{"id":25836,"date":"2023-05-17T09:12:43","date_gmt":"2023-05-17T16:12:43","guid":{"rendered":"https:\/\/presskitchen.com\/?p=25836"},"modified":"2026-01-28T09:50:20","modified_gmt":"2026-01-28T09:50:20","slug":"crypto-exchange-okx-is-working-to-win-back-consumer-trust","status":"publish","type":"post","link":"https:\/\/demo.techsystintel.com\/press_kitchen_dev\/crypto-exchange-okx-is-working-to-win-back-consumer-trust\/","title":{"rendered":"With Sounds by Mr Bronx, See How Crypto Exchange OKX Is Working to Win Back Consumer Trust via Adweek"},"content":{"rendered":"<h1 class=\"text-center mb-4\">CMO Haider Rafique outlines the strategy, beginning with a &#8216;rewrite&#8217; of the financial system.<\/h1>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-25837\" src=\"https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png.webp\" alt=\"\" width=\"1240\" height=\"698\" srcset=\"https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png.webp 1240w, https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png-300x169.webp 300w, https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png-1024x576.webp 1024w, https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png-768x432.webp 768w, https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png-350x197.webp 350w, https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png-600x338.webp 600w, https:\/\/demo.techsystintel.com\/press_kitchen_dev\/wp-content\/uploads\/2023\/05\/Untitled-design-9-1240x698.png-uai-900x507.webp 900w\" sizes=\"(max-width: 1240px) 100vw, 1240px\" \/><\/p>\n<p>In the wake of a troubling period for digital currencies, OKX\u2014the\u00a0<a href=\"https:\/\/www.adweek.com\/brand-marketing\/crypto-platform-okx-aims-to-build-brand-trust-through-responsible-investment-messaging\/\" target=\"_blank\" rel=\"noreferrer noopener\">second largest crypto exchange<\/a>\u00a0by trading volume\u2014has one-upped a recent campaign from rival Coinbase that claimed \u201cit\u2019s time to update the system\u201d when it comes to financial services. OKX stated more emphatically that \u201cthe system needs a rewrite.\u201d<\/p>\n<p>In a global brand campaign to promote its Web3 services, OKX is challenging the status quo around the use of centralized systems in finance to boost the adoption of Web3 self-managed technology, according to\u00a0<a href=\"https:\/\/www.adweek.com\/media\/inside-the-cryptocurrency-revolution-with-okx\/\">chief marketing officer Haider Rafique<\/a>.<\/p>\n<p>Created by BBDO New York and directed by Paul Ward, the 1-minute film leading the campaign is a neo-noir mission statement set in a futuristic city in which the audience follows a goth\/punk as she speaks directly to them, outlining the brand\u2019s rhetoric.<\/p>\n<p>\u201cCarry on? Why don\u2019t we question things instead? Why don\u2019t we move on from a system that is clearly broken?\u201d she asks as she begins to walk through different scenes including a room full of cash-sniffing suits and an art gallery filled with statues that switch to NFT apes.<\/p>\n<p>It\u2019s like a political ad filmed by Ridley Scott.<\/p>\n<p><iframe title=\"Rewrite The System (Full Video)\" width=\"840\" height=\"473\" src=\"https:\/\/www.youtube.com\/embed\/aMfyu01QOWc?feature=oembed&#038;width=840&#038;height=1000&#038;discover=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<div id=\"page-1\" class=\"\">\n<p>\u201cWhy compete with things at eye level? Why not launch a rocket\u2014because if you launch a rocket in the sky, everyone\u2019s going to look at the rocket,\u201d Rafique said about grabbing attention with the eye-catching ad, then adding context to the brand statement.<\/p>\n<p>His intention is to build on the company\u2019s Web3 abilities and its mission to democratize finance. The ad follows the launch at the end of April of the ability to enable the viewing and transfer of Bitcoin Ordinals (NFTs with data such as images or videos attached) within the OKX wallet. It was also announced that the OKX NFT Marketplace would also soon offer mint and trade functionality for ordinals.<\/p>\n<p>\u201cAs a company, we\u2019ve split ourselves into two halves\u2014half Web3 and half trading desk\u2014and it warranted us to come out and share with the world where our point of view is on Web3,\u201d he added.<\/p>\n<\/div>\n<div id=\"page-2\" class=\"\">\n<p>The ad deliberately speaks to the 18- to 22-year-old audience in its writing, which Rafique said was debated quite a bit in advance. And although it feels like it was produced for \u201ccrypto natives,\u201d he explained, younger people have embraced technology such as NFTs, and he believes they will also understand the ad.