Interview with HTX Ventures Head: Policy, Institutions, and PMF — The Triple Resonance of Crypto and TradFi
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Interview with HTX Ventures Head: Policy, Institutions, and PMF — The Triple Resonance of Crypto and TradFi
"Traditional financial giants and crypto retail investors flooding in 2025 will spawn new赛道"
Navigating Web3 tides with focused insightsBy: TechFlow
At the end of 2024, HTX Ventures made predictions about the 2025 crypto market in its report titled "2024 Crypto Market Review and Outlook for 2025."
Now that more than half of 2025 has passed, the development of the crypto market has indeed closely aligned with HTX Ventures' expectations: whether it's the increasing clarity of global crypto regulations led by the United States, or the strong rise of RWA, the trend of tokenizing stocks, and numerous public companies emulating Strategy to launch crypto treasury initiatives... Through deeper integration with traditional finance, the sector has attracted more capital and users from traditional financial markets.
As the strategic investment arm of Huobi HTX, HTX Ventures has become an insider who understands and rides these trends. In this in-depth conversation with Alec Goh, Head of HTX Ventures, Alec shared his views on the potential of the RWA sector:
HTX Ventures remains bullish on the development of RWA and believes the core growth engine for the next phase of the RWA赛道 will be highly mature assets from traditional finance, such as U.S. Treasuries and other sovereign bonds.
When discussing the Tron TRON ecosystem under the influence of "coin-stock synergy" and the broader Huobi HTX ecosystem, Alec stated:
U.S. Nasdaq-listed SRM Entertainment, Inc. announced in June this year its adoption of a TRX treasury strategy, rebranded as Tron Inc., and changed its stock ticker to TRON—this not only increased global exposure and recognition for Tron TRON but also brings traffic and liquidity through cross-boundary effects that benefit the entire Huobi HTX ecosystem.
How did HTX Ventures develop this forward-looking perspective that has stood the test of market evolution—from predicting trends to strategically positioning within them?
In today’s environment where DeFi and TradFi show stronger positive correlation, what truly drives sustainable development?
In this feature, let’s explore market insights, strategic execution, and future outlook at HTX Ventures through Alec’s eyes.
Bullish on RWA: Focus on Products with Stable Demand and Strong Institutional Trust
TechFlow: Thank you for your time. To begin, could you please introduce yourself?
Alec:
Hello everyone, I’m Alec Goh, Head of HTX Ventures. Great to be here and share thoughts with you all.
I’ve been with Huobi HTX for nearly four years. Before that, I worked in M&A and strategic investments. Last year, I officially took over as head of HTX Ventures, which is the strategic investment division of Huobi HTX Exchange.
Prior to entering Web3, I worked at Goldman Sachs and Deutsche Bank as an investment banker, focusing on private equity, credit products, and M&A across the Asia-Pacific and European regions.
With professional experience in both traditional finance and native crypto finance, and given the accelerating convergence between Web2 and Web3, I believe this background helps me perform better, as building bridges between traditional finance and the crypto world is also a key strategic direction for Huobi HTX. Going forward, I’ll work with my team to identify key market trends and promote more efficient collaboration between traditional and crypto financial ecosystems.
TechFlow: RWA has seen significant progress this year. How does HTX Ventures view RWA’s role in driving the next phase of DeFi growth?
Alec:
From HTX Ventures’ perspective, we have always been very bullish on the RWA sector. After stablecoins, payments, and DeFi lending achieved PMF (Product-Market Fit), RWA is now a critical force pushing Web3 toward broader mainstream adoption.
The reason I say this is because there's already massive liquidity in the Web3 space—stablecoin supply alone is around $200–300 billion—and this capital needs deployment avenues. DeFi users are continuously seeking more efficient allocation strategies with clearer risk-return profiles, and RWA offers a legitimate, orthodox path for capital deployment.
In our view, RWA delivers value in four main ways:
First, RWA unlocks liquidity. Many traditional assets have low liquidity in conventional finance—for example, real estate or private equity, often traded at steep discounts of 20–30%. Bringing these onto the blockchain via RWA can unlock suppressed liquidity, creating additional value for traditional finance while giving DeFi investors access to previously unreachable products.
Second, RWA opens up global markets. Some traditional financial assets can only be invested in specific jurisdictions. Tokenizing these assets enables their global trading via DeFi on-chain. Since blockchains are borderless, RWA can reach a much broader investor base—something difficult to achieve under traditional structures.
Third, RWA reduces costs and increases efficiency. Traditional financial transactions involve multiple intermediaries, are slow, and typically operate only during business hours. In contrast, DeFi operates 7×24, at lower cost and higher efficiency. This efficiency makes low-liquidity assets easier to invest in and circulate.
