OKX vs Coinbase: Update the System or Rewrite It for Web3 Future? Pros, Cons & Conflicts

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Crypto exchange OKX has recently launched a global ad campaign on May 9, effectively calling out its rival exchange, Coinbase, with the campaign tagline suggesting that “the system doesn’t need an update, it needs a rewrite.” This comes after Coinbase’s campaign on March 9, which stated that “it’s time to update the system.”

The 60-second video campaign by OKX targets the so-called “broken ways” of the centralized financial system. Although not referencing Coinbase directly, it seems to challenge the exchange’s approach to improving the financial sector. Coinbase’s campaign argued that American financial institutions are an essential part of the traditional finance system, yet they still rely on outdated technology to serve their customers. According to Coinbase, crypto is the solution to this issue.

OKX, on the other hand, takes this idea a step further by suggesting that the decentralized nature of Web3 means consumers don’t even need involvement with centralized players in the first place. This reveals an underlying conflict between the two viewpoints: should we simply update existing systems to create a better world, or do we need a complete system rewrite?

Haider Rafique, Chief Marketing Officer of OKX, explained the campaign’s perspective, “Our new campaign is a nod to those who believe we need to rewrite the system into Web3.” This stance is supported by the many events that have unfolded in the last six months, highlighting the need for a more significant change in the financial industry. OKX’s advert encourages viewers to choose between these two options: update the system or rewrite it entirely. Their call to action? Let’s rewrite it together.

This clash of perspectives raises some important questions about the future of finance and the role of centralized and decentralized systems in the industry. While the proponents of updating existing systems argue that crypto can help improve the traditional financial sector’s limitations, critics argue that this might not be enough to address the deep-rooted flaws of centralization. Instead, they claim that moving towards a decentralized, Web3-based system offers a more comprehensive solution to the issues at hand.

Ultimately, the choice between updating current financial systems and rewriting them from scratch will depend on the varying priorities of different individuals and institutions. Some may prefer to bank on the potential of crypto to revolutionize the system, while others may opt for a more radical approach that breaks away from the limitations of the existing infrastructure entirely. Regardless of the path chosen, it is clear that the financial sector is destined for substantial change, and crypto enthusiasts following this debate will have plenty to discuss and observe as these changes take place. The question remains: will the financial world choose to update or rewrite?

Source: Cointelegraph

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