On January 14, 2025, OKX CEO He Yi delivered a speech via video conference. The following is the full text of He Yi's speech (after editing):

I am very pleased to see you all in this video format. Many of you are my old friends, and there are also many netizens. Welcome to attend OKX's event from afar.

I. 'Crypto' should not be used as a derogatory term, the Crypto&AI industry has a promising future

I have been in the Crypto industry for more than a decade, witnessing the changing perceptions of people towards Bitcoin and the crypto industry.

Let me give you an interesting phenomenon: Many people translate our English term "Crypto industry" into the Chinese term "Bit circle". If "Crypto industry" is a positive term, carrying the positive meaning of technological innovation and economic empowerment, then "Bit circle" is more like a neutral term. In reality, many people even attach a derogatory connotation to "Bit circle". For example, if someone fails in their startup and then enters the crypto industry to start over, they will be evaluated as "this person has now gone to the Bit circle".

This semantic gap coexisting with public prejudice against the industry is a problem that the crypto industry urgently needs to face. In my view, "Bit circle" is no different from "car circle", "mobile phone circle", "live streaming circle", etc. We, as practitioners in the "Bit circle", should set higher standards for our own words and deeds, in order to break and reshape the public's positive perception of the crypto industry. When the essence of technology is simplified as hype and speculation, the long-term value of industry development is also easily misunderstood or overlooked. This prejudice is not accidental, but the result of the interweaving of complex social, economic and cultural factors.

After decades of deep cultivation in the crypto industry, I have a profound understanding that the crypto industry is a technology-driven, innovative and vibrant industry that enjoys global regulatory support. Crypto&AI will become one of the best business technology development industries in the world in the next decade.

So I want to call on everyone, to maintain the reputation of the "Bit circle" or the "crypto industry", we need to start from our own words and deeds, respect our peers in the industry, and ultimately build it into an innovative, technological and sunny industry.

II. OKX's Token Listing and OKB are being built with a high degree of compliance

In 2024, OKX has achieved many outstanding achievements globally. However, the focus I want to discuss will not be on the boasting of achievements, but on the honest analysis of OKX's shortcomings and problems.

Many people have described OKX as a "different" and even "self-righteous" company, and this evaluation is particularly prominent in OKX's Token Listing. Compared to the asset listing models of other platforms, OKX has maintained a highly restrained attitude in asset screening, and we can say that we are not very aggressive.

In our view, Listing is a process of discovering quality assets, but when we are unable to judge the quality of an asset, we would rather choose not to recommend it to users. This cautious choice often makes us appear "hesitant" and has also sparked controversy from the outside world about our conservative style.

Behind this caution is not only a deep consideration of user interests, but also OKX's adherence to its "corporate genes" and "values". Although this attitude may lose some market competitiveness in the short term, in the long run, this restraint provides a more solid foundation for the healthy development of the industry. We also acknowledge the success of other platforms in this regard, but different companies have different "corporate genes" and "values", and OKX is learning and improving to balance the tension between user needs and corporate values.

Another controversial topic is OKX's platform token OKB. In the industry, many companies choose to use short-term means to boost token prices to stimulate market enthusiasm, but we never predict the price of OKB, nor will we adopt a short-term boosting strategy. I want to say that OKB is like the long-term value philosophy of Bitcoin, looking back at the past, the Bitcoin that was considered so expensive at $1,000 or $10,000 now seems really cheap.

We are responsible to users, and it is also a kind of respect for the overall compliance environment of the industry. The highly regulatory nature of the crypto industry means that price forecasting may involve compliance risks. Therefore, OKX is more inclined to increase the intrinsic value of OKB by promoting the actual use scenarios and transparency of OKB, such as the future construction of the X Layer public chain and the clear and public display of the amount of OKB held by OKX.

OKX's future development will continue to adhere to restraint and caution, respect rules and take responsibility, and promote the symbiotic development of technology and ecology. OKX will not only continue to optimize technology and products, but also listen to market feedback with a more open mind, and work with industry partners to build a more transparent, fair and sustainable crypto ecosystem.

In the future, OKX hopes to overturn the public's stereotype of us as "not down-to-earth". I hope to start from myself, learn, grow and develop together with our partners, and ultimately make the crypto industry a field driven by technological innovation and value, rather than being hijacked by short-term interests.

III. Focus on product cultivation and enjoy the dividends of industry development

Over the past few years, I have not recognized any fund that can outperform Bitcoin in profitability. Industry participants should beware of the superstition of "wealth code", as the dividends of industry development are the biggest opportunities. I'll make a joke, "If you don't have 10 Bitcoins, don't call yourself a KOL. If this is the standard for industry practitioners, I believe the industry will not let us down."

The market size of Bitcoin is currently only one-tenth of the gold market, but the capital inflow of Bitcoin ETFs has surpassed that of gold ETFs. This phenomenon not only verifies the value of Bitcoin, but also indicates that the future development potential of the industry may be up to a hundredfold. Establishing a consensus on the holding and understanding of Bitcoin is the basic threshold for industry practitioners and investors.

The value anchoring of Bitcoin and the ecological potential of Ethereum are the dual engines driving the long-term growth of the industry, but this does not mean investment advice. It can be said that "you should always have Bitcoin, and participating in the industry is a sense of achievement within the acceptable investment scope."

Now, returning from the grand narrative of Bitcoin to the reality of the industry, OKX has achieved a lot in recent years. In addition to the creation of Web3 wallets and exchange products, we also have a "secret business line" that will be launched in February this year. The current products are not completely satisfactory and are still being refined. I hope that in the future, the OKX product can truly integrate into users' daily lives, cover multiple countries globally, and provide users with seamless services. Especially now, OKX has obtained licenses in multiple locations globally and connected local bank cards, this product will directly address the core pain points of the industry - such as the smoothness and convenience of global deposits and withdrawals, and achieve more technological innovations.

Thank you all.

Disclaimer

This content is for reference only and does not constitute and should not be construed as (i) investment advice or recommendation, (ii) an offer or solicitation to buy, sell or hold digital assets, or (iii) financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness or usefulness of such information. Digital assets (including stablecoins and Non-Fungible Tokens) are subject to market volatility, involve high risks and may depreciate or become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation and risk tolerance. Please consult your legal/tax/investment professionals for your specific situation. Not all products are available in all regions. For more details, please refer to OKX Terms of Service and Risk Disclosure & Disclaimer. The OKX Web3 Mobile Wallet and its derivative services are subject to separate terms of service. Please be responsible for understanding and complying with applicable local laws and regulations.