HashKey Livio: Hong Kong Web3 enters second phase, from single point to full ecosystem

On October 28th, Hong Kong Fintech Week opened at the AsiaWorld Expo. Livio Weng, Chief Operating Officer of Hashkey Group and CEO of HashKey Exchange, was invited to give a speech on the theme of "The Institutional Era of Hong Kong Web3". Livio Weng stated 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 16th showed that Hong Kong's Web3 is entering a new stage, "Livio Weng said. The content of the policy address covers multiple aspects and for the first time mentioned continuing to promote innovative financial services such as central bank digital currency, mobile payments, virtual banking, virtual insurance, and virtual asset trading. This means that Hong Kong Web3 has accelerated the completion of the first phase of infrastructure and entered the second phase. The hallmark of the second stage is the expansion from a single transaction link to a larger scale of the entire ecosystem.

Livio Weng stated in her 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 achieved a transaction volume of HKD 540 billion and a capital sink of over HKD 5.3 billion, of which HKD 3.5 billion comes from transactions with financial institution partners In the past year, HashKey Exchange has become a rising representative of China, ranking among the top ten global exchanges. A new era of institutions is approaching, and with the entry of Western institutions, Eastern forces are also about to follow suit, which is an important development trend. He said.

Regarding the role of exchanges in the institutional era, Livio Weng pointed out that custody business has become one of the most mature areas of Hashkey Exchange, and many investors purchase cryptocurrency ETFs through brokerage platforms, with HashKey Exchange providing a complete Omnibus solution behind the scenes. In addition to on exchange trading, HashKey Exchange also provides off exchange trading services and collaborates with banks to conduct foreign exchange transactions. In addition to foreign exchange cooperation, ZA Bank will also provide encrypted 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 "HashKey Exchange, as the main trading and custody service provider in the market, its institutional product portfolio will comprehensively change the development process of Hong Kong virtual currency merchants

”In the future, there may be many new changes happening in the entire cryptocurrency market. With the final landing of the US presidential 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 in the end, 'Hong Kong will become an important global participant, and Hong Kong institutions will become the core force to jointly build a better Web3 ecosystem.'. “