OKX President Hong was invited to speak at the "2024 Hong Kong Web3 Carnival" main forum on April 6, 2024, delivering a keynote titled "Responsible Innovation." Below is the full transcript of his speech:
Good afternoon, everyone. It’s an honor to be invited again to the Hong Kong Web3 Carnival, co-hosted by Wanxiang Blockchain Labs and HashKey Group. This event provides a great opportunity for us to gather and discuss how to build a healthy and sustainable Web3 ecosystem.
Today, I’ll be discussing "Responsible Innovation." But before diving deeper, let me share two intriguing sets of data.
Key Market Insights
"2 Years vs. 7 Weeks"
- In 2004, the first gold spot ETF took over two years to reach $100 billion in assets under management (AUM).
- In 2024, the first Bitcoin spot ETF approved by the U.S. SEC achieved the same milestone in just seven weeks.
On-Chain Transaction Growth
- Since 2019, transaction volumes on-chain have steadily increased, regardless of market conditions (bull or bear).
- Over the past decade, Bitcoin, Ethereum, and other networks have shown consistent growth in transaction activity.
These trends highlight that while some market signals are noise, others reflect long-term technological shifts. The rapid adoption of Bitcoin ETFs demonstrates increasing trust in decentralized financial transparency.
The Core Values of Web3
At its inception, Bitcoin and Web3 were built on principles of:
- Transparency
- Accountability
- User Empowerment
Our mission is to leverage technology, products, and solutions to advance these values. Over the past two years, OKX has adopted best practices from regulated industries to enhance trust and compliance.
OKX’s Initiatives for Responsible Innovation
1. Enhancing Transparency with Technology
Since November 2022, OKX pioneered the Proof of Reserves (POR) program, now widely adopted in the industry. Key milestones include:
- 17 consecutive months of automated POR reports.
- Expanded asset coverage from 3 to 22 cryptocurrencies.
- Publicly shared 450,000+ on-chain addresses for user verification.
- First platform to implement zk-STARKs for cryptographic integrity checks.
👉 Explore OKX’s Proof of Reserves
2. Advancing Web3 Self-Custody
OKX developed the OKX Web3 Wallet, a self-custody solution empowering users with:
- Full private key control (reducing platform risk).
- Access to multiple blockchains, DApps, NFTs, and DEX aggregators.
- Innovations like Account Abstraction (AA) and MPC wallets for easier recovery.
3. Strengthening Compliance & Governance
OKX prioritizes regulatory alignment, securing:
- Conditional approval from Dubai’s VARA.
- Major Payment Institution (MPI) license in Singapore.
- Active collaboration with Hong Kong’s Web3 ecosystem.
FAQs on Responsible Innovation in Web3
Q1: Why is Proof of Reserves important?
A: POR ensures exchanges hold 1:1 user assets, preventing insolvency risks and building trust.
Q2: How does self-custody improve security?
A: Users control their private keys, eliminating reliance on third-party platforms.
Q3: What regulatory steps is OKX taking?
A: OKX pursues licenses globally, adhering to anti-money laundering (AML) and financial compliance standards.
Conclusion: Building a Transparent Future
As a leader in Web3, OKX remains committed to:
✅ Technological transparency (POR, zk-proofs).
✅ User empowerment (self-custody wallets).
✅ Regulatory collaboration (global licensing).
👉 Join OKX in shaping Web3’s future
We’re optimistic about Web3’s potential and invite the community to collaborate toward a more open, accountable digital economy.
Thank you for your attention!
Disclaimer: This content reflects the speaker’s views, not financial advice. Digital assets carry risks; consult a professional before investing.
🔗 For more insights, follow industry discussions on Web3 transparency and innovation.