jakiro
Author: Zhang Feng
In the wave of the digital economy sweeping the world, digital assets have become the core engine for reshaping the circulation of value.Its development follows two core paths: “digital assetization” – endows the value generated by the native digital space (such as cryptocurrency and NFT) to financial attributes and circulation capabilities; “asset digitalization” – maps physical assets (such as real estate, bonds, and commodities) in the physical world into on-chain tokens (i.e. RWA – Real World Assets) through blockchain technology.These two major paths together point to one goal: to build a more efficient, transparent and composable value Internet.
This article will take the global crypto financial giant Galaxy Digital (GLXY.TO) and the emerging power of Hong Kong Guofu Quantum (00290.HK), as typical cases, and conduct in-depth analysis of two different paradigms for building the entire value chain of digital assets based on native crypto assets and RWA, revealing its internal logic, development momentum and future picture.
1. Policy background: digital assetization and asset digitalization
(I) Native crypto assets
The policy environment shows significant regional differences.El Salvador has designated Bitcoin as a fiat currency, and Switzerland, Singapore and other places are actively embracing innovation; the US SEC continues to strengthen supervision of unregistered securities tokens, paying special attention to centralized exchanges (such as Coinbase, Binance.US litigation) and pledge services; the EU MiCA framework is trying to establish unified rules.
The core of regulation is how to define crypto assets (commodities? securities? currency?), anti-money laundering/anti-terrorism financing (AML/CFT), consumer protection, stablecoin regulation, and exchange compliance operations.
Galaxy DigitalAs a Canadian listed company, its businesses (trading, market making, asset management, mining, custody) need to operate under a strong regulatory framework, attach great importance to obtaining compliant licenses (such as NYDFS BitLicense derivative licenses) and maintain communication with regulators.
(II) RWA (Asset Digitalization)
RWA tokenization involves the original legal framework and financial regulatory rules (Securities Law, Property Law, KYC/AML, etc.) of underlying assets (such as bonds, real estate). The tokenization form needs to be integrated into the existing system or new regulations are established.
Active global exploration.Project Guardian of Singapore MAS explores the application of DeFi in the wholesale financing market; Hong Kong actively promotes the issuance of virtual asset service providers (VASPs) and stablecoin supervision, and encourages tokenized securities; the Bank for International Settlements (BIS) leads a number of RWA-related experimental projects (such as Dynamo, Agorá).
Guofu QuantumIn the context of China’s relevant cryptocurrency policy, Guofu Quantum’s RWA path needs to be closely integrated with the national “digital economy” and “industry digitalization” strategies (such as “Data Element X” Action).Its exploration is more likely to focus on non-financial entity assets (such as trusted warehouse receipts on the supply chain, specific intellectual property rights, carbon assets) or a secure data element circulation platform combining quantum information technology, seek breakthroughs within the existing legal framework and regulatory sandbox (such as local pilots), emphasizing serving the real economy and national information security.
2. Industrial demand: system reconstruction and value activation
(I) Native crypto assets
The core requirement isSolve the problems of high trust costs (relying on intermediaries), low cross-border payment efficiency, insufficient financial inclusion, and vague asset sovereignty ownership in the traditional financial system.Meet diversified needs such as speculation/investment, value storage (“digital gold” narrative), decentralized applications (DeFi, GameFi, SocialFi) fuel, censorship-resistant payments, etc.
Galaxy Digital PositioningProvide institutions and high-net-worth customers with a one-stop portal to enter the crypto ecosystem, solve the pain points faced by them such as custody security, compliant transactions, liquidity acquisition, and lack of investment tools, and play the role of “traditional investment banking in the crypto world”.
(II) RWA (Asset Digitalization)
The core requirement isSolve the long-standing pain points of the traditional asset market: insufficient liquidity (such as real estate, private equity), inefficient transaction efficiency/high cost (relying on paper processes, multi-layer intermediaries), lack of transparency (asset rights confirmation, unclear circulation records), and high accessibility threshold (small investors find it difficult to participate in high-quality assets).It aims to unleash the value of trillion-dollar “dead assets”.
Guofu Quantum’s opportunity lies inIn line with China’s core needs such as improving the resilience of the industrial chain and supply chain, revitalizing existing assets (such as accounts receivable, real estate), promoting the circulation of data elements, and developing green finance (carbon assets).Its path may be pioneered by empowering the digitalization and efficient flow of assets to specific vertical industries (such as high-end manufacturing, logistics, energy).
3. Technical reserve: from on-chain native to off-chain fusion
(I) Native crypto assets
The core cornerstones includePublic chain technology (Bitcoin, Ethereum, Solana, etc.), consensus mechanism (PoW, PoS, etc.), smart contracts, cryptography (asymmetric encryption, zero-knowledge proof ZKP), and decentralized storage (IPFS).
