Rebuilding trust in the sector
However, when it comes to trust, Rafique admits that a single campaign will not rebuild faith that has been dented in the cryptocurrency space in recent months following the FTX scandal at the end of 2022.
The fallout sent cryptocurrency markets into a tailspin: Once valued at a peak of $3 trillion in 2021, it’s now pegged at $1.23 billion in April, according to Statista.
He feels a “combination of efforts” will be needed and that proofs of reserve will become “an inherent part of us as a company” to develop and retain consumer trust. Rafique also claimed that he and OKX founder Star Xu respond to direct messages from customers through social media.
By establishing and auditing the company’s proof of reserves, interacting with the crypto community and developing OKX as “a character that steps up to do the right thing,” Rafique sees a positive outlook.
