Conversation with Rain, Chief HR Officer of HashKey Group: The organizational and talent upgrade behind the rapid rise of HashKey Exchange

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9 months ago

In less than a year, the business of HashKey Exchange has seen rapid development. As of August 2024, the total trading volume has exceeded 500 billion Hong Kong dollars, with assets under management reaching 4.5 billion Hong Kong dollars. It has been listed as one of the top 15 global exchanges and firmly established itself as the largest licensed virtual asset exchange in Hong Kong. In an industry that is rapidly changing, achieving such results would not have been possible without talent as a strong source of motivation.

People often only see HashKey Exchange as the largest licensed virtual asset exchange in Hong Kong, but behind this is a focus on compliance and over 7 years of steadfast commitment. Over the past 7 years, the HashKey Group has obtained relevant virtual asset service licenses in multiple countries and regions globally, including Hong Kong, Singapore, Japan, and Bermuda.

In the layout of licensed and compliant exchanges in Hong Kong, in 2022, HashKey Exchange obtained the 1st and 7th licenses issued by the Hong Kong Securities and Futures Commission, allowing it to provide compliant encrypted asset trading services to the market. In 2023, during a deep bear market, the 1st and 7th licenses of HashKey Exchange were upgraded to include retail licenses, allowing it to provide encrypted asset trading services to retail investors. In 2024, HashKey Exchange successfully obtained the AMLO license. Other members under the HashKey Group have obtained all the necessary licenses from the Hong Kong Securities and Futures Commission to provide virtual asset-related services in the Hong Kong region according to their respective business needs, making it a unicorn enterprise in the full-licensed virtual asset service industry.

Last year, Rain joined HashKey as the Chief Human Resources Officer and quickly promoted the transformation and upgrade of the organization and talent from an organizational and talent perspective. After obtaining the compliance license, from March to May 2023, in just 3 months, the exchange business unit completed a thorough organizational upgrade, transitioning from a core focus on licensing to a "user-centric" organizational structure. As the exchange business gradually stabilized, to support the business, a further "comprehensive support for business acceleration" flat organizational structure upgrade was quickly completed at the group level.

Rain has over 20 years of human resource management experience, having held senior management positions at the US-listed company UT Starcom and served as the Chief Human Resources Officer and General Counsel of JD Group, leading JD to a successful listing on NASDAQ and achieving global organizational transformation and talent upgrade. After that, Rain transitioned from Web2 to Web3, serving as a senior advisor to a leading exchange, with a core goal of serving global users, breaking geographical boundaries, helping companies achieve global talent deployment, and truly realizing a transformation to distributed office work, comprehensively enhancing organizational capabilities and talent density.

Rain may seem to have transitioned into Web3, but for her, having a curiosity about decentralized management and future organizational changes, and a strong belief in Web3, made the transition natural. She firmly believes in the importance of web faith for a diverse, global team, which enables the team to overcome conflicts and balance itself in the fluctuating market environment. Rain also firmly believes that Web3 will need a large influx of talent, and the industry will thrive. Below are Rain's further thoughts and insights on talent and organizational perspectives regarding HashKey and the Web3 industry.

Q: From the perspective of human resources, what did HashKey Exchange do right to become the leader of virtual asset exchanges in Hong Kong today?

A: First, quickly building an efficient and pragmatic executive team. "Building a team, establishing a strategy" - building a team is crucial. President Xiao is a leading figure in the Web3 industry and has always been committed to the development of the Web3 industry. It is precisely because of his firm belief in Web3 and far-reaching influence that, after HashKey obtained the license and began operations, a group of leaders who are deeply committed to Web3 and capable of leading quickly gathered around him and joined HashKey. This allowed us to rapidly build an efficient and pragmatic executive team.

Second, rapidly completing organizational and talent upgrades. Thanks to the efficient and pragmatic executive team, the upgrade of the organization was able to be quickly pushed forward. From March to May 2023, we completed a thorough organizational restructuring of the exchange in just three months. The exchange transitioned from a core focus on licensing to a "user-centric" organizational structure. The upgrade of the organizational structure also created enough space for us to attract talent from diverse backgrounds in Web2 and Web3. Simultaneously, to support the business, a flat organizational structure upgrade for "comprehensive support for business acceleration" was quickly completed at the group level within 6 months.

Third, consensus on mission and vision. At the first strategic meeting after obtaining the license, we clarified and reached a consensus on the mission and vision of the HashKey Group: Mission - Making digital assets accessible, Vision - Providing trusted digital asset services to 1 billion users worldwide. The upgrade of the organizational structure created enough space for us to attract talent from diverse backgrounds in traditional finance, Web2, and Web3 from outside, and we quickly identified and recruited a large number of talents, building a team that is capable and resilient. This diverse team with varied backgrounds may experience friction in conducting business, but under the guidance of the same mission and vision, it is easy for everyone to reach a consensus and move forward together.

Q: What was the biggest challenge faced in the process of building the talent team at HashKey, from a human resources perspective?

