HONG KONG – OKX, a top-tier cryptocurrency exchange and Web3 innovator, recently headlined Hong Kong’s Web3 Festival with a keynote by President Hong. The address highlighted how blockchain and crypto are pioneering a trustless financial system, fostering equity and transparency in global finance.
The Case for a Trustless Financial System
Recent crises—Silicon Valley Bank’s collapse, soaring inflation, and eroding trust in Big Tech—expose systemic flaws in traditional finance. Hong argued:
“The current system is outdated. Blockchain offers a rewrite—one built on verifiable value, accessibility, and decentralization.”
Why Crypto Fits the Future
- Store of Value: Cryptocurrencies like Bitcoin are resistant to manipulation, unlike fiat.
- Medium of Exchange: Crypto transactions are verifiable, scalable, and borderless.
- Unit of Account: Fungibility ensures fairness in valuation.
OKX’s Role in Bridging the Gap
1. Democratizing Finance
OKX empowers users to “be their own bank” through:
- Its crypto exchange, facilitating seamless trading.
- OKX Wallet, granting DeFi and Web3 access across 37+ blockchains.
2. Transparency and Compliance
- Proof of Reserves: OKX disclosed $8.9B in BTC, ETH, and USDT holdings (March 2023).
- Regulatory Milestones: Pursuing a Hong Kong VASP license and SFO Type 1/7 licenses.
3. Innovation in Self-Custody
👉 OKX’s MPC Wallet—the industry’s first multi-chain solution—makes self-custody secure and user-friendly.
FAQs
Q: How does crypto promote financial equity?
A: It removes intermediaries, offering direct asset control—critical for the 1.7B unbanked adults.
Q: What’s OKX’s stance on regulation?
A: Proactive compliance, exemplified by its Hong Kong licensing efforts.
Q: Why is a trustless system better?
A: Trust shifts from institutions to code, reducing corruption and inefficiency.
OKX’s vision aligns with Web3’s promise: a decentralized, equitable future. With blockchain as the backbone, the transition to a trustless economy is underway—and OKX is building its infrastructure.
### Keywords
1. Trustless system
2. Crypto equity
3. OKX Wallet
4. Blockchain transparency
5. Hong Kong VASP
6. Proof of Reserves
7. MPC technology
8. Web3 future