Traditional banks prioritize regulatory compliance when selecting partners, with asset security as a baseline requirement. HashKey's full licensing status means it can engage in dialogue with banks within the same regulatory context.

Mox has recently integrated HashKey's API, allowing users to purchase digital assets directly through the Mox interface. In such collaborations, HashKey provides the API to institutions like Mox or ZA Bank, enabling users to conduct transactions on the institutional side. Over the past year, firms like Guotai Junan, Futu, and ZhongAn have each integrated HashKey's API.

New Collaborations Signal New Opportunities, HashKey Brings New Growth to Institutions

Mox is a digital bank associated with Standard Chartered Bank and is the second-largest virtual bank in Hong Kong, ranking first in terms of loans and revenue capabilities. By the end of 2025, Mox is expected to have around 750,000 customers, with Hong Kong's working population at approximately 3.8 million, meaning one in every five workers in Hong Kong has a Mox account. Additionally, Mox's total loan amount is about HKD 11 billion, with a very high loan-to-deposit ratio, indicating that Mox users are not just saving money but are also active users for consumption and turnover.

Being able to collaborate with Mox undoubtedly positions HashKey as a "top student" among digital asset institutions. Previously, Guotai and Futu were brokerage firms, while ZhongAn was a relatively pure digital bank, and Mox is a digital bank operating under the Standard Chartered Bank system. This somewhat indicates that HashKey's partners have expanded to include traditional banking systems. Traditional banks have the highest requirements for security and compliance among financial institutions.

When traditional banks choose partners, regulatory compliance is the primary consideration, and asset security is the baseline. HashKey's full licensing status means it can engage in dialogue with banks within the same regulatory context. At the same time, HashKey's provision of 98% cold wallet storage, insurance coverage, and high-standard asset custody systems meets the extremely high security requirements of banks.

HashKey offers a plug-and-play digital financial infrastructure. Through a mature API, Mox can quickly expand its business without needing to build a complex underlying system. This "turnkey" capability has been validated across various top-tier financial institutions. This undoubtedly proves that HashKey can withstand the most stringent risk control reviews, paving the way for compliant access for future entrants.

HashKey is also bringing entirely new growth to traditional institutions. After integrating HashKey, Mox may see more than just transaction fees. The user profile in Web3 is often high-net-worth but young and active. Through HashKey's capabilities, Mox will have the opportunity to retain funds that would otherwise flow to overseas exchanges, keeping "digital gold" within the banking ecosystem.

New Models Bring New Momentum, HashKey Finds a Second Growth Point

Before collaborating with Mox, HashKey had always had advantages in institutional partnerships, with solid demand and optimistic prospects, albeit relatively low-key and less noticed by the outside world. Many outsiders still understand HashKey from a retail perspective, often misreading its competitive advantages. Indeed, Web3 has traditionally been dominated by retail investors, making HashKey's institutional advantages easy to overlook.

Regulatory-focused Hong Kong has always been one of the few bridges between traditional finance and Web3, and HashKey serves as a business card for compliant Web3 in Hong Kong. Combined with its liquidity advantages in compliant exchanges, it is clearly the preferred choice for most companies. The position is already well-established, with a solid foundation.

Currently, the original retail users of Web3 are becoming increasingly quiet, but the willingness of traditional financial users to enter the market has increased. Through such API collaborations, HashKey directly reaches a broader base of traditional financial users without participating in front-end customer education, expanding the financial growth market beyond the existing competition in the cryptocurrency space.

In these collaborations, the entry point for users to first encounter and access trading services has shifted from HashKey to mature financial institutions like Mox. Users complete account opening, operations, and trust-building within a familiar banking system, while the underlying trading capabilities are provided by HashKey. This way, HashKey's customer acquisition channels become mature financial institutions, effectively outsourcing the two most challenging aspects of customer acquisition and credit endorsement to traditional institutions that cannot directly hold crypto assets due to compliance. Institutions like Mox already have a large user base and good credit endorsement. The growth rate of transaction volume in this business segment over the past year has been unexpectedly high, rapidly becoming a core business.

Mature financial institutions like Mox typically undergo lengthy risk control verification and system integration when connecting to underlying trading or custody providers, requiring repeated testing of everything from fund security to trading stability, often taking quarters or even years. Once the system is officially operational, internal risk control parameters, clearing and settlement processes, and team collaboration will revolve around that partner, making subsequent supplier changes mean re-approval and system reconstruction, significantly amplifying costs and risks.

Given that Mox itself has a large user base and strict regulatory requirements, establishing and maintaining a partnership with it inherently forms an external capability endorsement, making such collaborations naturally evolve into HashKey's long-term competitive advantage.

In this light, HashKey's competitive moat is indeed solidifying, and its position in financial infrastructure is becoming more robust.

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