A: We have a very diverse talent pool. Our team comes from all over the world, and currently, we have working teams in 10 countries and regions worldwide. They have different professional backgrounds, including traditional finance, Web2, and Web3. It was indeed quite a challenge to integrate such a diverse team into "One Team" and move forward in unison. However, as mentioned earlier, a strong belief in Web3 is an important prerequisite, which is the foundation for overcoming all difficulties. A common mission and vision allowed the team to quickly overcome various challenges, conflicts, collisions, and learning from each other, ultimately forming an efficient, pragmatic, and balanced team. As a compliant cryptocurrency exchange, we need to strictly control risks within the framework of compliance while delivering experiences to users as quickly as possible, which may seem conflicting. However, it is the diverse team that has allowed us to find this balance and successfully overcome this challenge.

Q: How do you view and attract such a diverse range of talents to the company, and what personality traits, work skills, or technical skills do they need?

A: First and foremost, it is about faith. At HashKey, every employee has a common title, "Hashkeer," and each Hashkeer needs to have a strong belief in and passion for Web3. Regarding faith, we summarize it as 3B: first, We Believe, we believe in Web3, firmly believing that this industry will drive the progress of society as a whole; second, We Build, we are willing to contribute wisdom and time to the industry's development; third, We Become, HashKey will become a leader in the compliant cryptocurrency industry, leading the industry, and we ourselves will also become top talents with faith in Web3 while achieving HashKey's success.

HashKey Exchange, as a licensed and compliant exchange, requires both the rigor of traditional finance and the ultimate pursuit of user experience in Web2, as well as the speed of Web3. We need these three types of talents to complement each other and learn from each other to form one team. Therefore, we encourage a diverse and inclusive work culture and actively create a fair, diverse, and opportunity-rich work environment for talent. It is precisely because of the licensed and compliant nature of HashKey that the diverse talent profile of Hashkeers is becoming more vivid. Here's a preview: we are about to promote the AHA talent view throughout the entire group: Adaptable, High-potential, Ambitious. Hashkeers need to have strong resilience and inclusiveness to work with partners from completely different cultures, backgrounds, and work habits, and withstand the pain of adaptation and conflicts while working towards common goals. Hashkeers need to have high potential and be willing to learn from partners with different backgrounds to accelerate their own growth. They also need to have ambition and determination, as the compliant cryptocurrency industry is an unstoppable trend but also presents new and greater challenges. Web3 has its peaks and valleys, and during market fluctuations, one must remain humble and patient, and endure the loneliness to cultivate inner strength. This is an essential quality, and perseverance is crucial.

Q: There has always been a saying that HashKey is the Whampoa Military Academy of the industry, and talents cultivated by the company often become hot targets for other companies. What is your view on this?

A: HashKey's talents are multifaceted, learning from each other and overcoming challenges, possessing both the strictness and meticulousness of a compliant framework and the knowledge, speed, and agility of Web3, while also considering the platform thinking of Web2 and user experience. Because of the unique nature of the HashKey platform, we seem to be the "Whampoa Military Academy," exporting a large number of talents to the Web3 compliant track. However, in a sense, I don't see it that way, because Web3 itself is a very large industry ecosystem, and it is still in its early stages. When I was working at JD, I mentioned that the future trend of talent organization is borderless. Everyone is promoting the overall prosperity of the industry within a very large ecosystem. Only when the industry's cake becomes larger and larger, can the industry's pioneers reap more rewards, rather than fighting over a small piece of the cake. The Web3 industry is still in its early stages and requires a large influx of talent to build it together. We welcome more talent to join the Web3 industry and contribute to its development. For HashKey itself, we are also pleased to cultivate and supply talent to the industry.

We value talents as treasures and firmly believe that talents are the cornerstone of the sustainable development of an organization. HashKey actively creates a fair, diverse, and opportunity-rich work environment for talents, and we hope that the talents we value can stay longer in this platform.

Q: Many talents from offshore exchanges and other tracks also hope to join HashKey. What kind of qualities do they need to possess?

A: HashKey operates in the compliant track, and many people hope to join us because we are a leading player in the industry, especially in Hong Kong and the Asian compliant track. Talents from offshore exchanges have rich knowledge and experience in Web3, and many are Web3 Natives. If they come to a compliant platform, they must have an open mindset for learning and integration, quickly understanding and learning the compliant framework. Only in this way can they retain the speed of Web3 without crossing the compliance line. Additionally, within the compliant framework, our work and process design require a lot of fine-tuning. Under the premise of compliance, we also require efficiency, which can be quite a painful process at times. Therefore, talents who are willing to enter the field need to have patience, enduring the refinement and loneliness.

Q: In your opinion, what stage is the recruitment and management of Web3 talents currently at in the industry? What kind of development do you hope the industry will have in the future?

A: From an industry perspective, the entire Web3 industry is still in its early stages, roughly equivalent to the time around 2011-2012 in traditional internet development, or even earlier. The next stage will be the era of explosive application, where the basic technical infrastructure is already in place, but a large number of application scenarios have not fully exploded, and the market is still in the process of education and cultivation. When it comes to Web3, many people still find it very distant and mysterious.

