OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, attended as the title sponsor of Hong Kong’s flagship Web3 Festival, where OKX President Hong delivered a keynote speech on how the virtual asset industry is leading the transition to a trustless system and underlined OKX’s commitment to building the rails to support a more equitable future.

During her speech, Hong referred to recent events, including the banking collapse of Silicon Valley Bank, rising global inflation and falling trust in Big Tech, as signs that the current financial system is in need of a rewrite. “Recent events suggest the current system is no longer fit for purpose. The seams are showing, and a rewrite is needed,” she said.

Hong noted that the current traditional finance ecosystem, in which trust had been built around intermediaries, is failing to meet the needs of 1.7 billion unbanked adults globally. In response, she called for a trustless system built on blockchain technology and underpinned by real value, greater accessibility as well as transparency.

“It’s important to understand what makes money, money. The store of value must be reliable. The unit of account is fungible, and the medium of exchange should be verifiable, convenient and scalable. Fiat money has been manipulated to the extent it no longer possesses any of these qualities. On the other hand, Bitcoin does, and it and other cryptocurrencies are on the rise,” Hong added.

Hong also stated that blockchain technology and the rise of crypto and Web3 are enabling a paradigm shift whereby individuals can become their own bank and platform. With its global-leading crypto exchange and by enabling easy access to DeFi and Web3 through its OKX Wallet, OKX is bridging the gap and innovating to create a more open, transparent and accessible future.

“Banking can be defined as safety of savings, access to payments and yield on wealth,” said Hong. “You don’t need a bank in the Web3 world to access these services. No longer do you need to rely on trusting a bank. With blockchain technology you can verify your own assets.”

OKX’s commitment to transparency and setting standards for the future growth of the industry was also emphasized and she noted that the company had published its fifth monthly Proof of Reserves in March, showing that it has US$8.9 billion held in BTC, ETH and USDT.

The company’s efforts in building the rails of a future system through blockchain technology was underlined as well. This includes its introduction of the Web3 industry’s first Multi-Party Computation (MPC) wallet with support for over 37 blockchains, making self-custody more accessible and one step closer to enabling a “be your own bank” reality.

Hong also referenced OKX's commitment to regulatory compliance, including its recent announcement that it will be applying for a Hong Kong virtual asset service provider (VASP) license under the new regulatory regime, as well as Type 1 and 7 licenses under the Securities and Future Ordinance.

Hong’s keynote was presented alongside other prominent speakers including Mr. Paul Chan, GBM, GBS, MH, JP, Financial Secretary of the Government of Hong Kong SAR, Ms. Clara Chan, Executive Director (Monetary Management) of Hong Kong Monetary Authority, as well as Mr. Keith Choy, Interim Head of Intermediaries of the Securities and Futures Commission.