Galaxy DigitalDeeply integrate and utilize the existing public chain ecosystem and DeFi protocols, and develop high-performance trading systems, institutional-level custodial solutions (GK8 acquisition), and risk management tools.The technology focuses on on-chain efficiency, security and interoperability.
(II) RWA (Asset Digitalization)
Core ChallengeThe problem of “trust triangle” needs to be solved: How to ensure that off-chain assets really exist and are anchored one by one with on-chain tokens?How to implement the off-chain asset status (such as ownership transfer, dividend and dividend payment) trustworthy opening of the chain?This is highly dependent:
Oracle:Provide reliable off-chain data (such as asset prices, event triggers).
Legal Entities and Compliance Framework:SPV structure, clear legal agreements provide for token holders’ rights, and jurisdictional recognition.
The verification mechanism for asset chaining:Rely on trusted third-party audits, Internet of Things (IoT) sensor data, and registration systems endorsed by government/authoritative agencies.
Guofu QuantumIt is possible to build a safer and more efficient RWA on-chain, evidence storage and circulation infrastructure, especially when it involves national sensitive data or high-value assets.The technology focuses on off-chain trusted mapping and secure interaction.
4. Business model and value chain construction: niche difference
(I) Galaxy Digital (native encryption driver)
model:With transactions and financial services as the core, we will build a “one-stop institutional platform” covering the entire life cycle of digital assets.
Value chain construction path:
Upstream (asset generation/acquisition):Bitcoin mining (own-owned mining farms), venture capital (investment in early-stage crypto projects), market making (providing liquidity).
Midstream (infrastructure and services):Centralized trading (spot, derivatives), over-the-counter trading (OTC), institutional custody (Prime Custody), lending, and derivative structured products.
Downstream (Investment Management/Exit):Active crypto asset funds (such as Galaxy Bitcoin Fund, Galaxy Ethereum Fund), passive index funds (with Invesco), wealth management services, research (providing market insights).
The core engine lies in itsStrong trading capabilities, risk management, compliance architecture and institutional client network.The value capture point lies in the prosperity of the crypto ecosystem and the inflow of institutional funds.
Features areIt has strong endogenousness and builds a closed loop around crypto assets itself; it is significantly affected by cyclical fluctuations in the crypto market.
(2) Guofu Quantum (RWA-driven)
model:With asset digital solutions for specific industrial scenarios as the core, build an “industry empowerment platform”.
Value chain construction path (speculation):
Upstream (asset identification and on-chain):Focus on specific industries (such as high-end manufacturing, supply chain, green energy), and provide asset screening, evaluation, legal structure design, and tokenization technology platforms (may be integrated with blockchain and quantum security technology).
Midstream (digital asset circulation and operation):Establish or connect compliant trading venues (may be based on license chains or alliance chains), provide asset registration and certification, payment and settlement, data element rights confirmation and circulation services, and asset status monitoring combined with IoT.
Downstream (value realization and ecology):Connect industry investors, financial institutions (banks, factoring), and data demanders; provide financing based on digital assets (such as supply chain finance), risk management tools; empower industry efficiency improvement and new business models.
Core engine:A deep understanding of vertical industries, compliance and regulatory technology (RegTech), a secure and trustworthy technical foundation (blockchain + quantum), and government/industrial resource integration.The value capture point is to improve the efficiency of the real industry and create new data/asset value.
Features:It has strong exogenous nature and is deeply bound to the real economy; development depends more on policy support and industrial coordination; it may be relatively strong in cyclical resistance.
5. Driver engine: innovation impulse and value release
(I) Native crypto assets
Core engine:Technological innovation (Layer2, New Consensus, ZK, modular blockchain, etc.), financial paradigm innovation (DeFi, NFT, DAO), community and speculative culture driven, dissatisfaction with traditional systems and alternative vision (“Don’t Trust, Verify”).
Fuel from Galaxy Digital:The surge in trading volume caused by the bull market in the crypto market, the emergence of new asset classes (such as Meme Coin, LSD), and the increase in institutional adoption.
(II) RWA (Asset Digitalization)
Core engine:Release the value of huge existing assets (McKinsey predicts that the RWA will reach $4 trillion in 2030), the urgent need to improve the efficiency of traditional finance and industries, advances in regulatory technology, and institutional investors’ demand for stable returns and low-related assets.
The power of Guofu Quantum:The strong promotion of the national digital economy strategy, the inherent demand for industrial upgrading and transformation, the policy orientation to solve the financing difficulties of small and medium-sized enterprises, and the opportunity for market-oriented allocation of data elements.
