War of words: OKX takes a subtle jab at Coinbase in new ad campaign

Crypto exchange OKX included a subtle shot at Coinbase in a new global ad campaign titled “The System Needs a Rewrite.”

It comes after Coinbase launched a campaign on March 9 called “It’s time to update the system.”

OKX’s message came at the end of a 60-second video campaign launched May 9 that takes aim at the so-called “broken ways” of the centralized financial system.

Crypto exchange OKX has seemingly called out rival exchange Coinbase in a new global ad campaign that argues “the system doesn’t need an update, it needs a rewrite.” 

While the video doesn’t reference Coinbase directly, it does appear to take a subtle dig at the exchange with its tagline.

Coinbase’s campaign argued while American financial institutions are an “essential part” of the traditional finance system — they still rely on outdated technology to serve their customers. Coinbase argued that crypto is the answer to this problem.

2/ American financial institutions are an essential part of the traditional finance system, but they rely on outdated technology invented before the internet that isn't serving them or their customers. Crypto can help.

— Coinbase ️ (@coinbase) March 8, 2023

OKX appears to take Coinbase’s idea a step further, arguing the decentralized nature of Web3 means consumers don’t even need to be involved with centralized players in the first place.

“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 re-write. Our new campaign is a nod to those who believe we need to re-write the system into Web3,” Haider Rafique, Chief Marketing Officer of OKX said in a statement.

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

OKX said the campaign was produced in collaboration with BBDO New York, its advertising agency.

Cointelegraph contacted OKX asking if the campaign was in response to the Coinbase campaign in March but did not receive an immediate response.

Related: OKX just sent $60M in USDT, MASK token to Alameda Research

The Seychelles-based crypto exchange recently signaled its intention to expand its crypto services to Australia, explaining in a March 29 statement that Australia would be a key growth market for the firm moving forward.

Rafique told Cointelegraph that the decision to expand “Down Under” was driven by Australians’ “huge appetite” for more crypto investment and trading products:

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?