<\/p>\n<h4><strong>A response to Coinbase<\/strong><\/h4>\n<p>Rafique recalls that even on the eve of production, the script was being rewritten with a late decision made to directly respond to Coinbase\u2019s ad, as the OKX team felt the message was \u201calready challenging it, but we were not challenging it right. We needed to say we were challenging it.\u201d<\/p>\n<p>The\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=VEi7rub0jcs\" target=\"_blank\" rel=\"noreferrer noopener\">Coinbase ad<\/a>\u00a0asks the question, \u201cWhat is this archaic system?\u201d while running through scenes of the limitations that people still face in accessing and spending their money including ATM charges and overdraft fees, while overseas transfers can still take days to complete.<\/p>\n<p>\u201cThe system makes no sense!\u201d it declares as the people in the ad grow increasingly frustrated.<\/p>\n<p>However, OKX wanted to offer an alternative, future-facing outlook, Rafique explained. One where people are given autonomy and transparency as well as control over their finances.<\/p>\n<div id=\"page-2\" class=\"\">\n<p>\u201cWe believe this is the new world. This is how you rewrite the system,\u201d he added, highlighting that it had just released its sixth proof of reserve, which no regulator of policymaker had requested, to build trust with its users.<\/p>\n<p>He hopes the campaign will paint OKX as \u201ca cool brand\u201d with media including wild postings in New York, London and \u201cother major markets,\u201d as well as out-of-home and digital banners. A social media campaign will push the film and leverage brand ambassadors who will \u201cencourage people to find their moment to rewrite the system\u201d as well.<\/p>\n<p>Rafique aims to apply \u201csoft metrics\u201d such as social media commentary and positive brand sentiment generated around the creative, he said. Then the company will look at whether new wallets are created, as well as the level of the value of currency deposited and kept within those wallets.<\/p>\n<p>\u201cThe first piece that we\u2019re going to be looking for is the qualitative piece, which is, \u2018Are people finding this stuff cool and engaging?\u2019\u201d<\/p>\n<\/div>\n<div id=\"page-3\" class=\"\">\n<h4><strong>Rebuilding trust in the sector<\/strong><\/h4>\n<p>However, when it comes to trust, Rafique admits that a single campaign will not rebuild faith that has been dented in the cryptocurrency space in recent months following\u00a0<a href=\"https:\/\/www.adweek.com\/brand-marketing\/what-the-ftx-collapse-and-crypto-crash-mean-for-marketers\/\" target=\"_blank\" rel=\"noreferrer noopener\">the FTX scandal at the end of 2022<\/a>.<\/p>\n<p>The fallout sent cryptocurrency markets into a tailspin: Once valued at a peak of $3 trillion in 2021, it\u2019s now pegged at $1.23 billion in April, according to Statista.<\/p>\n<p>He feels a \u201ccombination of efforts\u201d will be needed and that proofs of reserve will become \u201can inherent part of us as a company\u201d to develop and retain consumer trust. Rafique also claimed that he and OKX founder Star Xu respond to direct messages from customers through social media.<\/p>\n<p>By establishing and auditing the company\u2019s proof of reserves, interacting with the crypto community and developing OKX as \u201ca character that steps up to do the right thing,\u201d Rafique sees a positive outlook.<\/p>\n<\/div>\n<\/div>\n<p>Click <a href=\"https:\/\/www.adweek.com\/brand-marketing\/crypto-exchange-okx-financial-system-rewrite\/\">HERE<\/a> to read the original article.<\/p>\n<p>Key Placements: <em><a href=\"https:\/\/adage.com\/article\/digital-marketing-ad-tech-news\/okx-takes-jab-coinbase-new-campaign\/2492686\">Ad Age<\/a> and <a href=\"https:\/\/www.adweek.com\/brand-marketing\/crypto-exchange-okx-financial-system-rewrite\/\">Adweek.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CMO Haider Rafique outlines the strategy, beginning with a &#8216;rewrite&#8217; of the financial system. In the wake of a troubling period for digital currencies, OKX\u2014the\u00a0second largest crypto exchange\u00a0by trading volume\u2014has one-upped a recent campaign from&#8230;<\/p>\n","protected":false},"author":2,"featured_media":25837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211,270,291,353,2994],"tags":[1396,3600,3601,3602,3603,3604,3605,3606,3607],"class_list":["post-25836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fresh-news","category-music-sound-design","category-film","category-tech","category-mr-bronx","tag-bbdo","tag-coinbase","tag-crypto","tag-crypto-exchange","tag-ftx","tag-nfts","tag-okx","tag-sound-design-and-mixing","tag-web3"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>With Sounds by Mr Bronx, See How Crypto Exchange OKX Is Working 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