OKX has launched a global advertising campaign that appears to take a jab at Coinbase’s recent marketing efforts. Released on May 9, 2023, OKX’s 60-second video campaign concludes with a critique of what it perceives as flaws in the centralized financial system. While Coinbase is not directly mentioned in the video, it seems to indirectly target Coinbase’s slogan.
Coinbase’s campaign, titled “It’s time to update the system,” was launched on March 9, 2023, and suggests that cryptocurrency is the solution to the problem of outdated technology used by American financial institutions. However, OKX took this idea further by proposing that users can do without centralized players altogether.
It’s time to update the system. If you’re wondering why, and you don’t have a copy of our ad in today’s @washingtonpost, read on.???????? pic.twitter.com/JKTiGxHCKD
— Coinbase ????️ (@coinbase) March 8, 2023
Haider Rafique, OKX’s Chief Marketing Officer, explained that the campaign targets those who believe the system needs to be rewritten for Web3. According to Rafique, there are two options: updating the system that has failed people or rewriting it entirely; He asserted that OKX advocates for a complete rewrite.
A lot has happened around us the last six months.
We can either aim to [update the system] that has failed us…OR [we rewrite it entirely]. Your choice.
Our call? Let’s rewrite it together. Watch our latest advert – sound on! pic.twitter.com/KlLK8w8pC0
— Haider (@Haider) May 9, 2023
These advertising campaigns from OKX and Coinbase highlight two prevailing perspectives on how to improve the current financial system: one that emphasizes modernizing existing systems, while the other which argues for a complete overhaul.
It remains to be seen how effective OKX’s campaign will be in convincing users to move away from centralized players and towards a decentralized financial system. However, the exchange’s decision to take on Coinbase in its advertising suggests that competition in the cryptocurrency market is heating up. OKX enlisted the help of BBDO New York, its advertising agency, to produce the campaign.
The Seychelles-based cryptocurrency exchange has set its sights on the Australian market, which it believes will be a significant area of growth in the future. Rafique noted that Australia is an important market for OKX, and expanding into the country was a strategic move for the company, given the country’s huge appetite for more cryptocurrency trading and investment options.
Furthermore, OKX has also announced its plans to open a new branch office in Turkey as part of its global expansion drive, just before the Blockchain Economy Istanbul Summit 2023, for which it is a Title Sponsor and Premium Partner. The company’s President, Hong Fang, Chief Innovation Officer, Jason Lau, and Chief Marketing Officer, Haider Rafique, was to deliver keynote addresses and participate in panel discussions at the Summit.
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