Cryptocurrency exchange OKX appears to have called out rival exchange Coinbase in a new global ad campaign, arguing that “the system doesn't need to be updated; it needs to be rewritten.”
OKX's news came at the end of a 60-second video campaign launched on May 9 targeting the so-called “circuit breaking” of the centralized financial system. While the video doesn't directly reference Coinbase, its tagline does appear to be making a subtle dig at the exchange.
Previously, Coinbase launched a campaign called "It's time to update the system" on March 9.
Coinbase's campaign argued that while US financial institutions are an "important part" of the traditional financial system, they still rely on outdated technology to serve customers. Coinbase believes that encryption is the answer to this problem. OKX appears to be taking Co inbase's idea a step Furthermore, arguing that the decentralized nature of Web3 means consumers don't even need to engage with centralized actors in the first place.
"There are two camps of thought. One suggests we update existing systems to create a better world. The other thinks we need to rewrite systems. Our new campaign is for those who think we need to rewrite systems to Web3 endorsed," OKX Chief Marketing Officer Haider Rafique said in a statement. OKX said the campaign was produced in partnership with its advertising agency BBDO New York. The Seychelles-based cryptocurrency exchange recently expressed its intention to expand its cryptocurrency services to Australia, explaining in a March 29 statement that Australia will be a key growth market for the company going forward.
Rafique told Cointelegraph that the decision to expand “Down Under” was driven by the “huge appetite” of Australians for more crypto investing and trading products.
