OKX, a crypto exchange based in Seychelles, has launched a global ad campaign that targets the “broken ways” of the centralized financial system. The campaign, which was produced in collaboration with OKX’s advertising agency, BBDO New York, takes a direct aim at Coinbase’s campaign launched on March 9 that argued for the update of the financial system.
In the 60-second video campaign launched on May 9, OKX argues that the system doesn’t need an update, it needs a rewrite. While the campaign doesn’t directly reference Coinbase, it does seem to take a subtle dig at the exchange with its tagline.
OKX takes Coinbase’s idea a step further by arguing that the decentralized nature of Web3 means consumers don’t even need to be involved with centralized players in the first place. “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,” said Haider Rafique, chief marketing officer of OKX.
OKX’s campaign comes after Coinbase’s “It’s time to update the system” campaign, which argued that American financial institutions are an essential part of the traditional finance system but still rely on outdated technology to serve their customers. Coinbase proposed that crypto is the answer to this problem.
In contrast, OKX’s campaign argues that decentralized systems, such as Web3, remove the need for centralized players altogether. OKX’s global ad campaign is part of its effort to expand its crypto services to Australia, which the exchange sees as a key growth market.
As the crypto industry continues to grow, exchanges such as OKX and Coinbase are vying for market share and positioning themselves as leaders in the space. Both exchanges have shown a willingness to push the boundaries and promote the adoption of cryptocurrency and blockchain technology.
While Coinbase and OKX may have different approaches to how the financial system should be updated, both agree on the need for change. As the financial landscape evolves and traditional systems become outdated, the crypto industry is poised to play a major role in shaping the future of finance.