Spot ETFs are about to be listed in Hong Kong, what other Hong Kong concepts are worth paying attention to?

Original by Frost

Original source: Rhythm BlockBeats

On April 24, according to official news, ChinaAMC (Hong Kong) announced today that ChinaAMC Bitcoin ETF and ChinaAMC Ethereum ETF have been approved by the Hong Kong Securities and Futures Commission (SFC) to be issued on April 29, 2024 and listed on the Hong Kong trading platform on April 30, 2024.

This is the first time such products have been launched in the Asian market, and these two types of products are designed to provide investment returns that are anchored to the spot prices of Bitcoin and Ethereum. This major move has given rise to the resurgence of the "Hong Kong Concept". At the beginning of this year, CFX, the "Hong Kong concept" leader, rose from $0.19 to $0.52 in two months, and other tokens in the sector were no slouch, most of them rose 2-3 times.

The "Hong Kong concept" stems from Hong Kong's decision to implement a licensing regime for virtual asset services in June early last year. At that time, "Crypto will revaluate around Hong Kong's return to the list of Asian crypto hubs" once became a new direction in the market, as long as the business, team development in Hong Kong, or the development direction of the project is consistent with Hong Kong's promotion of cryptocurrencies (such as asset tokenization, compliance, etc.) are classified into this concept, covering CeFi, DeFi, gaming/metaverse, infrastructure and other fields.

At that time, Conflux Network, as the leading public chain in the government cooperation sector, announced that it had reached a cooperation with China Telecom, and since then, CFX and A-share China Telecom have resonated continuously, CFX has been 4 times in five days, and China Telecom (taking over the concept of AI computing power) has hit the daily limit twice in three trading days.

From the occurrence of large-scale industry gatherings of 10,000 people, to the successive announcements of leading crypto companies in Hong Kong, to the irregular rise of Hong Kong's concept coins, the importance of "Hong Kong" to the industry and its long-term impact on the development of global Web3 regulation are self-evident. Can Hong Kong Concept Tokens Extend Their Rally? BlockBeats will give a brief introduction to the logical targets in the Hong Kong Concept Sector.

Accha (Alchemy Pay)

Founded in 2018, Alchemy Pay is one of the earliest fiat payment integration service providers in the crypto industry, and the core members have more than ten years of work experience in payment, Internet, telecommunications and other related industries, Alchemy Pay plans to open a Web3 bank in 2024, through Web3 banking, users can more easily exchange fiat currency for cryptocurrency, or exchange cryptocurrency for fiat currency. Not only that, but Web2 traditional institutions can also make crypto investments through Web3 banks.

In 2023, Alchemy Pay received three licenses. In the 2024 roadmap, Alchemy Pay mentioned that it plans to apply for more than 20 licenses, and the project party has already obtained the first US MTL. Crypto card is also mentioned in its roadmap, and Alchemy Pay aims to enhance the usefulness of the card, including compatibility with more mainstream physical cards and integration with mainstream digital payment platforms such as Apple Pay, Google Pay, Alipay HK, etc. Alchemy Pay now supports Alipay HK.

MDT（Measurable Data）

Headquartered in Hong Kong, Measurable Data is a decentralized data exchange economic system designed to provide a blockchain-based data economy where data providers and data buyers can trade data securely and anonymously. The Measurable Data ecosystem includes products such as MailTime AI and Measurable AI. The Measurable Data token MDT has a total supply of 1 billion, a circulating supply of about 606 million, and a market capitalization of about $35.79 million.

KEY（SelfKey）

SelfKey is a platform built by a Hong Kong-based team for managing and using personal identity that enables individuals and companies to gain more freedom, privacy, and wealth through full ownership of their digital identities. SelfKey provides an identity wallet that individuals and companies can use to securely control and manage their personal data, manage their cryptocurrency portfolios, and easily and easily join financial, immigration, and cryptocurrency-related services. SelfKey makes KYC simple and easy, providing access to hundreds of products and services. Relying parties, validators, and identity owners can transact securely and privately in a decentralized manner.

VET（VeChain）

VeChain is a Layer 1 blockchain focused on supply chain optimization, and the project was founded in 2015 by Sunny Lu, the former CIO of Louis Vuitton China, with a strong relationship with China. This includes long-term partnerships with several major Chinese companies, such as state-owned China Tobacco and Haier, one of China's largest home appliance manufacturers.

VeChain focuses on providing supply chain management solutions for businesses and integrating with Internet of Things (IoT) devices to facilitate processes. Its goal is to use distributed ledger technology to streamline these operations and information flows in complex supply chains. VeChain has already issued two tokens, VET and VTHO. The former is used to transfer value within VeChain's network, while the latter is used to provide energy or "natural gas" for smart contract transactions. The VeChain platform is designed to provide authorized stakeholders with a comprehensive view of critical information related to products and their business processes, such as storage, transportation, supply, and authenticity, and to increase market transparency.

The project token VET had a good gain at the beginning of the year, and it was relatively stable compared to other coins in the sector.

PHB（Phoenix）

Phoenix is a blockchain infrastructure platform for decentralized AI, compute scaling, and data-driven networks, including AlphaNet, an AI platform for cryptocurrency markets, and NYBL, an AIGC metaverse project. Phoenix's AI compute layer is a Web 3-based infrastructure for scaling AI computing tasks and easily deploying AI-enabled applications, including deep learning, predictive analytics, large language models (LLMs), federated learning, and AI edge computing. Our compute layer is designed to bring AI-powered functionality to blockchain applications and Web-3 capabilities to off-chain AI applications.

Most of the project's strategic technology partners are based in Hong Kong and support Phoenix's infrastructure and AI technology, including APEX, FLC, Tensor Investment Corporation, and others.

C98（Coin98）

Coin98 Labs is an open infrastructure financial services provider focused on creating and developing an ecosystem of DeFi protocols, applications, and NFTs on multiple blockchains. The mission of the project is to meet untapped needs, create a better infrastructure on the DeFi ecosystem, and help people easily access DeFi services.

Coin98 has posted that its token C98 has been backed by First Digital Trust, a digital asset custodian owned by Legacy Trust, a Hong Kong-based financial services company. First Digital Custody will provide hosting services to C98.