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.
Currently, Deng Chao is responsible for the operation and future development strategy of HashKey in Singapore. HashKey Capital is a digital asset management organization dedicated to helping global clients better understand and explore the cryptocurrency market and conduct trading and investment effectively.
From small projects to big enterprises
When discussing his connection to cryptocurrencies and blockchain, Deng Chao likes to humorously refer to it as an "accident." He said: "The first company I joined was one of the five major fund companies in mainland China. However, in 2011, I joined Wanxiang Holdings with the company's founder, Dr. Xiao. Financial technology was a hot topic at the time. We closely followed fields such as financial technology, Bitcoin, and blockchain. Dr. Xiao, after research, believed that cryptocurrencies could be the next major event in global finance due to their technological characteristics and tremendous application potential. This technology could have an impact as significant as the internet, if not greater. So, my boss asked me to delve into this field, and thus my blockchain investment career began. I have always been eager to understand 'new things' and explore practices and products that can change the industry."
In the 2010s, the rapid development of blockchain drove a series of ups and downs in the cryptocurrency industry. In this unpredictable field, achieving success not only requires a prudent attitude but also massive research investment. Over the past decade, frequent changes in regulations, constant technological innovations, investors' anxiety, and the public's confusion over numerous scandals in the cryptocurrency industry have left blockchain practitioners feeling lost, as if trying to hit a constantly moving target. From this perspective, the situation of the 2020s will likely be similar.
Note: To date, HashKey Capital has published two bestsellers: (Blockchain and Cryptocurrency Investment Guide) and (Digital Asset Valuation Framework). The company has conducted in-depth research in related fields, committed to cultivating a new generation of investors and helping them integrate into this rapidly rising cryptocurrency ecosystem. HashKey Capital hopes to help establish clear industry standards and bridge the gap between traditional investment institutions and the emerging Web3.0 industry.
Deng Chao wants to create a simpler, safer, and more sustainable blockchain ecosystem to meet customers' needs for certainty and stability. To this end, he and his team have invested significant time in developing corresponding solutions. In 2018, HashKey Capital was officially established, with the clear mission of exploring the immense potential of blockchain technology and further promoting the widespread application of Web3.0.
"We are involved in all areas of the blockchain ecosystem, including various aspects from technology development to application, investment, and trading," Deng Chao explained. "The company mainly has four business segments. First is venture capital (VC), where we invest globally in top Web3.0 projects. Second is over-the-counter trading (OTC), which provides brokerage services to help clients trade crypto assets securely. The third business segment is highly liquid funds, including actively managed funds and index funds. Last month, we launched Hong Kong's first listed exchange-traded virtual asset funds (ETFs): Bosera HashKey Bitcoin ETF (3008.HK) and Bosera HashKey Ethereum ETF (3009.HK). The final business is wealth management, providing comprehensive solutions for investors interested in exploring the Web3.0 field."
Facing a wide and constantly expanding product line, Deng Chao and his team are always reviewing and adjusting to ensure they provide clients with the most cutting-edge blockchain technology and the latest Web3.0 innovations. HashKey Singapore not only needs to keep pace with the latest developments in blockchain technology but also needs to accurately predict how these changes will impact the mindset of investors at large. Where will visionary investors put their 'smart money'? What factors might deter investors? How can investor concerns be alleviated, thereby enhancing their confidence in the industry's future?
In terms of business operations in this area, a solid foundation of business knowledge is undoubtedly beneficial. Therefore, Deng Chao decided to pursue an EMBA course. Moreover, he chose a school known for its practical teaching, which encourages students to study the latest cases in modern business trends and refine personal skills through practical application.
Choose CEIBS
"2019 was a turning point in my life," Deng Chao recalled. "At that time, I was promoting HashKey's business development in Hong Kong while also planning to expand into Singapore. I felt an urgent need to enhance my management skills and broaden my global network. I realized I needed to cultivate systematic thinking so that I could transform an idea, especially one related to emerging technology ecosystems, into a feasible business application."
