Recently, various exchange platform tokens have been stirring, with #OKB leading the way and #BGB following. Tonight, #HSK is also showing unusual activity. I happened to see a report discussing the journey of #HashKeyExchange from 0 to 20 billion HKD, a "compliance miracle" achieved in two years, which made me marvel at how fast the crypto market is developing and how quickly it is being disrupted—it's truly hard to imagine!

HashKeyExchange launched in August 2023, and just two years later, it has already surpassed 20 billion HKD in managed client assets. It's worth noting that OSL, another compliant exchange in Hong Kong, currently has only 5.694 billion HKD—this means that HashKey's capital accumulation is already over 3.5 times that of OSL. In the compliance sector, this is an incredibly "eye-catching" growth rate, proving that the market and institutional funds are actively embracing it.

As an investor in both the crypto and stock markets, I often like to measure crypto enterprises against the traditional financial system. If you look at a local small to medium-sized bank in Hong Kong, it usually takes 5-10 years to stabilize and accumulate deposits at the 20 billion level—and they must also go through regulatory assessments and financial crisis tests along the way. #HashKey achieved this scale in just two years, meaning its speed is almost 3-5 times that of traditional banks.

If we compare #HashKeyExchange to small and medium-sized banks in Hong Kong, its current scale has reached the level of a "regional bank." The landscape of Hong Kong's financial industry includes many small to medium-sized banks, with deposit scales generally between 10 billion and 50 billion HKD. With #HashKey's 20 billion in managed assets, it has firmly established itself within this range.

From this perspective, it means that #HashKey is not just "an exchange," but can already be viewed as a "small to medium-sized bank in the virtual asset field." More importantly, its business model is lighter, its growth is faster, and its regulatory framework is more flexible.

Finally, we briefly summarized the development path of #HashKeyExchange, which can be described as an unprecedented growth rate:

✅2023: HashKey Exchange received a license from the Hong Kong Securities and Futures Commission, becoming one of the first licensed exchanges available for retail use, firing the "first shot of compliance."

✅2024: Within a year of launching, with no major security incidents, it achieved a CoinGecko security rating of 9/10 (full marks for security), gradually earning industry trust.

✅2025:

• Total trading volume surpassed 1.2 trillion HKD.

• Managed assets reached 20 billion HKD, surpassing OSL and establishing itself as the number one in Hong Kong.

• Omnibus services exploded, with institutional business volume increasing 80 times year-on-year, successfully transforming itself into a "bridge" between institutions and users.

The overall development path is very clear: first compliance → then safety → followed by scaled growth → and finally institutionalized finance.

Overall, if you only look at trading volume, you might think #HashKey is just "growing fast"; but once you compare it with OSL and small to medium-sized banks in Hong Kong, you'll find that it has completed in two years what others take 5-10 years to achieve, directly reaching a "small to medium-sized bank level" scale. In the future, I place more importance on its potential for institutionalized finance. If the past two years were about "establishing compliance," the next step is to expand towards #RWA and large institutional financial services. I believe #HashKey is no longer just a crypto exchange in Hong Kong, but rather an "emerging bank" in the virtual asset sector of Hong Kong.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。