OKX Envisions Future Running on Blockchain
OKX, one of the world’s largest cryptocurrency exchanges by trading volume, is preparing for explosive growth in blockchain adoption in the coming years, according to chief commercial officer Lennix Lai. The exchange is shifting its focus from Hong Kong to other markets, including the US and Singapore.
In a report co-produced by OKX and Blockworks Research, the companies outline a bright future for blockchain technology adoption across various industries, from traditional finance to video gaming. Lai suggested that the industry could be reaching a tipping point, with many use cases, such as ownership of in-game assets and management of intellectual property, slowly progressing.
“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 said. “We see a whole different set of industry players starting to build something related to crypto.”
The report predicts that the distinction between ‘crypto banks’ or ‘neo banks’ versus traditional banks will largely disappear. OKX has sought to expand in traditional finance through partnerships, most notably with Standard Chartered, allowing clients to use cryptocurrencies and tokenized money-market funds as collateral.
While OKX has no plans to encroach on traditional banks’ territory, the exchange is focused on building compliant services in key markets. As the blockchain ecosystem continues to grow, OKX is positioning itself for the anticipated explosive growth in the next few years.