Deng Chao values his learning experience at CEIBS highly. He explored details with classmates and professors, simulated real scenarios, and sought solutions to effectively integrate modern management theory into the current business environment.
"My experiences over the past two years have fully proven that the knowledge we learn in business school can indeed be put into practice. Some people are critical of MBA and EMBA programs, believing that what is learned is merely theoretical frameworks, and ultimately one must explore how to apply theory to reality. However, for me and the classmates and other alumni I know, this is not the case. In a business school with appropriate educational methods, the knowledge you gain will have practical application value, rooted in the current reality, giving you a significant advantage."
The group project report project at graduation was undoubtedly an important highlight of Deng Chao's Global EMBA journey. In this project, he attempted to integrate the experiences and expertise of group members, leveraging their strengths to enhance his own capabilities. His goal was to deeply analyze the products/services of HashKey Singapore and comprehensively assess its competitive advantages and shortcomings.
Based on this, the group proposed a series of suggestions aimed at enhancing brand awareness, improving the company's ability to win new customers and expand trading scale, and further diversifying the customer base. In the two years following the completion of this project, the company achieved significant development results, which is undoubtedly meaningful.
"I am very grateful to my project group, as they played a crucial role in helping me lead HashKey to a new leap in Singapore. They contributed their wisdom and suggestions from both conceptual and academic perspectives, and worked hard to ensure the project's success. Many of my classmates and I still maintain close contact. Two group members attended the listing ceremony of Bosera HashKey's virtual asset ETF in Hong Kong, which I felt honored. At that moment, my heart was filled with joy and pride. This experience made me realize that no matter how much you have achieved, with the right support, you can still surpass yourself again."
Focusing on the future: The expansion path of HashKey Singapore
In 2024, Deng Chao has many responsibilities. He aims to consolidate HashKey's four business segments in Singapore and explore new areas. He also plans to enter the Southeast Asian and Middle Eastern markets. Currently, he is applying for relevant permits and seeking opportunities in these two markets. Deng Chao candidly admits that he realizes he needs more support to achieve these goals.
"Since the company's founding, I have been fighting on the front lines of the business. Back then, I had just turned thirty; now, I am entering my forties! I need to inject new vitality into the company, build a management team, and cultivate leaders in various business departments. I hope to create a well-resourced talent pool to ensure that the company always has sufficient human resources when exploring new fields and markets. I want them to work together rather than individually. There are many synergies hidden in this industry, and if we can do things right from the beginning, we can serve our customers better and faster. Therefore, I need to cultivate leaders with a big-picture perspective."
HashKey not only has lofty aspirations but is also committed to environmental protection. The mining process of Bitcoin and other well-known cryptocurrencies consumes a large amount of energy and is often criticized by the public. The production methods of these currencies need to change to achieve sustainable development and secure a place in the growing carbon-neutral financial products. In the long run, people may need to use networked computers powered and cooled entirely by renewable energy for mining. However, for now, some more direct measures can be taken immediately.
To find like-minded partners, HashKey Group established the Green Bitcoin Alliance, working with industry peers to reduce and offset carbon emissions from Bitcoin mining. One of HashKey's invested companies, Arkeen, purchases carbon credits verified through blockchain, effectively addressing key 'greenwashing' issues such as false or 'fictional' carbon credits. In addition, HashKey Capital has also participated in a series of ESG initiatives, such as consistently donating to the Singapore Zoo and collaborating with various local universities and communities to carry out more targeted work.
Deng Chao believes that investors' faith in green financial products is increasingly strong, as they see them as beneficial for the overall healthy development of enterprises, not just for profit. To keep pace with this, one must adhere to the concept of sustainable development.
Ready to take off: The rise of blockchain
Naturally, Deng Chao's primary concern is the future development of HashKey in Singapore, while the broader blockchain and cryptocurrency trading sector is brewing many changes. He views these changes as important milestones for industry development and emphasizes three major trends that fill institutions like HashKey Singapore with optimism about the future.
