OKX is going to be listed in the United States, but the business volume of its US subsidiary is very low. How can it support a valuation of hundreds of millions or even tens of billions of dollars?

Mainly looking at the following three aspects:

1. Value of US regulatory licenses

2. Future user growth potential

3. Global business linkage effects (such as wallet, pay, and other products, compliance licenses in other regions, etc.)

What does everyone think?