Hong Kong-based cryptocurrency exchange HashKey has steered its way into the retail sector by launching a cutting-edge trading app, becoming the leading licensed virtual asset exchange application in the region.
Upon receiving the nod from the Securities and Futures Commission of Hong Kong, the app is now authorized to serve individual and institutional investors. Impressively, since its launch, the app has already achieved a remarkable daily trading volume, topping $100 million as of the end of October.
This progression wasn’t just about innovation. Remarkably, HashKey is the maiden company to be granted a license under Hong Kong’s fresh Virtual Asset Service Provider framework. This licensing victory enabled HashKey to transition its existing licenses, expanding its reach to a broader retail segment.
But the trading functionalities are merely the tip of the iceberg for HashKey. In its quest for broader horizons, the exchange has announced plans to unveil its utility token, the HSK. Crafted on the ERC-20 standard, the HSK token is conceptualized to incentivize the HashKey community. Out of a whopping 1 billion HSK tokens to be issued, a strategic allocation has been laid out: 65% dedicated to bolstering ecosystem development, 30% earmarked for employee incentives, and 5% to fortify the company’s insurance reserves.
Market enthusiasts can anticipate the HSK token’s debut on the trading scene by mid-2024, reinforcing HashKey’s commitment to refining its retail trading services and reinforcing the digital asset landscape, especially in the Asian markets.
But HashKey’s vision doesn’t stop at just that. With the evolving discourse around tokenizing real-world assets (RWAs), HashKey is positioning itself at the forefront. Emphasizing the necessity of regulated infrastructures in the RWA space, HashKey has already initiated dialogues with the SFC, focusing on key RWA projects that have the potential to redefine market norms.
The HashKey app is now up and running, accessible since November 1, 2023, 3:11 AM (UTC) on both mainstream app outlets, the App Store and Google Play. Moreover, the platform boasts compatibility with bank transfers from 17 international regions while also accommodating deposits in both local Hong Kong dollars (HKD) and U.S. dollars (USD).