Many people only know that HashKey is a 'licensed exchange', but the truth is far more than that.

The Wanxiang Group behind it invested in Circle back in 2016 - which is the issuer of USDC (with an estimated investment return of over a hundred times).

At that time, Baidu and Everbright Holdings also invested, and back then, even the term stablecoin hadn't gone mainstream; they were already betting on on-chain dollars.

This is equivalent to becoming a financial giant, building a complete Web3 financial system from primary investment, to exchanges, to deposits and withdrawals, RWA, and fund management. HashKey has essentially constructed an entire suite of Web3 financial services.

Right now, it holds:

Three licensed exchanges (Hong Kong, Singapore, Middle East)

Fiat OTC closed-loop (able to conduct compliant deposits and withdrawals)

Self-developed high-performance public chain (focused on on-chain financial assets)

Investment fund with AUM exceeding 1 billion (invested in over 600 projects)

Most impressively, in the last month alone, user 'active deposits' have increased by 500 to 1 billion USD, without any airdrops or ranking manipulation; it’s truly based on trust and solid foundations.

So when you say it’s the 'Eastern Coinbase'? I think that’s not enough; it’s more like the Asian version of Coinbase + Sequoia + Circle, building its own moat while also paving highways for others.

In this increasingly competitive and compliant market, such players will become more and more valuable.