Hashkey opened its retail crypto trading services in mid-August this year and has seen its trading volume scale to over $100 million in October.
After Hong Kong unlocked its gates wide open for the cryptocurrency industry earlier this year, more investors have proliferated into the young market to tap into the Web 3.0 prowess. A group of investors and tech developers came together and formed a crypto exchange dubbed Hashkey with operations in several jurisdictions including Singapore, the United States, the United Kingdom, Switzerland, Israel, and Australia, among many others. In the latest move to ensure sustainable growth, Hashkey announced the launch of its trading application that further targets retail traders. Moreover, the cryptocurrency exchange has already recorded a significant influx of trading volume in the past few months of operation.
Hashkey and Crypto Operations
According to the company’s chief operating officer, Livio Weng, the desire to expand its operations in Hong Kong and other global markets has helped acquire the necessary regulatory licenses in several jurisdictions. Weng highlighted that the crypto exchange has received approval from the Hong Kong Securities and Futures Commission in a bid to serve both novice and professional traders.
Moreover, the company concluded that about 85 percent of cryptocurrency traders use applications to facilitate a better understanding of the market.
Meanwhile, Hashkey understands that retail traders in Hong Kong are coming from a cautionary point of view after the scam orchestrated by the JPEX cryptocurrency exchange. As a result, Hashkey has been working with regulators to ensure maximum protection of investors. For instance, Weng highlighted that the Hong Kong Securities and Futures Commission has been checking its application since July as the exchange has submitted several materials for review. Moreover, Hashkey will be accepting bank deposits to its trading application from 17 different jurisdictions. Nonetheless, Hashkey will only accept cash deposits in United States dollars and Hong Kong dollars.
In a bid to offer its customers the best possible trading services, Hashkey has launched an ERC20 token dubbed Hashkey EcoPoints (HSK). The HSK token will have several use cases within the Hashkey ecosystem including incentivizing trader fees, and ensuring network growth. Notably, HSK tokens have a total supply of 1 billion with 65 percent designated for ecosystem development, 30 percent for the team, and 5 percent meant for reserves to protect the network from unwarranted risk. The HSK token will be used for marketing activities in a bid to ensure future growth prospects through user acquisition. Moreover, the Hashkey team has put in place a token-burning mechanism to protect the HSK holders from inflationary pressures in the future.
The Hashkey Group has many other projects including a venture capital fund, a blockchain node validation service, a DeFi wallet, and a secured custodial platform.