At the KUN & Hashkey Exchange strategic cooperation signing ceremony held earlier today, Dr. Xiao Feng, the founder of Hashkey Group, announced plans to issue a stablecoin backed by the Hong Kong dollar. Hashkey Group will partner up with Yuanbi Technology and Zhongan Bank to issue the stablecoin in Hong Kong.
Partnership for Stablecoin Issuance
“Yuanbi Technology, spearheaded by Chen Delin, the former president of the Hong Kong Monetary Authority, has already obtained a stored value facility (SVF) license from the Hong Kong Monetary Authority.”
This partnership between Hashkey Group, Yuanbi Technology, and Zhongan Bank aims to fulfill the growing need for stablecoins in Hong Kong. The collaboration leverages the expertise of these three entities – Hashkey Group known for its virtual asset exchanges, Yuanbi Technology with its SVF license, and Zhongan Bank as a trusted financial institution.
The stablecoin will provide users with a reliable digital asset that is pegged to the Hong Kong dollar, offering stability and ease of use in the volatile cryptocurrency market. This initiative demonstrates Hashkey Group’s commitment to driving innovation and promoting the adoption of cryptocurrencies in Hong Kong.
HashKey Exchange and the Future of Virtual Asset Trading
HashKey Exchange, one of the two virtual asset exchanges approved to serve retail investors in Hong Kong, is also making significant strides in the digital asset sector. The introduction of the HashKey Exchange app, which recently received approval from the Securities and Futures Commission (SFC), marks an important milestone for the company and the virtual asset market in Hong Kong.
“Through the app, Hongkongers can purchase bitcoin and ether using either Hong Kong dollars or US dollars, directly deposited from local bank accounts.”
The HashKey Exchange app aims to provide a seamless and user-friendly experience for individuals to trade cryptocurrencies on their mobile devices. With the ability to buy bitcoin and Ether using local currencies, the app offers convenience and accessibility to Hongkongers looking to enter the crypto market.
This launch aligns with the Hong Kong government’s efforts to invigorate the virtual asset sector and promote financial innovation. By introducing a mandatory licensing scheme for cryptocurrency platforms and supporting initiatives like the HashKey Exchange app, Hong Kong aims to position itself as a leading hub for the development of web3 technologies.
In conclusion, the collaboration between Hashkey Group, Yuanbi Technology, and Zhongan Bank to issue a stablecoin backed by the Hong Kong dollar highlights the increasing importance of stablecoins in the cryptocurrency ecosystem. The launch of the HashKey Exchange app further solidifies Hong Kong’s commitment to embracing digital assets and fostering financial technology innovation.
