With more and more traditional financial institutions exploring cryptocurrencies and blockchain technology, the boundaries in the industry are gradually blurring. Lennix Lai, Global Business Director of OKX, was interviewed by Sangbi Coin during “Taipei Blockchain Week”, sharing his insights on how blockchain technology is impacting traditional finance. He discussed his views on the development of web3 in Hong Kong, maintaining a leading position, OKX’s product strategy, and their presence in the Taiwan market.
Blockchain Technology’s Financial Innovation
Lennix Lai mentioned the advantages of integrating traditional finance with blockchain technology in his interview. Firstly, he pointed out that blockchain technology significantly reduces costs, especially in cross-border remittances. Lennix then discussed the concept of “asset tokenization”, highlighting how it lowers the barrier for user entry and allows traditional financial instruments to enter the crypto finance field. Tokenized assets are more liquid and can become globally circulating assets.
Maintaining a Leading Position in the Crypto Field
With the volatility of cryptocurrencies last year, traditional financial institutions are eyeing the crypto market, including the introduction of Bitcoin ETFs. Lennix believes that these institutions will gradually enter the crypto field by offering more financial products related to cryptocurrencies. Despite this, centralized exchanges like OKX still hold advantages that are hard to shake, including involvement in the crypto ecosystem, blockchain construction, and IT development.
OKX’s Product Strategy
OKX was one of the few exchanges to introduce a Web3 wallet before major competitors. The Web3 wallet is seen as a key tool to connect users with the crypto world, breaking barriers between Web2 and Web3. Lennix envisions OKX’s future growth within the Web3 ecosystem.
Hong Kong’s Regulatory Measures as a Reference Model
Hong Kong’s embrace of digital assets and comprehensive regulatory framework serves as a crucial reference for other countries. Lennix believes that Hong Kong’s crypto regulations, particularly aimed at exchanges, offer a model that other nations can adopt. OKX has already submitted relevant license applications in Hong Kong to comply with regulations.
Expansion in Taiwan
OKX, as a global platform, is expanding into local markets worldwide, with Taiwan being a key focus. Lennix emphasized the importance of the Taiwanese market due to its large user base and thriving crypto ecosystem. OKX aims to introduce more activities tailored to the Taiwanese market in the future.