OKX founder "Generation Z perceives Web3 wallets as safer than banks"

Suehyeon Lee

Summary

Star Xu, founder of OKX, said that Generation Z tends to trust Web3 wallets more than the traditional financial system.
He said this generational change is also reflected in the U.S. policy environment, and that it could be a major opportunity for the virtual asset industry as a whole.
Star Xu predicted that competition between tech companies and the financial industry will intensify going forward, and that Web3 infrastructure and digital financial services will become core elements of the next-generation financial system.

Star Xu (Star Xu), founder of OKX, said that Generation Z, born after 2000, is showing a trend of trusting Web3 wallets more than the traditional financial system.

On the 29th (local time), according to UBlockchain, Star Xu said in a speech marking the first anniversary of OKX's Dubai license acquisition, "The younger generation is emerging as a key driving force in society. They are likely to perceive the wallets provided by major virtual asset (cryptocurrency) exchanges as a safer means of storing assets than traditional assets such as gold."

He assessed that this change is also being reflected in the policy environment. Star Xu said, "The new U.S. administration recognizes this generational change and is designing policies aimed at the younger generation," adding, "This could be a very large opportunity for the virtual asset industry as a whole."

He also emphasized that competition between technology and finance is becoming full-scale. Star Xu said, "Over the next 5–10 years, competition between tech companies and the financial industry will become more intense," and forecasted, "In the process, many major virtual asset companies could grow into fintech companies worth billions of dollars, or even trillions of dollars."

He added, "Web3 infrastructure and digital financial services are likely to become a core pillar of the next-generation financial system."