Finally, RWA brings transparency and security. Blockchain ensures every transaction is immutable and traceable. Once recorded, it cannot be altered. This transparency and the trust built through consensus are crucial for investors.
For all these reasons, we remain bullish on RWA, and this trend is accelerating. Stablecoins have already experienced rapid growth and broad adoption. I believe RWA will become the next major use case driving large-scale DeFi adoption after stablecoins.
TechFlow: What specific RWA-related projects or areas (e.g., tokenized bonds, real estate, or stablecoins) will HTX Ventures prioritize investing in during H2 2025?
Alec:
We believe the core growth engine for the next phase of RWA will be highly mature assets from traditional finance, such as U.S. Treasuries and other sovereign bonds.
Currently, TVL on leading RWA platforms is concentrated in tokenized U.S. Treasuries. These assets are not only large in scale but also backed by government support, enjoy widespread trust, and offer stable, reliable yields. They will serve as the first step in driving RWA adoption, attracting more capital. As users gain experience with these products and build trust in RWA, they will become more willing to explore higher-yield options like real estate or private equity. We believe this follows a natural market evolution logic.
Additionally, tokenized equities are another interesting area we’re watching closely. The public understands stocks better and is more sensitive to price changes. Bringing stocks on-chain enables high-frequency, transparent price discovery and significantly improves liquidity.
Overall, we focus most on RWA products that have stable demand and strong institutional trust.
TechFlow: What are the key technological or market challenges to expanding RWA adoption? How does HTX Ventures address these through its portfolio?
Alec:
Regarding portfolio strategy, we’re actively evaluating the optimal capital allocation in the RWA space. Tokenized equities and tokenized U.S. Treasuries are already quite mature, and putting them on-chain doesn’t present major technical hurdles.
We believe the next big challenge lies in bringing unlisted traditional financial assets into DeFi—that’s where the real difficulty lies. A key issue is: how do you prove legal ownership of such assets? In other words, when something trades on-chain, how do you ensure it’s backed by valid legal ownership? No project has fully solved this yet, as it involves cross-jurisdictional complexities. Something recognized in one jurisdiction may not be valid in another, adding layers of complexity.
I think this area is fascinating for project exploration and worth watching for investors, because solving this would bring immense value. But I don’t think it’s something that can be resolved immediately—it requires time, resources, and careful alignment with market needs. Not all assets can or should be brought on-chain; it largely depends on whether there's genuine demand.
As mentioned, current RWA activity mainly centers on well-known assets like U.S. Treasuries and equities, which are relatively easy to tokenize. For RWA to advance further, it won't just require VCs and crypto startups—it will need traditional financial institutions to participate, providing trusted infrastructure and frameworks for the community.
From HTX Ventures’ standpoint, we see clear gaps and are actively looking for opportunities to fill them. However, we haven’t made moves yet because, based on the dimensions discussed, we haven’t seen sufficiently compelling infrastructure that directly addresses these challenges.
Coin-Stock Synergy Brings Massive Exposure and Liquidity, Spillover Benefits Empower the Entire Ecosystem
TechFlow: The concept of 'coin-stock synergy' has gained wide attention, with Tron Inc. being a prime example. How does HTX Ventures assess this model’s potential in connecting crypto and traditional capital markets?
Alec:
There are multiple pathways we observe: one is bringing traditional assets on-chain, the other is introducing blockchain assets into traditional finance. Both have shown promising developments recently, and appear to be accelerating.
The TRX treasury strategy by Tron Inc. is an encouraging case, showing that traditional financial players and stock investors are beginning to embrace crypto assets—and some companies are performing well. From our perspective, this trend is very interesting. More crypto-native firms may explore paths into traditional capital markets in the future, though this will depend on their compliance maturity, financial transparency, governance quality, and market conditions.
Those making tangible progress so far tend to be long-established, brand-strong OG projects with early advantages in name recognition and trust accumulation, making them easier to gain acceptance.
In short, we remain optimistic about this trend, believing it benefits market development and will continue.
TechFlow: With giants like BlackRock and Goldman Sachs showing interest in crypto listings, what role does HTX Ventures play in facilitating institutional capital inflows into blockchain projects?
Alec:
We're not just investors seeking returns—we aim to drive industry development.
Beyond funding, we provide strategic advice and connect projects with key players inside and outside the industry. That’s our baseline function.
Additionally, we publish online content and attend offline traditional finance conferences to establish thought leadership, increase visibility, and gradually educate traditional participants about what Web3 can offer. It’s a system vastly different from their world. Despite accelerating convergence between Web2 and Web3, many Web2 users still don’t fully grasp Web3 concepts.
