In a new global ad campaign, OKX appears to take a shot at Coinbase's earlier message, suggesting that the financial system needs more than just an update. OKX's campaign advocates for a complete rewrite of the system, while the crypto exchange's rival, Coinbase, had previously c...
In a new global ad campaign, OKX appears to take a shot at Coinbase's earlier message, suggesting that the financial system needs more than just an update. OKX's campaign advocates for a complete rewrite of the system, while the crypto exchange's rival, Coinbase, had previously called for an update. The ad appears to highlight the difference in vision between the two crypto firms.
OKX's 60-second video campaign, launched on May 9, tackles the issue of the centralized financial system's "broken ways." Although the video doesn't directly mention Coinbase, its tagline, "the system doesn't need an update; it needs a rewrite," could be interpreted as a subtle dig at the rival exchange. This comes just two months after Coinbase's campaign, "It's time to update the system," which emphasized the need for improvements within the traditional financial system.
In collaboration with BBDO New York, OKX's creative agency of record, the campaihgn aims to expand the company's existing Web3 user base and its growing ecosystem. This includes the OKX Wallet, decentralized exchange (DEX), NFT Marketplace, Web3 Earn, and more. The campaign is being distributed globally via digital, print, and out-of-home formats.
Coinbase's earlier campaign pointed out that American financial institutions, despite being an essential part of the traditional finance system, still rely on outdated technology to serve their customers. Coinbase argued that cryptocurrency could provide the solution to this problem. In a tweet from March 8, 2023, Coinbase stated:
"American financial institutions are an essential part of the traditional finance system, but they rely on outdated technology invented before the internet that isn't serving them or their customers. Crypto can help."
OKX's campaign, however, seems to go beyond Coinbase's suggestion for an update, emphasizing the decentralized nature of Web3. OKX argues that consumers should no longer need to be involved with centralized players at all.
Haider Rafique, chief marketing officer of OKX, shared his thoughts on the matter 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.”
The campaign follows last year's "What is OKX" global initiative, which introduced the new OKX brand to global audiences alongside Manchester City F.C. manager Pep Guardiola, Formula 1 driver Daniel Ricciardo, and Olympic medalist Scotty James.
"We envision a world where we all have more control, mobility and various ways to trade our assets. A world where software allows us to be our own bank, to be interoperable and to trade without any intermediaries. We are here to contribute to building this future," Rafique shares.
The contrasting visions between OKX and Coinbase, as evidenced by their ad campaigns, highlight the ongoing debate in the crypto industry about the best way forward. While some argue for updating the existing finanncial system, others like OKX believe in a more radical approach of rewriting the system entirely, embracing the decentralized nature of Web3.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.