Key Points:
- HashKey Exchange launches a cutting-edge app for retail traders with daily trading volume exceeding $100 million.
- Introducing the HSK token, designed to fuel growth in HashKey’s ecosystem with a total mint of 1 billion tokens.
- HashKey explores real-world asset tokenization, engaging in discussions with regulators, marking a significant industry move.
Hong Kong-based cryptocurrency exchange powerhouse, HashKey Exchange, has made a significant leap in expanding its reach within the dynamic crypto landscape. Today, the exchange officially rolled out its brand-new app tailored to retail traders, in an effort to cater to the growing demand from retail investors.
In an exclusive interview with The Block, Livio Weng, the Chief Operating Officer of HashKey, revealed that the company had received the green light from the Securities and Futures Commission (SFC) to launch this user-friendly app, designed to serve a diverse clientele, spanning professional investors and retail users alike.
Weng went on to share the impressive figures that have accompanied their foray into the retail trading world. The exchange has witnessed a surge in trading volume, with a notable milestone being reached on October 30th when daily trading volume surpassed the $100 million mark. Notably, trading pairs such as BTC-USD, ETH-USD, BTC-HKD, and ETH-HKD, contributed substantially, amassing a staggering $2.7 million.
The significance of the app in HashKey’s portfolio cannot be overstated. According to Weng, the data indicates that the vast majority, approximately 85%, of users prefer the convenience of trading via mobile apps, solidifying the app’s crucial role in their offering.
Enhancing regulatory oversight remains a paramount concern within the crypto industry, especially in the wake of the JPEX crypto exchange fraud scandal. The SFC, in response, has taken a more rigorous approach to monitoring crypto exchanges. As part of these efforts, the regulatory body recently updated its framework, introducing two additional investor protection measures.
Weng acknowledged the increased scrutiny from the SFC and revealed that they have been under regulatory review since July. HashKey has diligently submitted multiple rounds of supplementary materials for meticulous examination.
HashKey’s scope extends to 17 different jurisdictions, including but not limited to Hong Kong, Singapore, Malaysia, Israel, the U.K., and the U.S. Users from these regions can link their bank cards to the exchange for fiat currency deposits, supporting both Hong Kong dollars and U.S. dollars.
Intriguingly, HashKey has also set its sights on the issuance of its very own ERC-20 utility token, christened ‘HSK.’ This innovative token is poised to play a pivotal role in incentivizing contributors across HashKey’s expansive ecosystem, thereby fueling its overall growth. HashKey intends to mint a total of 1 billion HSK tokens, with 65% of them allocated to ecosystem expansion, 30% reserved for staff incentives, and the remaining 5% safeguarded in the company’s insurance vault, as outlined in their whitepaper.
Weng hinted at the exchange’s plans to list HSK but noted that this move might materialize sometime in the middle of the following year.
Furthermore, HashKey has been actively exploring the realm of real-world asset tokenization (RWA), a burgeoning asset class generating increasing interest and discussion. Weng expressed the significance of RWA for regulated exchanges, emphasizing the importance of pursuing ‘effective RWA’ through licensed entities. HashKey, as a licensed entity, is uniquely positioned to issue and trade security tokens in Hong Kong, and the company is currently engaged in discussions with the SFC regarding two high-impact RWA cases, which are now in the advanced stages of negotiation.
HashKey’s recent developments underscore its commitment to navigating the ever-evolving crypto landscape, and its expansion into retail trading, HSK token issuance, and exploration of real-world asset tokenization are poised to make significant waves in the industry.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
