OKX Shifts Focus from Hong Kong as Blockchain Adoption Grows
OKX, one of the world’s largest cryptocurrency exchanges by trading volume, is preparing for significant growth in blockchain adoption in the coming years, according to Lennix Lai, the exchange’s chief commercial officer. Although plans for the Hong Kong market remain on hold, OKX is focusing on building compliant services in markets such as the US and Singapore.
A report co-produced by OKX and Blockworks Research outlines a promising future for blockchain technology adoption across various industries, from traditional finance to video gaming. Many of the highlighted use cases, such as ownership of in-game assets and management of intellectual property, have been developing gradually over the years. However, Lai believes the industry is approaching a tipping point.
“The entire fintech sector, plus the traditional finance sector, plus the asset management side, including the government, are starting to have some kind of footprint in crypto,” Lai stated. “We see a whole different set of industry players starting to build something related to crypto.”
The report, titled “The Future of Blockchain Applications: Reshaping Global Industries,” was released on Thursday. It projects how blockchain adoption will evolve over the next 25 years and anticipates rapid growth in the next few years in an ecosystem currently worth $2.6 trillion.
Currently, finance remains the most practical use case for blockchain technology. OKX has expanded into traditional finance through partnerships, notably with Standard Chartered, allowing clients to use cryptocurrencies and tokenized money-market funds as collateral.
The report predicts that the distinction between ‘crypto banks’ or ‘neo banks’ versus traditional banks will eventually disappear. However, OKX has no plans to encroach on traditional banks’ territory.
