Nasdaq-listed company Hangfeng Technology Innovation (FOFO.US) officially announced at the "Web3 Rooftop & Mixer" cocktail party held in Central, Hong Kong, that its first tokenized fund of funds product $FOF is about to launch. The event was co-hosted by Hangfeng Technology Innovation and the world-leading crypto asset trading platform KuCoin, gathering over a hundred representatives from Web3 funds, family offices, and digital asset institutions to witness a key step in on-chain finance moving from "single asset mapping" to "portfolio-level allocation."

Filling the Middle Layer of the Polarized Market

Currently, the RWA (Real World Assets) tokenization market shows obvious polarization: on one end are tokenized money market funds exceeding $18 billion in scale, essentially low-risk cash instruments; on the other end are private credit-type non-standard assets, which offer considerable returns but have high thresholds and weak liquidity. Between the two, there has long been a gap for a standardized allocation tool that combines stable yields, controllable volatility, and secondary liquidity.

$FOF precisely targets this gap. It is understood that its underlying assets are not single bonds or loans, but rather a combination of hedge funds and quantitative strategies managed by top institutions like BlackRock and AQR, aiming to provide long-term stable returns while controlling drawdowns.

Xu Zhiheng, CEO of Hangfeng Technology Innovation, stated: "The market is not lacking in high-risk, high-return crypto assets, nor is it lacking in low-risk cash instruments; what is genuinely missing is the middle layer — an allocation-type asset that can outperform inflation and provide investors with peace of mind. We call it the 'third type of asset', which represents the largest gap yet to be fulfilled in on-chain finance."

Compliance is a Pass, Not Decoration

In the past, RWA projects often hovered around concepts, with core bottlenecks stemming from a lack of compliance pathways and unclear underlying assets. The strength of $FOF comes from its wholly-owned subsidiary's qualifications for upgrading licenses under the Hong Kong Securities and Futures Commission's categories 4 and 9. This means that the product, from establishment to management and distribution, is included within the traditional asset management regulatory framework, and the underlying assets must go through systematic due diligence, with investment decisions and risk control conforming to licensed standards.

Structurally, $FOF operates via a BVI SPC, managed by licensed entities in Hong Kong and supported by professional custodians; the tokenization only changes the expression of shares and distribution pathways. From a technical standpoint, the product is deployed on Avalanche—this network accommodates over $630 million of RWA assets and has previously collaborated with institutions like Franklin Templeton; its high throughput and low latency characteristics can meet the high-frequency needs of fund subscription and redemption, net asset value calculations, and more.

Dual-track Distribution: OSL Ensures Compliance, KuCoin Connects Ecosystem

$FOF adopts a "dual-track parallel" strategy: cooperating with the Hong Kong licensed exchange OSL to serve professional investors and institutional clients, ensuring compliant issuance and custody; while also listing on KuCoin to reach global crypto-native users and secondary liquidity, supporting withdrawals to on-chain wallets to reserve interfaces for future DeFi scenarios.

The business leader of KuCoin stated at the event: “$FOF is not a speculative tool, but a compliant asset that can help on-chain funds realize mid to long-term allocations. We will fully support its liquidity development.”

From "Assets on Chain" to "Portfolio on Chain"

If past RWA practices have completed "single asset mapping," $FOF marks a step towards "portfolio management" in on-chain finance. Its value lies in:

• Supply Side: Transforming top-tier hedge funds with extremely high thresholds into on-chain, divisible, and tradable standardized assets;

• Demand Side: Responding to the market's demand for "yield certainty," providing lodging for large holders and institutional treasuries without exiting the crypto ecosystem;

• Regulatory Aspect: Validating the complete path of "regulated on-chain asset management."

The challenges are equally clear: the rhythm of traditional fund subscriptions and redemptions presents a "liquidity mismatch" with the instant expectations of on-chain users. It is understood that Hangfeng Technology’s solution does not disrupt the underlying logic but integrates through smart contracts and primary market design, reconstructing the holding experience while maintaining asset quality.

Starting Point, Not Endpoint

For Hangfeng Technology Innovation, $FOF is first and foremost a "showroom." In the short term, it will validate product models and accumulate operational data; in the medium to long term, it points toward a more three-dimensional "on-chain asset allocation" matrix—including regional FoFs, ESG-themed funds, and even hybrid products that integrate crypto-native strategies.

As global capital searches for direction, the practice of $FOF reveals a possibility: the next wave of growth in on-chain finance may no longer rely on the periodic surges of native assets but rather transform traditional wealth tested by time into "newborn assets" that can be freely allocated on-chain, through dual pathways of compliance and technology.

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