OKX envisions future running on blockchain as crypto exchange shifts focus from Hong Kong
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, although plans for the Hong Kong market remain on the back burner.
In a report co-produced by OKX and Blockworks Research, the companies outline a bright future for the adoption of blockchain technology across myriad industries, from traditional finance to
video gaming . Many of the use cases highlighted in the report, such as ownership of in-game assets and management of intellectual property, have been slowly progressing for years, but Lai suggested that the industry could be reaching 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 said. '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 aims to project how blockchain adoption will evolve over the next 25 years, but also anticipates explosive growth in the next few years in an ecosystem now worth US$2.6 trillion.
Pedestrians walk past a likeness of US President Donald Trump at a crypto exchange in Hong Kong on January 31. Photo: Antony Dickson
For now, finance remains the most practical use case. OKX has sought to expand in traditional finance through partnerships, most notably with Standard Chartered, allowing clients to use cryptocurrencies and tokenised money-market funds as collateral.
The report predicts that eventually 'the distinction between 'crypto banks' or 'neo banks' versus traditional banks will largely disappear'. But OKX has no plans to encroach on traditional banks' territory.
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