6. Development potential and opportunities and challenges: the sea of stars and the road to thorns
(I) Native crypto assets
potential:As the “native blood” of the value Internet, its potential lies in building a new and open global financial and economic system with a very high ceiling.DeFi and Web3 application innovation space is broad.
opportunity:Continuous underlying technological innovation, accelerated entry of mainstream institutions, payment/remittance and other scenarios.
Challenge (Galaxy Digital needs to face):Severe fluctuations and cyclical risks, continued strengthening global regulatory uncertainty (especially securities identification), security vulnerabilities and hacker attacks, scalability and user experience bottlenecks, competition from CBDCs and traditional financial institutions.
(II) RWA (Asset Digitalization)
potential:Connecting trillions of traditional assets and efficient digital networks has huge imagination space.It is the “killer application” direction for blockchain technology to implement the industry and create actual value.
opportunity:The endorsement effect and technical solutions (ordinary oracles, legal frameworks) brought about by the active layout of traditional financial giants (BlackRock, Fidelity, JPMorgan Chase) are gradually matured to meet the real needs of the real economy.
Challenge (National Wealth Quantum needs to overcome):Complex legal rights confirmation and cross-jurisdictional compliance, the cost and reliability of trusted connections on and off-chain (oracle issues), the establishment of broad market liquidity and depth, user (especially traditional investors) awareness and acceptance, technical standardization and interoperability, data privacy and security (especially combined with quantum computing), special attention should be paid to policy red lines (avoiding involvement in financial speculation) and data sovereignty security.
7. Comparison of native encryption paths and RWA paths
(I) Similarities
The underlying technology cornerstone:They all rely on blockchain (or distributed ledger technology) to provide an untamperable, traceable and programmable foundation.
Core Objectives:Improve value circulation efficiency, reduce transaction costs, and enhance transparency and accessibility.
Value chain elements:All involve the creation/acquisition of assets, registration and rights confirmation, transaction circulation, custody and clearing, investment management and other links, and it is necessary to build a corresponding infrastructure and service ecosystem.
Facing common challenges:Regulatory adaptation, technological maturity (safety, scalability), user education, and market trust establishment.
(II) Differences
8. Integration and Symbiosis—The future picture of the entire value chain of digital assets
The “native encryption path” represented by Galaxy Digital and the “RWA path” explored by Guofu Quantum are not either one or the other, but are two-wheel drives that are indispensable and complementary to build the entire value chain of digital assets in the future.
Different paths and the same destination:The ultimate goal of both is to build a more efficient, transparent and inclusive value Internet.Native crypto assets are the pioneers in exploring the cutting-edge and defining rules; RWA is the bridge connecting reality and landing value.In the long run, a successful full value chain will inevitably include two: native crypto assets provide liquidity and innovation paradigms, while RWA injects huge asset base and stability.
Path dependence and advantages complement each other:Galaxy Digital’s deep accumulation in the crypto-native field (transaction, custody, asset management) is its core competitiveness. In the future, it can explore the application of some mature financial products (such as structured notes) or service capabilities (such as custody) to the compliant RWA field.Guofu Quantum is based on China’s industrial soil and uses RWA (and data elements) paths to avoid policy risks. If it can combine technologies such as quantum security to build a credible infrastructure and solve the key bottlenecks in physical assets on the chain, it will open up a broad blue ocean and may form global comparative advantages in specific fields (such as industrial supply chain finance and data assetization).
Fusion trend:The construction of value chains in the future will show a deep integration trend:
DeFi + RWA:Use DeFi Lego to provide RWA with efficient liquidity layers such as automated trading, lending, derivatives, etc.
Native crypto assets as collateral/payment means for RWA:For example, use stablecoins or mainstream cryptocurrencies as payment methods or collateral for purchasing RWA tokens.
Mixed Assets:It also includes complex financial products backed by native value on-chain and physical assets off-chain.
The practices of Galaxy Digital and Guofu Quantum respectively map the two mainstream directions of the era of digital assets booming.The former cultivates institutional-level service capabilities in the stormy waves of encryption native, while the latter explores feasible paths for asset chaining in the soil of the real economy.With the ablation of technological barriers and the gradual clarity of the regulatory framework, the two paths will eventually converge in the grand narrative of the value Internet – native crypto assets inject liquidity vitality into RWA, which is the profound foundation of the crypto world anchoring the real economy.
The entire value chain of digital assets in the future will surely be an integrated ecosystem weaved by technological innovation, industrial demand and institutional rules. Whoever can take the lead in opening up and down the chain, balance innovation and compliance, and deepen vertical scenarios will be able to occupy the commanding heights in the new continent of value flow.The whole picture of this revolution, which is intertwined by code, assets and reality, has just begun.
