OKX, a Seychelles-based cryptocurrency exchange, has launched a new global ad campaign called “The System Needs a Rewrite,” which appears to take a subtle shot at rival exchange Coinbase. The 60-second video campaign, launched on May 9, argues that the centralized financial system is broken and in need of a complete overhaul.
The ad campaign does not mention Coinbase directly, but its tagline seems to be a reference to Coinbase’s recent campaign called “It’s time to update the system,” which argued that cryptocurrencies can offer a solution to the outdated technology used by American financial institutions. OKX’s campaign goes a step further, promoting the decentralized nature of Web3 and suggesting that consumers can operate without the involvement of centralized players.
The exchange's advertising agency, BBDO New York, collaborated with Haider Rafique, the Chief Marketing Officer of OKX, in producing the campaign. He said that the campaign is a nod to those who believe that the system needs to be rewritten into Web3, rather than simply updated. OKX recently announced its plans to expand its cryptocurrency services to Australia, citing the country’s huge appetite for more crypto investment and trading products.
While the rivalry between OKX and Coinbase is clear, both exchanges are focused on the growth and expansion of the cryptocurrency industry. As the adoption of cryptocurrencies continues to grow, exchanges like OKX and Coinbase are likely to compete for market share, but the overall goal remains the same: to offer consumers access to a more decentralized financial system.