For instance, next month I’ll attend a traditional finance VC event in Jakarta. Such events rarely invited Web3 projects before, but now many organizers realize growing interest—even if understanding remains limited.
Our role is to bridge the knowledge gap between Web2 and Web3 through education and build effective communication channels.
Take Tron Inc. as an example: this model allows traditional participants to engage with crypto assets in familiar ways—by simply buying shares through their traditional brokers. After building familiarity and trust this way, these users are likely to explore direct on-chain participation. We believe this adoption path is clear and slowly materializing.
As industry participants, our job is to gently guide users through this transition. It takes time, but education and training will accelerate the process.
TechFlow: Coin-stock synergy introduces new volatility and regulatory considerations. How does HTX Ventures balance risks when investing in projects tied to this trend?
Alec:
This is a very new and early-stage field. Balancing risk is challenging due to many unresolved regulatory gray areas.
For us, two aspects are key:
First, is the team genuinely committed to building? Our evaluation includes not only underlying infrastructure but also their emphasis on compliance and security. If a project demonstrates a strong commitment to compliance and safety, we view it as a positive signal that strengthens our confidence in risk assessment.
Second, we want projects to move beyond short-term hype and focus on solidly building core businesses, refining products and capabilities at the foundational level.
Overall, we place great importance on team strength and their proactive commitment to risk management. While the field is still nascent and many issues remain unsolved, as long as the team shows a clear roadmap for addressing these challenges, we can gradually build confidence.
TechFlow: Tron Inc., a Nasdaq-listed company, established the 'TRON Treasury Strategy,' including TRX in its strategic reserves, contributing to significant growth across the Tron TRON ecosystem (e.g., JustLend DAO, SunPump, USDT dominance). How does HTX Ventures view the positive impact of Tron Inc. and its TRON Treasury Strategy on boosting visibility and liquidity for Tron TRON’s portfolio projects?
Alec:
This initiative greatly enhances exposure and liquidity for blockchain ecosystem tokens, channeling attention and capital from traditional finance on-chain. Once TRX gains wider recognition, even being included in mainstream indices like Nasdaq, the trust and liquidity built around TRX will spill over to other projects in the ecosystem, further driving overall prosperity.
It’s a positive feedback loop: listing boosts visibility → token liquidity improves → downstream applications gain faster adoption → network expansion feeds back upstream. From an investment angle, we’re actively seeking projects that can amplify this cycle.
Protocols like JustLend and SunSwap have already benefited significantly from this narrative and capital inflow. Moving forward, we’ll leverage cross-sector collaboration, strategic partnerships, targeted grants, and accelerator programs to convert the momentum from the TRON Treasury Strategy into sustainable growth.
TechFlow: The TRX MicroStrategy plan aims to raise institutional awareness, with the long-term goal of qualifying Tron TRON-related entities for inclusion in traditional financial benchmarks. If validated, would Huobi HTX replicate this approach across its entire ecosystem? Is this replicable on Huobi HTX?
Alec:
We’re actively exploring various possibilities in this space. The adoption of the TRX treasury strategy by the U.S. Nasdaq-listed Tron Inc. is highly meaningful, drawing significant attention and positive impact, creating a favorable feedback loop for the entire Tron TRON ecosystem.
As for Huobi HTX and others, due to confidentiality, I can’t disclose more. But we do see this as an interesting trend with positive implications, and we’re proactively assessing similar directions.
Crypto Market Maturing: Focus on Policy and Macro Institutional Data
TechFlow: Beyond RWA and coin-stock synergy, which emerging sectors (e.g., AI, SocialFi, Layer 2) does HTX Ventures see as having major potential in H2 2025?
Alec:
Before answering, let’s reflect on which sectors drove crypto ecosystem growth over the past year.
A clear trend is the crypto market maturing—from a niche, high-volatility market to one shaped by regulatory discussions and policy support. Even the U.S., previously less welcoming, is now actively promoting supportive policies and establishing clear regulations to explore crypto development.
Additionally, the crypto market is increasingly integrating with global macroeconomics: factors like USD liquidity cycles, interest rate expectations, and U.S. equity indices are gaining influence. Crypto assets are no longer driven solely by “internal narratives” but are being incorporated into broader multi-asset investment frameworks.
Looking ahead, I believe the trajectory for the second half of the year and beyond will be defined by three key factors:
First, favorable policy tailwinds from the U.S., which are likely to be replicated globally, ultimately supporting crypto development. Second, monitoring macroeconomic shifts, including the dollar cycle, liquidity environment, and evolving correlations between crypto and assets like the dollar index and equities. Third, tracking institutional flows and depth, including sustained ETF (spot/futures) inflows, improved derivatives market depth, and advancement in professional financial and compliance infrastructure. We are closely monitoring all three of these themes.
