"Providing trusted digital asset services for one billion users worldwide" is the vision that HashKey Group has always adhered to.
How to achieve it?
By insisting on a licensed, compliant, and regulated path, and building a comprehensive Web3 financial infrastructure.
In the first half of 2024, the approval of Bitcoin spot ETFs opened a compliant channel for traditional funds to invest in cryptocurrencies; in the second half, Trump's victory initiated a global policy bull market, with market focus gradually shifting towards innovation and competition within a compliant framework, leading the entire crypto market into a frenzy of continuously breaking ATHs.
Today, we reflect on the key moments related to HashKey in 2024, which are a microcosm of the rapid and turbulent development of the market projected onto an industry participant. As we look back, we are pleasantly surprised to find that it guides us to see a door that is opening, a door leading to the "Golden Decade of Web3."
January: "Financing" "Unicorn Companies"
In January, HashKey Group completed nearly $100 million in Series A financing with a pre-investment valuation exceeding $1.2 billion, joining the ranks of "unicorn companies."
This represents the financial market's recognition of the compliant track in the cryptocurrency market.
April: "HashKey Global" "Global Expansion"
In April, HashKey Global was launched after obtaining an F license from the Bermuda Monetary Authority, allowing it to provide licensed virtual asset trading services. HashKey Group officially entered the "dual flagship era" of licensed exchanges, accelerating the construction of the world's largest cluster of licensed exchanges.
HashKey Global achieved profitability within two months of its launch and ranked among the top 10 global exchanges on CoinGecko in June, becoming one of the fastest-growing licensed exchanges globally in 2024. As of December 5, HashKey Global had reached 910,000 new registered users, with daily trading volume climbing to $250 million, maintaining a steady rank of 10th globally on CoinGecko[1].
April: "HashKey Capital" "Hong Kong's First Batch of Virtual Asset Spot ETFs"
In April, Hong Kong officially approved the listing of six Bitcoin and Ethereum spot ETFs on the Hong Kong Stock Exchange. Among them, HashKey Capital partnered with Bosera Asset Management to launch the Bosera HashKey Bitcoin ETF (3008.HK) and HashKey Ethereum ETF (3009.HK), innovatively introducing the world's first "holding" redemption mechanism, opening a channel for traditional compliant funds to enter the crypto market. By July 4, 2024, the total scale of the two ETFs exceeded $110 million, firmly ranking first in Asia.
During the year, HashKey Capital collaborated with FTSE Russell to launch three major digital asset indices, including the FTSE Digital Assets 20 Index, FTSE Digital Assets Infrastructure Index, and FTSE Digital Assets Application Index, to meet institutional demands for investability and regulatory integrity in this new asset class, enabling investors to understand real-time value changes in the digital asset market.
As a leading institutional asset management company globally, HashKey Capital managed over $1 billion in funds in 2024, covering various sectors including institutional services, infrastructure, data, AI, consumer services, and technology, and was awarded the "Singapore SME500 Award" by the Singapore Trade and Business Association.
May: "Compliance" "Hong Kong's Fully Licensed Unicorn"
In May, HashKey Exchange ("Hash Blockchain Limited") obtained an AMLO license under the Anti-Money Laundering Ordinance in Hong Kong. In this context, HashKey Exchange has already acquired the necessary licenses from the Hong Kong Securities and Futures Commission (SFC) for virtual asset-related services, becoming a fully licensed virtual asset service unicorn.
Currently, HashKey Group has obtained relevant licenses for virtual asset services in Hong Kong, Japan, Singapore, Bermuda, and will continue to advance its licensing efforts in Europe and the Middle East.
"Global Licensing" makes it possible for HashKey to serve one billion users.
June: "HashKey Cloud" "Asia Top 3" "STO" "Node Validation"
In June, as the technological cornerstone of HashKey Group, HashKey Cloud successfully ranked among the top 3 in Asia and top 10 globally in node validation service providers in 2024.
As of now, HashKey Cloud's node validation covers over 80 mainstream public chains, with support for an additional 35 public chains and protocols added in 2024. The total asset management scale (AUM) for node validation exceeds 3.8 billion USDT.
During the year, HashKey Cloud launched STO infrastructure products for scenarios such as equity token financing and fund tokenization, serving clients with token product needs. Significant progress is expected in fund tokenization and equity token financing projects in the near future, which will promote the compliance process and market structure optimization of digital assets.
July: "HashKey Exchange" "Hong Kong's Largest*" "Stablecoin"
In July, several leading brokerages in Hong Kong upgraded to a Type 1 license. During the year, HashKey Exchange, as one of the first virtual asset exchanges in Hong Kong to serve retail users, launched the institutional-grade comprehensive service HashKey Pro, assisting over ten brokerages and banks, including ZhongAn Bank and Victory Securities, in rapidly integrating professional and reliable virtual asset trading functions. To date, over HKD 5 billion in transactions have been completed.
In 2024, HashKey Exchange added two new tradable cryptocurrencies, AVAX and LINK, for retail investors, and provided 25 tradable cryptocurrencies for professional investors (PI users), offering a diverse range of virtual asset investment options. With its significant market leadership, HashKey Exchange's asset management scale surpassed HKD 10 billion in November, with a cumulative trading volume reaching HKD 580 billion, firmly establishing itself as Hong Kong's largest cryptocurrency exchange[2].