From a talent perspective, Web3 still needs a large influx of talent. Currently, there are no major players in Web3, and this industry still needs a large number of people who have faith in Web3 and are willing to join or transition to this industry to promote its development and prosperity together.

I have great confidence in Web3. Many people find blockchain very abstract, but when a large number of Web3-based application scenarios become closely related to various aspects of our lives and work, the true era of explosive growth in the industry will arrive. Just as the development of Web2 internet, it was the explosive growth of applications based on internet technology in various industries that ultimately brought about the prosperity of the era.

Because the true explosive growth phase of Web3 has not yet arrived, those who are interested in or have faith in Web3 should join at this stage, not to "dabble," but to learn, contribute, and accumulate knowledge in the industry, so that they can welcome the spring of their careers when the explosive growth era of Web3 arrives.

Q: From your personal perspective, how did the transition from Web2 to Web3 happen, and I believe you also have faith in Web3. How did you recharge such faith in Web3 and make such a decision?

A: "Winning the future, the organization leads the way." In fact, I am more interested in the future development of organizational forms. At that time, when people talked about Web3, they mentioned a term called decentralization, iterating from a centralized organizational form to a decentralized one.

When I was working at JD, I shared some of my insights into the future development of organizations, stating that companies and their collaborations have transitioned from a "forest ecosystem" to a "bamboo forest ecosystem," and ultimately, the boundaries will become increasingly blurred, leading to a "borderless organization." The boundaries between companies will become increasingly blurred, or their collaborations in the ecosystem will no longer be limited to business cooperation but will be intricately connected from the roots (in terms of equity), intertwining together. I proposed this concept a long time ago.

When I came into contact with Web3, the goal of iterating towards a decentralized organizational form aligned with my research into the future development of organizational forms. Of course, my personal trait is always being curious about new things. But when I truly entered the Web3 industry, through rapid learning, I quickly became a believer in it because I firmly believe that the underlying technology and logic of Web3 will empower the traditional financial industry and bring about deeper and more far-reaching changes in the financial industry. The traditional financial industry is one of the few remaining virgin territories that have not been fully empowered by internet technology. The distributed network of Web3 and the distributed ledger of blockchain will provide a clearer direction for this transformation. With such faith and my passion for researching the iterative development of organizational forms, crossing over into this industry was not so difficult.

Q: What are the future plans for the organizational structure of HashKey, and is it possible to transition to DAO?

A: The future development of the organizational structure of HashKey is still under discussion, and we are exploring various possibilities. As for the transition to DAO, it is an interesting concept, and we are closely following the developments in this area. However, at present, we have not made any specific decisions regarding the transition to DAO.

Answer: The trend of overall organizational iteration and evolution will lead our generation to experience a hybrid mode era, which may not be completely a DAO governance model, and traditional company management models will still exist. Currently, Web2 is gradually accepting distributed and remote work, which in my opinion is likely a precursor to the implementation of DAO governance models. With social progress and more young people joining the Web3 wave, the future work mode will undergo significant changes. The form of organizations will transition from management to governance, where individuals are not bound to the same office or even the same company, but are based on the same beliefs, driven by self-motivation and task-oriented cooperation to achieve mutual benefits. The transition to DAO is a gradual process, and at present, for HashKey Exchange, which leads the compliant track, the pursuit of DAO is still premature. Licensed compliance also means that we must operate within a regulatory framework. According to compliance requirements, we must have relatively fixed office spaces and very strict on-site operational rules and team requirements to control risk points. However, at the group operational level, distributed and remote work already exists within our organization.

Question: Lastly, I'm very curious, what will be the current focus of human resources at HashKey?

Currently, we will focus on three very important aspects and lay out a global strategy year by year: Globalization, Digitalization, and Intelligence.

First is Globalization - HashKey's vision is to "provide trusted digital asset services to 1 billion users worldwide." To achieve this vision, HashKey needs to build a global talent pool. We will recruit talent globally to enhance the company's internationalization, ensuring that the team not only has high professionalism but also competitive cultural diversity. This will help HashKey better understand and serve global customers, integrating various important international perspectives, which is crucial for operating a digital asset platform on the international stage.

Next is Digitalization - This year, HashKey will focus on upgrading and integrating its internal management information systems. These systems are the foundation of company operations. By modernizing these systems, HashKey is laying the groundwork to accelerate its business processes, improve efficiency, and reduce risks, which is crucial for maintaining competitiveness in the rapidly evolving digital asset market.

The third aspect is Intelligence - The application of AI modules in management is an irreversible trend and the direction of our organizational transformation. By integrating advanced artificial intelligence systems to precipitate, transform, and analyze a series of data and behaviors, the company can not only process and analyze large amounts of data more efficiently but also optimize decision-making processes and daily operations. The application of AI will cover various aspects of internal management, making management more precise and automated.

Each focus area will have different action plans each year, and we will deepen our efforts year by year. We hope that one day, every Hashkeer in any corner of the world will fully enjoy the convenience brought by the organization's digitalization and intelligence processes.

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