OKX has apparently called out Coinbase in its latest advertisement campaign, mentioning that its system needs a rewrite instead of an update. The message was shared at the end of the video by OKX, taking a direct aim at the broken ways of the centralized financial system. However, the campaign of OKX does not take a direct hit at Coinbase, but a subtle dig through the tagline.
The video comes a month after Coinbase launched a campaign called “It’s time to update the system.’” The campaign argued that American financial institutions were undoubtedly a crucial part of the overall financial system, but they rely on obsolete technology in order to serve all of their customers. Coinbase stressed that the only solution to the problem is to start prioritizing crypto.
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
OKX accelerated the idea of Coinbase by arguing that the overall decentralized nature of Web3 means that customers should not get involved with a number of centralized players. The chief marketing officer of OKX, Haider Rafique added that the current system has failed us.
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
Haider Rafique further stated,
“There are two camps of thoughts. One side suggests we update existing systems to create a better world. The other believes we need a system to rewrite. Our new campaign is a nod to those who believe we need to re-write the system into Web3.”
Furthermore, the OKX exchange has recently highlighted its intentions of expanding all of its crypto services in Australia, mentioning how the country would be ideal for the growth of the firm.
OKX Sends $60M in USDT and Mask Tokens to Alameda
The OKX exchange shared a whopping sum of $60 million in digital assets with Alameda research. Based on the move, the masses widely speculate that the transfer of these funds might be a part of a recovery effort of repaying different creditors of the now-bankrupt FTX exchange. However, these funds were sent out in a total of 16 transactions which included MASK tokens worth $1.3 million and USDT worth $57.77 million.
Previously on March 30, OKX revealed its plans of returning a total sum of $175 million to Alameda on behalf of FTX. The firm also mentioned how it froze the entirety of this amount in an effort to safeguard it.
During the same time, FTX filed a motion that forced OKX to release the sum so the creditors could be repaid. Soon after declaring bankruptcy, and coming under new management, both FTX and Alameda have been continuously trying to recover funds from a number of firms to which they sent crypto previously.