HashKey Exchange also partnered with Yuan Coin Technology, which entered the Hong Kong Monetary Authority's stablecoin issuer sandbox, to promote the future issuance of the HKDR stablecoin pegged to the Hong Kong dollar. We believe the stablecoin market will experience exponential growth in the future, with stablecoins becoming a major scenario for multiple countries to explore large-scale compliant adoption of cryptocurrencies in cross-border payment scenarios.
With outstanding business performance, HashKey Exchange was selected as one of the top 20 in Forbes' "The World's Most Trustworthy Crypto Exchanges And Marketplaces," being the only exchange from Hong Kong on the list.
July: "Big Golden Dog" "Million-Level Airdrop" "Hash Pass"
In July, HashKey Group's ecosystem token HSK launched its first round of airdrops. The explosive growth of Telegram and the TON ecosystem is one of the most noteworthy directions in the entire crypto industry in 2024. HashKey accurately captured market traffic and launched the first Telegram Tap-to-Earn "Big Golden Dog" game within the on-chain wallet Hash Pass, serving as the first airdrop channel for HSK. To date, "Big Golden Dog" has formed a community with over 10 million active users.
August: "HashKey OTC" "Singapore"
In August, HashKey OTC's major payment institution license was officially approved by the Monetary Authority of Singapore, providing clients with regulated digital payment token (DPT) trading services. Currently, HashKey OTC's trading volume has surpassed $5 billion.
August: "HashKey Tokenisation" "RWA"
In August, HashKey Group announced its participation as one of the working group members of the Hong Kong Monetary Authority's Ensemble project, exploring the tokenization and trading of real-world assets (RWA) including carbon credits, green assets, and money market funds within the project sandbox, with HashKey Tokenisation deeply involved.
As the tokenization service institution of HashKey Group, HashKey Tokenisation will tokenize high-quality assets, creating liquidity for Web2 and Web3 projects at various stages, and providing unique assets for compliant exchanges, serving as a bridge connecting the real economy, supporting innovative technologies, and aiding in the construction of financial markets. With strong research capabilities, its team authored the financial book "Digital Assets: Innovation, Risk, and Regulation," which won the highest award in Chinese financial literature, the "Golden Sheep Award," in 2024. During the year, HashKey Tokenisation also promoted the establishment of the "Open Source Alliance" to facilitate the application and development of open-source ideas in the field of General Artificial Intelligence (AGI).
November: "HSK" "Ecosystem Token"
In November, after a long period of refinement, HashKey Group launched the "Ecosystem Token" HSK on several leading exchanges, including HashKey Global. HSK can be applied in various scenarios within the HashKey ecosystem, such as trading fee discounts, exclusive token purchase rights, and node validation rewards, and serves as the native token and gas token of HashKey Chain. HSK holders will enjoy governance and decision-making rights over HashKey Chain.
Adhering to long-termism, HSK has a linear unlocking period of four years and will always be distributed to genuine community builders.
As a value capture mechanism for the entire HashKey Group ecosystem, as of December 27, HSK reached a peak of $2.56, with a maximum increase of 257.3% within 30 days[3].
The market's recognition of HSK has truly shown us the power of "ecosystem."
December: "HashKey Chain" "Compliant On-Chain Infrastructure"
HashKey Exchange, HashKey Global, HashKey Capital, and HashKey Cloud are the fundamentals of HashKey Group, but that is still not enough. What HashKey Group needs to build is a fully interconnected on-chain and off-chain Web3 financial infrastructure, which requires an open, decentralized financial system accessible to everyone globally.
On December 18, 2024, HashKey Group launched the "compliance-friendly" on-chain financial infrastructure L2 public chain HashKey Chain, providing global users with a faster and lower-cost full-stack on-chain Web3 solution, while also offering a multi-dimensional and multi-level compliance-friendly on-chain infrastructure for the on-chain deployment of traditional financial products.
The launch of HashKey Chain also connects all HashKey ecosystems, forming a powerful, mutually promoting and empowering system capable of large-scale collaboration.
2024: "Everything is Timely" 2025: Entering the "Golden Decade of Web3"
In 2024, we see licensed exchanges, ETFs, RWAs, STOs, and stablecoins driving the deep integration of on-chain and off-chain financial markets. The compliant, full-ecosystem Web3 infrastructure built by HashKey Group is becoming a bridge connecting traditional finance and crypto finance through these innovative financial tools, bringing us to the doorstep of the "Golden Decade of Web3."
In the next decade, "providing trusted digital asset services for one billion users worldwide" will not be out of reach.
Fortunately, in 2024, "everything is timely."
[1] As of December 5, 2024, HashKey Global ranked 10th in the CoinGecko global exchange rankings.
[2] As of December 27, 2024, HashKey Exchange ranked 7th in the CoinGecko global exchange rankings, being the highest-ranked licensed virtual asset exchange in Hong Kong.
[3] As of December 27, 2024, GoinGecko data shows that HSK peaked at $2.56.
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