Overview
Hong Kong-based cryptocurrency exchange HashKey has made its foray into the retail trading sector with the launch of its trading app. With this move, HashKey becomes the first licensed virtual asset exchange app in Hong Kong. The app has gained approval from Hong Kong’s Securities and Futures Commission to serve professional investors as well as retail users.
Trading Volume and Importance of the App
HashKey’s Chief Operating Officer, Livio Weng, shared insights about the new app in an interview with The Block. Weng revealed that the app has witnessed significant trading volume since its launch. On October 30, the daily trading volume crossed $100 million. Speaking of the app’s significance, Weng highlighted that approximately 85% of users prefer trading via apps based on their research findings.
HSK Utility Token
HashKey Exchange has plans to introduce its own utility token called HSK. This ERC-20 token aims to incentivize contributors within HashKey’s ecosystem, thereby supporting the growth of the entire ecosystem. The exchange aims to mint a total of 1 billion HSK tokens, with 65% allocated for ecosystem growth, 30% for staff incentives, and 5% for the company’s insurance vault. HashKey intends to list the HSK token on its platform by mid-2024, aligning with its broader goal of expanding retail trading services and creating a more interconnected digital asset environment in Asia.
Utilizing Licensed Status for RWA Tokenization
As discussions surrounding the tokenization of real-world assets (RWA) gain momentum, HashKey recognizes the opportunity to leverage its licensed status. Livio Weng stated, “If you want to pursue ‘effective RWA,’ then you have to do it through licensed exchanges.” The exchange is currently exploring two significant RWA cases and is in talks with the Securities and Futures Commission. The discussions have progressed to the latter half phase.
HashKey Exchange App Release and Features
The HashKey Exchange app was officially launched on November 1, 2023, at 3:11 AM (UTC). The app is available for download on both the App Store and Google Play. It supports bank transfers from 17 countries and regions globally and accepts deposits in Hong Kong dollars (HKD) and U.S. dollars (USD).
