HONG KONG – OKX, a leading global crypto exchange and Web3 innovator, delivered a pivotal keynote at Hong Kong’s Web3 Festival, outlining how blockchain technology is driving the shift toward a trustless financial system and fostering greater equity.
The Need for a Financial System Rewrite
Recent disruptions—including the Silicon Valley Bank collapse, rising inflation, and eroding trust in traditional institutions—highlight systemic flaws. OKX President Hong emphasized:
“The current system is no longer fit for purpose. The seams are showing, and a rewrite is needed.”
With 1.7 billion unbanked adults worldwide, the legacy finance model—reliant on intermediaries—fails to deliver accessibility or transparency. Hong advocated for blockchain-based solutions that prioritize:
- Real value (e.g., Bitcoin’s scarcity and verifiability)
- Decentralized access (self-custody via tools like OKX Wallet)
- Auditable transparency (Proof of Reserves)
Crypto as the Foundation of Trustless Money
Hong dissected the core attributes of sound money:
- Store of value: Bitcoin’s fixed supply vs. fiat manipulation.
- Fungible unit of account: Crypto’s divisibility and portability.
- Scalable medium of exchange: Blockchain’s borderless efficiency.
👉 Discover how OKX Wallet revolutionizes self-custody
OKX’s Role in Building the Future
1. Transparency Leadership
- Monthly Proof of Reserves (March 2023: $8.9B in BTC, ETH, USDT).
- Compliance milestones, including applications for Hong Kong’s VASP license and SFC licenses.
2. Innovative Infrastructure
- MPC Wallet: Supports 37+ blockchains, simplifying self-custody.
- DeFi/Web3 integration: Bridging users to decentralized finance via OKX Wallet.
3. Regulatory Commitment
Active engagement with global frameworks to ensure secure, compliant growth.
FAQs: Trustless Systems and OKX’s Vision
Q: How does a "trustless system" differ from traditional finance?
A: It removes reliance on intermediaries—transactions are verified by blockchain math, not third-party trust.
Q: Why is Proof of Reserves critical for exchanges?
A: It cryptographically proves 1:1 backing of user assets, preventing fractional reserve risks.
Q: What makes OKX Wallet’s MPC technology groundbreaking?
A: It eliminates single-point-of-failure risks while maintaining user control over keys.
Q: How is OKX preparing for Hong Kong’s new crypto regulations?
A: Pursuing VASP licensing and aligning operations with SFO requirements.
👉 Explore OKX’s Web3 tools today
Key Takeaways
- Crypto enables self-sovereign finance—no banks needed.
- OKX champions transparency (audits) and accessibility (MPC wallets).
- Blockchain’s verifiability solves trust gaps in legacy systems.