OKX Founder, Xu, Says Gen Z May Prefer Web3 Wallets Over Banks

• Star Xu said younger users may view crypto wallets on major exchanges as safer than traditional banks or gold.

• He linked shifting U.S. and global crypto policy to younger voters who favor digital assets and Web3 custody.

• Xu suggested Web3 and fintech firms like OKX or Coinbase could grow to rival major tech companies in scale.

On December 4, during the one-year anniversary of OKX receiving its Dubai license, Founder Star Xu stated that people born after 2000 may trust Web3 wallets more than traditional banks.

He spoke at the event to describe how younger users view crypto storage, U.S. policy trends, and the future scale of financial technology companies. The comments focused on perceived attitudes, custody preferences, and long-term market expectations.

Younger Users and Changing Custody Preferences

According to Star Xu, younger users might see wallets on exchanges like Coinbase, OKX or Binance as safer places to store assets. He compared this view with his own belief that JPMorgan Chase is the safest bank, noting that younger generations may not share that view.

He said they could question the relevance of gold as an investment and choose to hold digital assets in wallets instead. Xu stated that this demographic is becoming a major social and political group.

U.S. Policy and Youth-Driven Market Direction

Xu said the latest U.S. administration appears to understand the shift. He claimed the government is adjusting policies to align with younger voters who favor digital assets. He referenced a “friendly record” in the current Congress, mentioning both the Senate and House.

He described this as part of a broader trend across the United States, Europe, Singapore, and the UAE. The comments framed policy adjustments as recognition of changing user behavior.

Technology, Finance, and Projected Competition

Xu described a developing competition between technology and finance. He said the United States leads this shift, with other regions also participating. He stated that companies like Robinhood, Coinbase, and OKX could expand over the next five to ten years.

Xu said some firms may reach valuations comparable to large technology companies. He referenced Google, Tesla and Microsoft as examples in his comparison, without providing financial forecasts or guarantees.