SINOHOPE

SINOHOPE is a Hong Kong-listed digital asset custody and management platform built for institutional clients. Operating under the company formerly known as New Huo Technology Holdings Limited — renamed Sinohope Technology Holdings Limited in September 2023 and further rebranded to Bitfire Group Holdings Limited (HKEX: 1611.HK) in March 2026 — the SINOHOPE platform provides enterprise-grade infrastructure for managing, safeguarding, and transacting digital assets. Its product suite covers MPC self-custody wallets, full third-party custody, Wallet-as-a-Service (WaaS) for developers, and the OpenLoop inter-institutional settlement network.

Problem and Market Context

Institutional participation in digital asset markets has historically been constrained by two practical barriers: the risk of key loss or theft in self-custody arrangements, and the operational friction of moving assets between exchanges, OTC desks, and custody providers. Traditional multisig solutions rely on a single device holding a complete private key, creating a single point of failure. SINOHOPE's platform addresses both problems — the custody security problem through MPC-based key management, and the settlement friction problem through its OpenLoop network.

How SINOHOPE Works

The platform's technical foundation is MPC-CMP (Multi-Party Computation – Collaborative Multi-Party) key management. Rather than storing a complete private key in any single location, MPC-CMP splits a private key into encrypted shards distributed across multiple parties. A transaction can only be signed when a threshold of parties collaboratively compute a signature without any shard ever being reassembled into the full key. This approach eliminates the single-point-of-failure risk that exists in both traditional private key storage and standard hardware security modules.

SINOHOPE layers a second hardware protection on top of MPC through TEE (Trusted Execution Environment) integration, creating a hybrid MPC-TSS + TEE architecture. This means key shards are computed inside tamper-resistant secure enclaves, adding hardware attestation on top of the cryptographic separation already provided by MPC.

The platform supports role-based approval workflows and a configurable rule engine, allowing enterprises to enforce multi-level transaction authorizations that mirror traditional finance controls. An integrated AML/KYT system automatically flags and screens transactions against high-risk addresses before execution.

Product Suite

MPC Self-Custody Wallet: The flagship product for institutions that want to retain direct control of their assets. Clients generate and hold MPC key shards directly, with SINOHOPE's infrastructure providing the signing coordination layer. The wallet supports multi-level collaborative management and configurable approval flows.

Full Custody Wallet: A managed custody product where SINOHOPE holds assets under a three-layer private key storage architecture with global distribution. This product targets institutions, hedge funds, and OTC desks that prefer to delegate key management while maintaining rigorous access controls. The cold wallet component carries FIPS 140-2 Level 3 certification.

Wallet-as-a-Service (WaaS): A developer-facing API layer that allows applications to integrate MPC wallet functionality without building their own key management infrastructure. A single MPC key setup can generate tens of millions of independent wallet addresses across supported chains. The WaaS API covers account and address management, transaction initiation, BRC20 token operations, Babylon BTC staking, auto-sweeping, and gas station services. Deployment options include SaaS, private cloud, and self-hosted configurations, with MPC or HSM for key management.

OpenLoop: A multi-party settlement network that enables 1:1 credit transaction settlement between exchanges and custody providers. OpenLoop allows institutional participants to move assets across counterparties with zero-confirmation deposits, reducing the settlement latency and on-chain fees involved in conventional inter-platform transfers. By the time of SINOHOPE's TOKEN2049 Singapore debut in September 2024, OpenLoop customers held assets exceeding $5 billion USD in aggregate.

Supported Assets and Chains

SINOHOPE's documentation describes support for "mainstream chains and tokens in the market" with coverage of major cryptocurrencies including Bitcoin and Ethereum alongside their associated token ecosystems. The WaaS API's explicit module categories — including BRC20 and Babylon staking endpoints — reflect the platform's breadth across Bitcoin-adjacent ecosystems. The platform positions itself as chain-agnostic infrastructure, with asset coverage updated as new protocols gain institutional relevance.

Security, Compliance, and Audits

SINOHOPE holds several verifiable third-party certifications and regulatory authorizations:

• SOC 2 Type 1 and Type 2: Independent audits of the platform's security system controls.
• FIPS 140-2 Level 3: Applied specifically to the cold wallet hardware, this U.S. federal standard certifies tamper-resistant physical security at the highest commercially available tier.
• Hong Kong TCSP License: SINOHOPE's subsidiary, Sinohope Asset Management (Hong Kong) Limited, holds a Trust or Company Service Provider license, enabling compliant custody services for clients globally.
• SlowMist Partnership: In November 2023, SINOHOPE and blockchain security firm SlowMist formalized a strategic alliance covering MPC security audits, threat intelligence sharing, AML tracking, and support for Hong Kong's Virtual Asset Service Provider (VASP) licensing program.
• Insurance Coverage: Cold wallet assets are insured through a partnership with Arch Insurance Group Inc., a major U.K.-based specialty insurer.

Team and Background

Livio Weng serves as CEO and executive director of the company. Weng previously served as COO of HashKey Group and as CEO of Huobi Global from 2018 to 2021, giving him direct operational experience running both an institutional digital asset firm and a top-tier centralized exchange. The company's public-market history traces to a Hong Kong Stock Exchange listing under stock code 1611, carried through corporate name changes from the legacy entity.

The company employs between 50 and 199 people and is headquartered in Central, Hong Kong. SINOHOPE built enterprise relationships with more than 100 institutional clients and signed more than 100 B2B contracts as of mid-2023, when it also reported $5 billion USD in aggregate customer assets flowing through the OpenLoop settlement layer.

Corporate Rebrand to Bitfire Group

Shareholders of Sinohope Technology Holdings Limited voted unanimously (100% of votes cast) at an extraordinary general meeting on February 27, 2026 to approve a corporate name change to Bitfire Group Holdings Limited. The stock abbreviation on the Hong Kong Stock Exchange changed from "SinoHope Tech" to "BitFire Group" effective March 31, 2026, and the company launched a new website at bitfire.com simultaneously. The company described the rebrand as marking a transition from a regional fintech enterprise to a global digital financial group. The SINOHOPE product brand and documentation infrastructure (docs.sinohope.com) remained active after the corporate rebrand.

Ecosystem Context

SINOHOPE's platform is institutional infrastructure: it does not operate a decentralized protocol, issue a native token, or participate in on-chain governance. Its role in the digital asset ecosystem is as a secure entry and exit layer for institutional capital — enabling firms to hold, transact, and build on-chain products without exposing key management to single-point failure. The WaaS layer in particular is designed for teams building wallet-integrated applications across multiple chains, serving a function analogous to payments infrastructure in traditional finance.