Content Organization: Peter_Techub News
On December 11, the Hong Kong Digital Asset Listed Companies Association (HKDALA), in collaboration with Hong Kong media Techub News and Uweb, held a member visit event at the office of New Fire Technology. The event featured a strong lineup, with representatives from 13 core member institutions of HKDALA, including: HKDALA Secretariat, Metalpha (MATH), Boya Interactive (00434.HK), Delin Holdings (01709.HK), Guofu Quantum (00290.HK), Walnut Capital (00905.HK), Nano Labs (NA.US), Yingyu Universe (03700.HK), China Oral Medical Industry Group (08406.HK), Bit Strategy (06113.HK), and other representatives from HKDALA listed companies.
Rather than a routine visit, it was a deep exploration of the next phase of Hong Kong's crypto finance. Several key executives from New Fire Technology—COO Tim, New Fire Asset Management Partner Emma Zhu, and Marketing VP Peter—engaged in a closed-door discussion lasting several hours, covering strategy, products, risk control, and business layout, from data to trends, from industry to regulation.
1. From "Competing Exchanges" to "Eastern Galaxy Digital," New Fire's New Story Begins Today
Shortly after the meeting began, New Fire Technology COO Tim made a significant statement: “The early window of offshore exchanges' benefits has closed.”
In one sentence, he revealed the industry's past decade of path dependence.
New Fire Technology has chosen to proactively step out of the "intense competition and fee wars" red ocean, redirecting its focus to a truly capped track—high-net-worth client services. Tim further explained that the global capital landscape is rapidly shifting: retail investors are no longer the main players; capital is genuinely concentrated in family offices, private equity, listed companies, and high-net-worth families. However, traditional private banks generally maintain a distance from crypto, both due to risk concerns and a lack of capability.
"This is precisely the huge gap in Hong Kong," Tim said. "The crypto allocation rate of 'old money' is less than one thousandth; if it reaches 1% in the future, it will be a scale of 10 billion USD."
Based on this judgment, New Fire provided a clear business model of "five things": licensed compliant trading, asset management products, asset custody, family trusts and inheritance, and investment and financing services for crypto-related listed companies.
A simple yet profound summary became the brightest statement of the event: “We want to make crypto assets a respectable asset that old money dares to allocate, knows how to allocate, and feels secure about allocating.”
This statement is not just a strategic direction but also a declaration of the industry's shift from "barbaric growth" to "financial regulation."
2. Industry Data, Macro Trends, and Global Landscape: New Fire's Three-Year Outlook
Next to speak was Marketing VP Peter, who broke down New Fire's strategy into more specific levels.
He first presented a set of research data—Currently, there are about 600 million crypto users globally, expected to exceed 1 billion within three years; the industry penetration rate will leap from 8% to 40%.
What does this mean?
It means that crypto assets are no longer "cutting-edge" but will enter the "mainstream investment portfolio."
He then elaborated from three dimensions:
- ### Industry Trends: Stablecoins, Large-Scale Payment Protocols, RWA, DAT, each entering a critical period
Stablecoin policies are accelerating in Hong Kong and the West
X402 may become the next generation payment layer
RWA is accelerating penetration in the US stock market
The asset logic of DAT is further deepening
Especially regarding DAT, he mentioned: "Despite the market correction, large institutions continue to increase their holdings of ETH and BTC, indicating that the medium to long-term consensus has not changed."
- ### The "Four-Stage Evolution" of the Exchange Industry
Peter succinctly described the decade of changes in the industry:
The era of large offshore exchanges
The rise of DeFi and DEX
Compliant licensed exchanges
New lightweight exchanges: ETFs, DAT, crypto private banks (Bitfire)
This context clearly shows that New Fire's strategy is not about "starting from scratch" but rather about going with the flow.
- ### New Fire's Global Layout
Two main lines:
Hong Kong as a private bank-level digital asset custodian (similar to a private bank in the crypto world)
Developing licensed compliant exchanges in overseas local markets
Its core competitiveness lies in two points: transparency of listed companies + team execution capability.
From revenue structure to client structure, New Fire's transformation has already sprouted new growth:
As of November, New Fire Technology had opened accounts for 130 high-net-worth clients, with nearly 200 in the account opening process; AUM has surpassed 100 million USD, with a goal to exceed 500 million USD in the first half of next year.
The performance of New Fire Technology's licensed compliant exchange Bittrade in Japan has brought more confidence: Asset scale grew by 31% in Q2-Q3, and trading volume reached a historic high, achieving profitability immediately after acquisition.
This is a business that truly knows how to run, not just a PPT strategy.
3. In Finance, the Most Important Thing is to Be Responsible to Investors
Emma, the business head of New Fire Technology, provided another piece of the puzzle from the product dimension.
She candidly admitted her deep involvement in the DAT project and did not shy away from expressing her genuine judgment when facing risks. In mid-October, when market liquidity plummeted, New Fire chose to "fully return client funds" rather than push products hard.
“In finance, the most important thing is to be responsible to investors.” This statement resonated with many representatives from listed companies present.
Regarding the future of DAT, she believes the business model will definitely evolve, but currently, a more robust 2.0 version is needed.
Conclusion: The Value of HKDALA's Visit is to Understand the "Next Step" of an Industry
The visit organized by the Hong Kong Digital Asset Listed Companies Association (HKDALA) in collaboration with Techub News and Uweb to New Fire Technology is not just about understanding a company's strategy, but through a key transitional industry player, seeing what structural changes Hong Kong's crypto finance is undergoing.
In the discussions, we clearly observed three trends taking shape: First, crypto finance is moving towards the "institutional era." Retail investors are no longer the main battlefield; institutional-level services will become the core engine of the industry. Second, Hong Kong has the most complete regulatory soil in Asia. From licensed trading, custody to asset management structures, regulation and market architecture are rapidly maturing. Third, local enterprises are transitioning from "technology-driven" to "finance-driven." The transformation path of New Fire Technology is a microcosm of industry iteration.
If the past decade saw Hong Kong's relationship with the crypto industry as a "catch-up," then starting this year, Hong Kong has the real conditions to become a "provider" of rules, products, and institutional ecology. In this sense, New Fire Technology's exploration is a sample of the new phase of Hong Kong's crypto finance, and its future direction is also worth continuous observation.
As this visit concludes successfully, HKDALA's industry visit series will continue to advance. The next event is currently in preparation and will continue to engage with more representative local enterprises, maintaining ongoing dialogue with the industry ecosystem to jointly outline the next picture of Hong Kong's digital asset industry. Stay tuned.
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