HashKey Livio: Hong Kong Web3 enters the second stage, from a single point to a full ecosystem

On October 28, Hong Kong Fintech Week opened at the AsiaWorld-Expo. Livio Weng, COO of Hashkey Group and CEO of HashKey Exchange, was invited to give a speech entitled The Institutional Era of Hong Kong Web3 is Coming. Livio Weng said that Hong Kong Web3 has accelerated the completion of the first phase of infrastructure construction and entered the second phase of full ecological development.

The Policy Address released on October 16 shows that Hong Kong Web3 is moving towards a new stage. Livio weng said that the content of the Policy Address covers many aspects and for the first time mentioned that it will continue to promote innovative financial services such as central bank digital currency, mobile payment, virtual bank, virtual insurance and virtual asset trading. This means that Hong Kong Web3 has accelerated the completion of the first phase of infrastructure construction and entered the second phase. The second phase is marked by the expansion from a single transaction link to a wider range of the entire ecosystem.

Livio Weng said in his speech that HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong. With the support of Hong Kong government policies, HashKey Exchange has completed a transaction volume of 540 billion Hong Kong dollars and a capital of more than 5.3 billion Hong Kong dollars, of which 3.5 billion came from transactions with financial institution partners. In the past year, HashKey Exchange has become a rising Chinese representative and ranked among the top ten global exchanges. A new institutional era is coming. With the entry of Western institutions, Eastern forces are about to follow up. This is an important development trend. He said.

Regarding the role of exchanges in the institutional era, Livio Weng pointed out that custody business is already one of the most mature areas of Hashkey Exchange. Many investors purchase cryptocurrency ETFs through brokerage platforms, and HashKey Exchange provides a complete Omnibus solution behind the scenes. In addition to on-site trading, HashKey Exchange also provides over-the-counter trading services and cooperates with banks to conduct foreign exchange exchange business. In addition to foreign exchange cooperation, ZA Bank will also provide crypto trading services to retail customers through Hashkey Exchange, which will become a standard service for major banks in the future. Livio Weng pointed out that as the main trading and custody service provider in the market, HashKey Exchanges institutional product portfolio will comprehensively change the development process of virtual currency traders in Hong Kong.

In the future, the entire crypto market may see many new changes. With the final outcome of the US election and the expectation of continued breakthroughs in web3 compliance in the US, Hong Kong, and Dubai, the market is about to enter a new round of rapid development. Livio Weng said at the end, Hong Kong will become an important global player, and Hong Kong institutions will become the core force to jointly build a better Web3 ecosystem.

This article is sourced from the internet: HashKey Livio: Hong Kong Web3 enters the second stage, from a single point to a full ecosystem

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Original author: DeSpread Research Original translation: TechFlow Disclaimer: The content in this report represents the personal opinions of the author and is for reference purposes only. This article is not intended to recommend the purchase or sale of tokens or the use of any protocol. Nothing in the report constitutes investment advice and should not be considered investment advice. 1. Introduction With the development of the IT industry, the improvement of computing power and the widespread application of big data, the performance of artificial intelligence (AI) models has also improved significantly. In recent years, AI capabilities have reached or even surpassed human levels in many fields and have been rapidly applied to industries such as healthcare, finance and education. A typical example of AI commercialization is ChatGPT, a generative AI…