I previously talked to executives at Coinbase, and he said the boss is an extreme idealist in the cryptocurrency world who has always wanted to issue a token instead of going public, but under pressure, he still chose to go public. Of course, it is now very successful, even surpassing MicroStrategy to become the top stock in the cryptocurrency world.

HashKey, on the other hand, chose a different path. Xiao is an idealist, but historically, issuing tokens has never been successful. Will issuing tokens make it difficult to go public? But indeed, they chose a more challenging path.