary infrastructure and empowering digital possession.

Beneath Rafique’s tenure as CMO, OKX has launched into high-profile partnerships and daring promoting campaigns with the likes of Manchester Metropolis and Formula1 group McLaren which have uncovered cryptocurrencies and Web3 choices to huge audiences all over the world.

The Rewrite the System marketing campaign options robust imagery highlighting inflation, knowledge breaches, and censorship as indicators of a damaged system. As Rafique defined, talks of updates to present monetary and digital infrastructure don’t resolve long-standing points which fashioned the premise of the marketing campaign:

“The present system shouldn’t be actually designed to be up to date after which up to date right into a system that may actually resolve a number of the issues that your complete system has created.”

A number of industry-impacting occasions have performed out over the previous yr which have put a stark spotlight on the shortcomings of present monetary techniques and failings of serious TradFi and DeFi gamers.

The notorious collapse of FTX underneath the reign of Sam Bankman-Fried broken the picture of the cryptocurrency area. In the meantime conventional monetary establishments confronted their very own crises in high-inflation financial environments because the likes of Silicon Valley Financial institution, Silvergate and Silvergate all folded.

“I believe there might be steady failures on this present system as a result of it is being pressured. It is being pressured from a monetary ecosystem standpoint.”

Rafique believes that the present scenario will function a method to indicate how blockchain-based software program permits individuals higher management of each their financial and digital sovereignty:

“Our hope is that we may give the tooling to folks that Web3 begins with, finally downloading software program in your machine or your cellphone that lets you be your personal financial institution.”

Interoperability is one other core part of a compelling argument for blockchain-based, Web3 instruments to reinvent monetary techniques and platforms. Rafique used Google and Apple App retailer’s siloed nature and lack of compatibility for instance the place blockchain-based purposes or networks’ interoperability might come to the fore:

“Crypto and blockchain-based apps are literally designed to attach with one another and drive their interoperability.”

Offering a pockets service that connects public chains to streamline digital belongings administration is a part of the trade’s efforts to supply a Web3 expertise that showcases the interoperability inherent in blockchain know-how:

“We wish to join all crypto ecosystems collectively so you may hop from one place to a different place or one other place very simply, but in addition at a really low transaction prices.”

As for its promoting efforts, Rafique is obvious in his perception that entertaining audiences with recent partnerships in numerous markets and areas has created a sure picture for the trade.

Associated: F1’s Daniel Ricciardo cruises into crypto at Token2049

Cointelegraph was readily available for OKX’s livery takeover of McLaren’s F1 automotive on the Singapore grand prix in 2022 and spoke to Australian driver Daniel Ricciardo, a determine who featured prominently in its outstanding promoting marketing campaign late final yr. Humorous TV advertisements that includes Man Metropolis supervisor Jose Mourinho and his gamers and metaverse campaigns with Jack Grealish additional spotlight the corporate’s efforts to advertise Web3 to potential new customers:

“You both wish to articulate an issue that is speedy of their life, or return to entertaining individuals, they usually may simply give us an opportunity.”

The discharge of the Rewrite the System marketing campaign additionally coincided with a partnership announcement with the Tribeca movie competition. The trade’s Web3 concentrate on NFTs by its market offers the spine of augmented blended actuality experiences on the in style New York movie competition.

Associated: NFT communities greenlight Web3 movies: A decentralized future for followers and Hollywood