Hong Kong's HashKey Exchange Delves into Retail with New App and Upcoming Token

Published: November 01, 2023 at 12:45 am Updated: November 01, 2023 at 12:45 am

Edited and fact-checked:
November 01, 2023 at 12:45 am

In Brief

Hong Kong’s licensed exchange, Hashkey, launched a retail trading app and plans to introduce its ERC-20 token, HSK, possibly listing it by mid-next year.

Hong Kong's HashKey Exchange Delves into Retail with New App and Upcoming Token

Hong Kong-based cryptocurrency exchange, HashKey Exchange, marked a significant step in its expansion strategy today with the launch of its new retail trading app. The move signifies the platform’s broader ambition to cater to a wider user base, not just in Hong Kong, but globally.

Livio Weng, HashKey’s COO, highlighted that since the commencement of their retail trading services on their website in late August, the trading volume has surged. October 30 saw a substantial daily trading turnover of over $100 million, with specific trading pairs like BTC-USD and ETH-USD raking in over $2.7 million.

Weng emphasized the centrality of mobile apps for retail trading. He pointed out that, based on their studies, around 85% of users prefer trading via apps.

Recent events, such as the JPEX crypto exchange fraud scandal, have prompted the Securities and Futures Commission (SFC) to bolster its supervisory approach to crypto exchanges. Weng revealed that since July, the SFC has been meticulously inspecting their app, which required HashKey to submit multiple additional documents for the review process.

HashKey’s adherence to regulatory guidelines is evident in their services across 17 jurisdictions, ranging from Hong Kong and Singapore to the U.S. and U.K. They facilitate fiat deposits, particularly in Hong Kong dollars and U.S. dollars.

HashKey Forthcoming Utility Token

In addition to these endeavors, HashKey aims to introduce its own ERC-20 utility token, HSK. The purpose behind this token is to reward contributors in HashKey’s network, thereby accelerating the growth of its entire ecosystem. As laid out in their whitepaper, the minting will see a total of 1 billion HSK tokens, with a significant portion reserved for ecosystem expansion and staff incentives. However, the listing of HSK might be slated for mid-next year.

With growing discussions around real-world asset tokenization (RWA), HashKey is actively exploring its potential. Recognizing RWA’s emerging importance for regulated exchanges, Weng stated that pursuing effective RWA must be channeled through licensed platforms.

Furthermore, HashKey’s licensing credentials extend to issuing and trading security tokens in Hong Kong. The company is currently investigating two significant RWA scenarios, which, according to Weng, could have a transformative impact on the market. Negotiations concerning these cases with the SFC are reportedly in their advanced stages.

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