AVAX currently boasts a market capitalization of around $9.5 billion. Meanwhile, LINK has a market cap of around $6.7 billion at the time of writing.
Hong Kong-based cryptocurrency exchange HashKey has announced that it is expanding its asset offerings for retail investors in the city. The exchange, which had previously only supported Bitcoin and Ether, is now listing two additional tokens, Avalanche (AVAX) and Chainlink (LINK), for trading in both Hong Kong and US dollars.
This move is seen as a strategic step by HashKey to capitalize on Hong Kong’s growing momentum in the Web3 space. Livio Weng, CEO of HashKey Exchange, noted the importance of this development in a recent interview with the South China Morning Post.
Weng noted that while AVAX and LINK may not be as widely recognized as some of the more prominent cryptocurrencies, their inclusion was a smartly thought-out move. The listing decision was influenced by the fact that many larger market-cap tokens are currently entangled in legal disputes across various jurisdictions.
By contrast, AVAX and LINK, both of which rank among the top 20 cryptocurrencies by market capitalization, present a safer option for retail investors looking to diversify their portfolios.
AVAX currently boasts a market capitalization of around $9.5 billion. Meanwhile, LINK has a market cap of around $6.7 billion at the time of writing. Despite declines in their prices in the past 24 hours due to a broader downturn in the crypto market, both tokens have shown significant gains over the past year, doubling in value for their investors.
Weng also hinted at the possibility of more token listings on HashKey in the future, with approvals for additional cryptocurrencies potentially coming within weeks. Notably, HashKey is one of the city’s only two licensed crypto exchanges.
This ongoing expansion of available assets is part of Hong Kong’s broader strategy to reclaim its status as a major player in the virtual asset industry. This position has recently been challenged by the more crypto-friendly environment in the United States amid the political statements from former President Donald Trump.
Crypto Exchanges Struggling in Hong Kong
Earlier this year, Hong Kong’s ambitions to become a global virtual asset hub faced obstacles when several international crypto platforms withdrew their applications for the mandatory operational licenses required to function in the city.
The path to obtaining full operational licenses has proven difficult for many exchanges in Hong Kong, as highlighted by a recent Bloomberg report. The report revealed that at least 11 crypto exchanges had been flagged by the Securities and Futures Commission (SFC), Hong Kong’s top financial regulator, for non-compliant practices during on-site inspections. Notably, the regulator has been actively maintaining public records of both registered and unregistered exchanges in a bid to mitigate risks related to fraud and scams.
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