HashKey

In recent years, the global cryptocurrency trading market has experienced ups and downs, which can be quite dazzling. However, the disruptive impact of blockchain technology cannot be ignored. To gain a deeper understanding of the history, current status, and prospects of this industry, we interviewed Mr. Deng Chao, an alumnus of the Global EMBA program from CEIBS.
Deng Chao has over ten years of experience in the rapidly changing financial field. He understands that the disruptive innovation of blockchain technology makes it fundamentally different from traditional trading systems. To succeed in this field, one must maintain sharp insights and an open mind to respond to various potential opportunities and challenges.

In the development history of China's blockchain industry, Xiao Feng is undoubtedly a name that cannot be ignored. As a pioneer and promoter in the field of blockchain in China, he is known as the 'Godfather of Chinese Blockchain'. From traditional finance to the digital economy, Xiao Feng, with his profound financial background, forward-looking strategic vision, and outstanding leadership, has promoted the commercialization and upgrading of blockchain technology in China.
This article will comprehensively analyze this leading figure in China's blockchain industry from multiple dimensions, including Xiao Feng's personal background, career, contributions to the blockchain field, industry influence, and future prospects.

The future landscape of exchanges will be that every country and region will have its own local compliant exchange, such as Coinbase in the United States, while offshore exchanges will provide strong supplementation, such as the world's number one Binance.
Compliant exchanges undertake local traditional institutional funds, providing a compliant deposit and withdrawal channel, while offshore exchanges attract global flowing funds, providing deposit and withdrawal channels for users and regions that cannot meet compliance requirements through regulatory arbitrage.
Of course, there is a larger background that the Web3 industry has gradually begun to move on-chain, and decentralized exchanges are completely permissionless, going a step further than offshore exchanges to meet the on-chain trading needs of individuals.

1. #HSK Policy big gift has come!
Hong Kong license upgrade! Guotai Junan International just obtained the upgraded license from the Hong Kong Securities and Futures Commission, allowing virtual asset trading! This indicates that Hong Kong's commitment to compliant virtual assets is certain! Large institutions are entering the market, and market confidence is booming!
(Stablecoin regulations) Effective in August! Hong Kong's compliant ecosystem is becoming more and more complete, providing a strong boost for the entire industry! As a representative of the 'Hong Kong compliant system', HSK, HashKey's own child, is certainly reaping the benefits of this wave!
Guangdong-Hong Kong join forces for big things! HashKey just signed a cooperation with the Guangzhou Data Exchange (June 17) to create a 'Digital Asset Cross-Border Flow Experimental Zone' in Nansha, Guangzhou. Imagine, in the future, HSK might be used in Guangdong-Hong Kong cross-border data transactions? This application scenario has opened up huge possibilities!

1. #HSK A big policy gift has arrived!
Hong Kong license upgrade! Guotai Junan International has just obtained an upgraded license from the Hong Kong Securities and Futures Commission, allowing them to engage in virtual asset trading! This indicates a definite commitment to compliant virtual assets in Hong Kong! Major institutions are entering, and market confidence is soaring!
(Stablecoin Regulations) Effective in August! Hong Kong's compliant ecosystem is becoming increasingly完善, providing a strong boost to the entire industry! As a representative of the 'Hong Kong Compliance System', HashKey's own child HSK will naturally benefit from this wave of dividends!
Guangdong-Hong Kong collaboration for big events! HashKey just signed a cooperation agreement with the Guangzhou Data Exchange (June 17) to create a 'Digital Asset Cross-Border Flow Pilot Zone' in Nansha, Guangzhou. Imagine, HSK might be used for cross-border data transactions between Guangdong and Hong Kong in the future? This application scenario opens up huge possibilities!

#HashkeyCapital , a digital asset management firm based in Hong Kong, has announced the launch of a new investment product focused on #XRP , marking a strategic step toward increasing institutional exposure to the third largest crypto asset by market cap in Asia.
The product, called the #HashKey #XRP Tracker Fund, is positioned as the region’s first investment vehicle specifically designed to mirror XRP’s market performance. The firm also stated that there are plans to evolve the fund into an exchange-traded fund (#ETF ) in the future.
The Aim Behind Asia’s First #XRP Tracker Fund
According to an April 18 announcement, #Ripple will act as the anchor investor in the Tracker Fund, reinforcing the partnership between the blockchain firm and HashKey.
HashKey Capital is launching Asia’s first XRP Tracker Fund—with @Ripple as an early investor.This marks a major step in expanding institutional access to XRP, the third-largest token by market cap. 🧵👇— HashKey Capital (@HashKey_Capital) April 18, 2025
The initiative aims to attract regulated institutional capital into the altcoin’s ecosystem and to expand accessibility for digital asset investors across the region. HashKey has indicated that the new fund aligns with its ongoing efforts to create compliant, crypto-native financial instruments within regulated markets.
In addition to launching the Tracker fund, HashKey Capital disclosed that the firm and Ripple are deepening their collaborative relationship. The companies are currently exploring the development of additional investment products and financial infrastructure that leverage the XRP Ledger.
These discussions include the potential launch of a money market fund (MMF) using tokenization on the XRP blockchain, as well as the creation of cross-border decentralized finance (DeFi) solutions.
Collaboration With Ripple and Future Product Expansion
Vivien Wong, a partner at HashKey Capital, noted that the collaboration extends beyond financial investment. She said the firm will contribute its network of financial institutions, regulatory bodies, and investors in the region to assist Ripple’s broader objectives.
Wong emphasized that the collaboration supports Ripple’s initiatives in decentralized finance and enterprise blockchain adoption. The XRP Tracker Fund becomes the third tracker fund in HashKey’s portfolio, following similar products for Bitcoin and Ethereum.
3/ A first in Asia, but not the lastThe XRP Tracker Fund is HashKey Capital’s third tracker fund, following its Bitcoin and Ethereum ETFs.With regulatory approval, it could evolve into an ETF in the next 1-2 years, further broadening institutional access.— HashKey Capital (@HashKey_Capital) April 18, 2025
These offerings reflect the firm’s strategy to provide institutional-grade access to key digital assets.
Although not an ETF at this stage, HashKey has indicated the XRP fund may transition to an ETF structure, pending regulatory developments and investor demand.
The introduction of a region-specific XRP fund supported by Ripple adds to the growing interest in bringing traditional financial frameworks to crypto markets in Asia. Interestingly, XRP’s price was ignorant to the news with the asset seeing no uptick but instead trading at $2.08 marking a 1.2% decrease in the past day.

XRP price is moving upwards on the 2-hour chart. Source: XRP/USDT on TradingView.com

The golden wind brings coolness and the grand event is approaching. On October 17, the 10th Blockchain Global Summit will be grandly held at the Shanghai Innovation and Creativity Design Institute (the former site of Leshide Institute of Technology, No. 505 East Changzhi Road)!
Since the inception of the first Shanghai Blockchain International Week and Blockchain Global Summit in 2015, this annual event has become a benchmark for blockchain industry activities in Shanghai and even the world with its cutting-edge technical exchanges and profound industry insights. Every year, it attracts top experts, scholars and entrepreneurs from all over the world to explore the infinite possibilities of blockchain technology together.