We believe the next wave of innovation will largely depend on further regulatory easing at the margin and the maturation of key financial infrastructure. Within this context, we remain bullish on RWA, as it is becoming a bridge between traditional finance and Web3—bringing compliant capital and institutional-grade risk controls, while introducing regulated, yield-generating asset types to Web3, attracting more capital and talent, and accelerating crypto’s breakout into the mainstream.
TechFlow: Based on your view, how do crypto developments differ across regions—for example, Hong Kong, South Korea, Japan, and the U.S.?
Alec:
In my view, users across different regions exhibit notable differences in investment preferences.
In Asia, including Japan, Singapore, and to some extent Hong Kong, users behave more like traditional investors—their capital is primarily allocated to real estate. Therefore, early RWA adoption in these regions will likely center on real estate.
Japan’s relatively clear regulatory stance will be one of the main drivers for RWA development. Recent stablecoin legislation in Singapore and Hong Kong provides a compliance foundation for efficient capital onboarding and product innovation. In particular, stablecoin frameworks are fundamental for cross-border liquidity and settlement efficiency.
As for South Korea, I'm not entirely sure about its trajectory, but from an investor preference standpoint, the Korean market is unique. Korean traders tend to favor tokens with high upside potential rather than asset-backed or yield-anchored products. Product-market fit for real estate-based RWA in Korea remains to be validated.
TechFlow: Based on HTX Ventures’ investment activities and market insights in 2024, what are your main predictions for blockchain industry trends in H2 2025?
Alec:
As shared earlier, I believe future industry trends will undoubtedly be led by policy, institutions, and traditional stock investors. Once these users gain experience and build trust through simpler methods and safer channels to enter the crypto market, they will eventually shift their attention and capital on-chain. We see this as an unstoppable trend.
Moving Beyond Hype: Focus on Compliance, Fundamentals, and Building Resilience
TechFlow: HTX Ventures emphasizes Web3 and sustainable business models. In a volatile crypto market, how do you define 'sustainable innovation'?
Alec:
The current environment is fundamentally different from the earlier, hype-driven era. Our focus is on fundamentals—deeply researching teams and products that truly achieve product-market fit. We've moved past the industry’s primitive stage. We no longer chase trends or high prices. During this cycle, heavily promoted altcoins with extreme price volatility have underperformed. The market has made it clear: fundamentals matter.
Second, we emphasize compliance and security—accelerating regulatory clarity is a positive catalyst for the industry. Therefore, alongside fundamentals, we dedicate significant effort to ensuring compliance and resilience.
We believe this dual focus on “fundamentals + compliance & security” supports long-term returns and guides Web3 toward sustainable progress.
TechFlow: How does HTX Ventures foster collaboration among its portfolio projects to drive ecosystem-wide innovation?
Alec:
Pure financial backing is something any VC can offer. As a strategic investment arm of an exchange, we go further—we provide advisory support, expert insights, and connections to the right networks. We actively introduce portfolio projects to partners. For example, in the BTCFi ecosystem, where we’re deeply involved, we connect projects like Babylon with our staking partners and institutions holding large amounts of BTC who want to participate in staking.
Besides, we offer listing consultation services—guiding projects through requirements, contacts, and procedural steps. Overall, we have a comprehensive, lifecycle-oriented support framework designed to help our invested projects succeed in the crypto space.
TechFlow: As a pioneer in blockchain investment, how does HTX Ventures plan to maintain its edge in identifying and nurturing the next generation of blockchain unicorns?
Alec:
First, we invest heavily in research—to understand user interests and needs, and to study what top projects are building—so we can catch emerging trends early. This part is more passive, focused on capturing market signals and analysis.
On the forward-thinking side, I actively try to anticipate and predict future trends, sharing these insights in recent events and articles. Right now, we’re especially drawn to efforts that bridge crypto/Web3 with the traditional world, and we’re actively advancing in this area.
TechFlow: What advice would you give entrepreneurs and investors aiming to seize opportunities and navigate challenges in H2 2025?
Alec:
Looking back at the last cycle, many projects—especially L1s—raised huge sums but delivered lackluster post-TGE price performance.
Given the current market’s high volatility and unpredictability, my core advice is: continuously improve adaptability and build resilience, pivot decisively when better opportunities emerge, prepare for volatility, and remain cautious.
More importantly, stay committed to a long-term vision centered on delivering real value to end users. This is the only path to sustainable success. Don’t chase every new fad or short-lived hype. Long-term vision is what truly matters.
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