Crypto leads to a trustless and fairer system
HONG KONG, 11 April 2023 /PRNewswire/ — OKXthe world’s second largest crypto exchange by trading volume and a leading Web3 technology company, participated as title sponsor for Hong Kong’s the flagship Web3 Festivalwhere OKX President Hong delivered a keynote address on how the virtual asset industry is leading the transition to a trustless system and emphasized OKX’s commitment to building the rails to support a fairer future.
During his speech, Hong referenced recent events, including the collapse of Silicon Valley Bank, rising global inflation and declining trust in Big Tech, as signs that the current financial system needs a rewrite. “Recent events suggest that the current system is no longer fit for purpose. The seams are showing and a rewrite is needed,” she said.
Hong noted that the current traditional financial ecosystem, where trust was built around intermediaries, is unable to meet the needs of the approximately 1.7 billion unbanked adults globally. In response, she called for a trustless system built on blockchain technology and underpinned by real value, greater accessibility and transparency.
“It is important to understand what makes money, money. The store of value must be reliable. The unit of account is fungible, and the medium of exchange should be verifiable, practical and scalable. Fiat money has been manipulated to the point where it no longer has any of these qualities. On the other side, Bitcoin do that and it and other cryptocurrencies are on the rise,” Hong added.
Hong also stated that blockchain technology and the rise of crypto and Web3 enables a paradigm shift where individuals can become their own bank and platform. With its world-leading crypto exchange and by enabling easy access to DeFi and Web3 through OKX Wallet, OKX is bridging the gap and innovating to create a more open, transparent and accessible future.
“Banking can be defined as security for savings, access to payments and return on wealth,” Hong said. “You don’t need a bank in the Web3 world to access these services. You no longer need to rely on trusting a bank. With blockchain technology, you can verify your own assets.”
OKX’s commitment to transparency and setting standards for future growth in the industry was also emphasized, and she noted that the company had published its fifth monthly Proof of Reserves in March, which shows that it has 8.9 billion dollars held in BTC, ETH and USDT.
The company’s efforts to build the rails of a future system through blockchain technology were also emphasized. This includes the introduction of Web3 industry’s first Multi-Party Computation (MPC) wallet with support for over 37 blockchainsmakes self-deposit more accessible and one step closer to enabling a “be your own bank” reality.
Hong also referenced OKX’s commitment to regulatory compliance, including its recent announcement that one should be applied for Hong Kong VASP license (virtual asset service provider) under the new regulatory regime, as well as Type 1 and 7 licenses under the Securities and Future Ordinance.
Hong’s keynote address was presented alongside other prominent speakers, including Mr. Paul ChanGBM, GBS, MH, JP, Financial Secretary to the Government of Hong Kong SAR, Ms. Clara Chanmanaging director (monetary management) of the Hong Kong Monetary Authority, as well as Mr. Keith Choyinterim head of intermediaries at the Securities and Futures Commission.
About OKX
OKX is the second largest global crypto exchange by trading volume and a leading web3 technology company. Trusted by more than 50 million global users, OKX is known to be the fastest and most reliable crypto trading app for investors and professional traders everywhere.
As a top partner for English Premier League champions Manchester City FC, McLaren Formula 1, golfer Ian PoulterOlympian Scotty James and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond the OKX exchange, the OKX wallet is the platform’s latest offering for people who want to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
THIS NOTICE IS FOR INFORMATION PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX OR LEGAL ADVICE AND SHOULD NOT BE CONSIDERED AN OFFER TO BUY, SELL OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE A LOT, AND MAY EVEN FALL IN VALUE. OKX IS NOT REGULATED BY THE FCA, THERE IS NO PROTECTION AVAILABLE AS A FINANCIAL INTERMEDIARY SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL SITUATION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, MAY INCREASE OR DECREASE, AND PROFITS MAY BE SUBJECT TO CAPITAL GAIN TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL WITH QUESTIONS REGARDING YOUR SPECIFIC CIRCUMSTANCES.
SOURCE OKX
