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Author: Yue Xiaoyu; Source: X, @yuexiaoyu111
HashKey is about to go public, another milestone in China’s blockchain industry!
Many people actually ignore the importance of this matter. HashKey is the epitome of Hong Kong’s blockchain industry, and there are many signals behind this matter.
It can be said that only by understanding HashKey can we understand the direction of Hong Kong’s blockchain industry and even China’s blockchain industry.
Here, combined with the HashKey prospectus, I share some of my own interpretations:
1️⃣ Hong Kong is still China’s only open window!
Combined with the recent policy trends, it can be found that on the one hand, the mainland’s continued high-pressure supervision of the blockchain industry, and on the other hand, the Hong Kong blockchain industry is making rapid progress.
The listing of HashKey once again verifies the uniqueness of Hong Kong.
The more the mainland suppresses, the more beneficial it will be to Hong Kong.
If China is a fortress surrounded by walls, then Hong Kong is the door that remains.
If you can’t do it in the mainland, you can do it in Hong Kong.
It has been said before that Hong Kong will continue to be China’s financial backdoor, education backdoor, and identity backdoor now and in the future.
Finance flows freely here, educational resources are abundant, and identity is independent from the mainland.
Hong Kong is definitely a place full of opportunities for Chinese Crypto practitioners.
2️⃣ HashKey is the leader in Hong Kong’s blockchain industry and is leading the industry!
HashKey listing = Hong Kong’s determination to write Web3 into its financial infrastructure is officially priced in.
HashKey is the Asian version of Coinbase.
Coinbase is the only compliant exchange listed in the United States, and HashKey will now become the only compliant exchange listed in China.
So HashKey represents China’s regular blockchain army.
More importantly, HashKey is not only a compliant exchange in Hong Kong, but its exchange business is expanding globally, with global stations, Japanese stations, Middle East stations, etc.
HashKey also spans various blockchain services, including asset custody, OTC services, institutional services (CaaS), HashKey Chain public chain, RWA issuance and management, etc.
Therefore, HashKey is a giant blockchain service company and has become the infrastructure of Hong Kong.
In the prospectus, HashKey also clearly stated its business structure: transaction facilitation services, on-chain services, and asset management services.
Among them, the highest proportion is transaction facilitation services, but the fastest growing is on-chain services.
3️⃣ Why is HashKey listed?This is the strongest compliance endorsement!
What do traditional funds, also known as old money, focus on most?
It must be able to earn interest on the basis of ensuring the safety of the assets.
Many old money have long heard about the “high yield” of Bitcoin and want to allocate such a “digital gold”.
But old money cannot understand technology, and is more worried about the high risks of encrypted assets.
Now I see that there is actually a cryptocurrency exchange listed directly on the Hong Kong stock market. With such a compliant and strong security-endorsed channel, I will definitely come in and try to make a layout.
Now that we have the channel, what’s the next step?
It’s sales.
When we talk about Hong Kong, we often see many people selling Hong Kong insurance.
On the one hand, it shows that there is a large amount of funds that require an asset with stable income; on the other hand, Hong Kong has a very mature financial product sales team.
Now, Hong Kong has a new high-yield asset, cryptocurrency.
4️⃣ What is the real value of HashKey?In fact, it is the channel value!
Hong Kong is a channel, a transit place or buffer place for transactions, trade and finance between the East and the West.
The value of Hong Kong lies in the “channel value”. Today, when trade barriers are getting higher and trade conflicts are becoming more and more intense, such channels are extremely precious.
If Hong Kong is the gateway between China and the West, HashKey is the gateway between traditional financial markets and the Web3 world!
HashKey is first and foremost a financial channel.
At present, HashKey basically monopolizes the Hong Kong institutional customer market, and the value of HashKey lies in its “compliant access to funds.”
Secondly, HashKey is a technical channel.
Most traditional companies do not have blockchain-related talent reserves, but everyone wants to come in.
In Guotai Junan’s previous digital asset pilot, the underlying custody + technical architecture all used HashKey.
HashKey has provided institutions with a one-stop service such as CaaS (Crypto-as-a-Service).
So overall, the channel value of HashKey is very important to institutional customers, especially when the market is not good, the toB service can still provide stable income.
5️⃣ What to do about the $HSK token issue that has been criticized by many people?
HashKey has issued its own platform currency $HSK before. The current currency price is not performing well. Many people are worried that HashKey will not care about the platform currency after it is listed.
In fact, HashKey’s prospectus has disclosed that $HSK has been officially recorded in HashKey’s balance sheet and income statement.
In other words, $HSK is a company asset, and currency price performance will directly affect the company’s “net profit.”
Therefore, the company must be fully responsible for the long-term value of $HSK.
Whether it is for listing or for subsequent long-term compliance operations, the problem of $HSK tokens will definitely be solved, and there will even be an incentive to use the company’s business development as a value support for the tokens.
6️⃣ Wait for the wind to blow.
In HashKey’s prospectus, there is this passage:
Due to the maturity of blockchain technology, increased regulatory clarity, and increased user participation, digital assets are generally regarded as a critical moment heading towards the “Internet of 1995” – a decisive turning point in mainstream popularity.In 1995, the Internet was deemed to have entered the commercialization stage.Similarly, monthly active digital asset addresses reached an all-time high of 220 million in September 2024, a threefold increase from the level at the end of 2023. This growth pattern is reminiscent of the rapid rise of early Internet popularity.
HashKey also has many problems to solve, such as high compliance costs, not yet profitable, high customer concentration, etc., but these are not problems in the face of the rapid development of the industry and the rapid growth of business.
Problems in development should be solved during development, rather than stopping to solve them.
We are in the best of times.