"First, cryptocurrency technology is maturing and is about to reach a critical point of mass adoption, which will serve billions of users in the future. Second, more and more institutions and investors view cryptocurrencies as a promising asset class. Participants of all sizes in the global industry are increasingly optimistic about cryptocurrencies, believing that it will become a new generation of digital gold and an effective hedge against fiat currency inflation. Third, the regulatory framework applicable to this industry is becoming clearer, providing good and transparent guidance for industry development, encouraging the compliant use of technology and making it difficult for criminals to misuse cryptocurrencies for illegal purposes and gain improper benefits."
Deng Chao believes that such illegal and speculative behaviors will only make people more clearly aware that good governance mechanisms will play a very important role in guiding new technologies and their related activities in the right direction. Only under an appropriate regulatory framework can the development rules of the industry be established, and the widespread application of blockchain, cryptocurrencies, and Web3.0 innovations can bring lasting benefits to investors.
"Regulatory agencies are addressing the shortcomings in cryptocurrency regulations, and investors' trust in cryptocurrencies is gradually increasing. They have come to realize that as long as blockchain is used in a correct and fair manner, this technology can create immense value. Regulatory authorities are assisting industry participants in establishing a fair competitive environment, turning the once chaotic 'Wild West' into the next Silicon Valley, transforming great ideas into tangible products. This is the mindset we need, and fortunately, this is also the direction of industry development. I am filled with anticipation for the future of the industry."
2025 Shanghai Blockchain International Week and the 11th Global Blockchain Summit event preview
In October 2025, the Shanghai Blockchain International Week will grandly open again. Among them, on October 23, the "11th Global Blockchain Summit" hosted by Wanxiang Blockchain Lab will serve as the core activity of the International Week, gathering influential figures once again.
From October 20 to 25, during the Shanghai Blockchain Week, dozens of technical sharing sessions, project roadshows, academic seminars, and other peripheral activities will be presented simultaneously in multiple venues in Shanghai, creating a Web3 feast that covers technology, business, and culture.
This summit is themed "Web3, Boundless," focusing on cutting-edge fields such as stablecoins, RWA, and artificial intelligence, with a special discussion on "Land and Port Cooperation."
Through thick and thin, from the first summit held in 2015, the Wanxiang Global Blockchain Summit has weathered eleven years and witnessed and promoted the complete journey of China's blockchain industry from its infancy to its emergence.
Over the past eleven years, facing the industry's fluctuations, the Shanghai Summit has always adhered to its original intention, building a global dialogue platform, promoting technological breakthroughs and industry integration, steadfastly safeguarding the flame of innovation in China's blockchain sector, and continuously injecting confidence and momentum into industry development.
Eleven years, Web3 remains forever youthful and passionate, faith everlasting. Eleven years, we still stand here, our blood still boiling.
The 11th Global Blockchain Summit will continue to invite speakers from institutions such as the Hong Kong Legislative Council to interpret Hong Kong's latest Web3 policies, facilitating face-to-face exchanges with Chinese enterprises looking to globalize and jointly explore new directions for land and port cooperation. Recently hot topics such as RWA and AI will also become important content of this autumn's summit.
Whether you are a developer, investor, scholar, or enthusiast, this event will provide you with an excellent opportunity to gain insights into trends and connect resources. Join us in defining the 'boundless' future together!
Ticket discounts
As the official community partner for this conference, the IC Chinese community offers an exclusive 15% discount on tickets. Discount code: IC_85.
Exclusive ticket purchase link:
https://hdxu.cn/1bykm
A friendly reminder from the editor: Friends interested in attending are strongly advised to purchase tickets early. The current special ticket price is 399 yuan, with a discounted price of 339.15 yuan. According to past practices, ticket prices will rise every once in a while, eventually reaching 499, 599, and 699 yuan. The prices will only get higher, so buying tickets in advance can save you a lot of money!
Related links
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Let's talk about HashKey: The strongest Crypto regular army among the Chinese.
With no absence for 11 consecutive years, the 2025 Shanghai Blockchain International Week will once again kick off this October!
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