HONG KONG – OKX, a top-tier cryptocurrency exchange and Web3 innovator, took center stage as the title sponsor of Hong Kong’s flagship Web3 Festival. In her keynote address, President Hong articulated how the virtual asset industry is pioneering the shift toward a trustless financial ecosystem, reinforcing OKX’s mission to foster a more equitable and transparent future.
The Need for a Trustless Financial System
Hong highlighted systemic vulnerabilities exposed by recent crises—Silicon Valley Bank’s collapse, global inflation surges, and eroding trust in centralized institutions—as evidence that traditional finance requires an overhaul.
“The current system is no longer fit for purpose. The seams are showing, and a rewrite is needed.”
She emphasized that legacy finance, reliant on intermediaries, fails to serve 1.7 billion unbanked adults worldwide. The solution? A blockchain-based trustless model characterized by:
- Real-value backing (e.g., cryptocurrencies like Bitcoin).
- Decentralized accessibility.
- Immutable transparency.
Why Cryptocurrencies Are Superior Money
Hong dissected the core attributes of sound money:
- Reliable store of value.
- Fungible unit of account.
- Verifiable, scalable medium of exchange.
“Fiat currencies, manipulated beyond recognition, lack these qualities. Cryptocurrencies like Bitcoin fulfill all three—and their adoption is accelerating.”
OKX’s Role in Bridging Traditional and Decentralized Finance
OKX is at the forefront of this transition, offering:
- A globally leading crypto exchange.
- OKX Wallet, seamlessly connecting users to DeFi and Web3.
Hong noted:
“In Web3, ‘banking’ means self-custody of assets, permissionless payments, and decentralized yield—no middlemen required. Blockchain lets you verify ownership independently.”
Commitment to Transparency and Innovation
OKX’s dedication to industry standards was underscored by its:
- Fifth monthly Proof of Reserves (March 2023), revealing $8.9 billion in BTC, ETH, and USDT holdings.
- Launch of the first MPC Wallet supporting 37+ blockchains, simplifying self-custody.
👉 Explore OKX’s groundbreaking wallet technology
Regulatory Compliance and Future-Proofing
OKX is proactively pursuing Hong Kong’s VASP license under new regulations, alongside Type 1 and 7 securities licenses, ensuring alignment with global compliance frameworks.
Key Takeaways
- Cryptocurrencies are redefining money’s core principles.
- Blockchain eliminates reliance on untrustworthy intermediaries.
- OKX is building infrastructure for a decentralized, equitable financial future.
FAQs
Q: What is a ‘trustless system’ in blockchain?
A: A system where transactions are verified by consensus algorithms (e.g., Proof of Work) instead of third parties, reducing counterparty risk.
Q: How does OKX ensure fund safety?
A: Through monthly Proof of Reserves audits and MPC wallet technology, which distributes key management for enhanced security.
Q: Why is Bitcoin considered ‘sound money’?
A: Its fixed supply (21 million BTC), decentralized issuance, and cryptographic verifiability make it resistant to manipulation—unlike fiat currencies.
👉 Learn more about OKX’s vision for Web3