Business Markets News Report
April 08, 2024

HashKey Group Debuts ‘HashKey Global’ Crypto Exchange Post Bermuda License Acquisition, Sets Sights On New Markets

In Brief

HashKey Group unveiled the new crypto exchange HashKey Global, providing access to over 21 cryptocurrency trading pairs to Southeast Asian countries.

HashKey Group Debuts 'HashKey Global' Crypto Exchange Post Bermuda License Acquisition, Sets Sights On New Markets

Hong Kong’s licensed digital asset financial services firm HashKey Group unveiled the HashKey Global, a new global cryptocurrency exchange. The new platform provides over 21 cryptocurrency trading pairs tailored for qualified retail investors and is anticipated to introduce futures-related products in the near future.

The introduction of this new platform follows HashKey Group‘s recent acquisition of a ‘Digital Asset Business License’ from the Bermuda Monetary Authority (BMA), enabling the provision of various digital asset trading services, including launchpad, futures trading, and leveraged trading.

Livio Weng, the COO of HashKey Group, mentioned that the acquisition of the Bermuda license adds to HashKey Group’s existing licenses in Japan, Hong Kong, and Singapore, granted by regulatory authorities in another jurisdiction, reflecting global acknowledgment of the company’s previous endeavors. With its base in Hong Kong and a global licensing strategy, HashKey Group aims to develop its global licensed exchange network further. Following the launch of HashKey Global, the company anticipates expanding its operations to encompass regions such as the Middle East and Europe.

HashKey Group Unveils HashKey Global to Access Untapped Market Potential

HashKey Group’s HashKey Exchange serves approximately 170,000 customers. However, it’s believed that the number of potential customers interested in the service but unable to meet the requirements is four times greater than the existing customer base. Recognizing this untapped potential, HashKey Group has established the HashKey Global platform. This platform enables users to directly trade with stablecoins such as USDT and USDC. In contrast, Hong Kong retail investors are limited to trading only Bitcoin and Ethereum and are restricted from trading derivative products.

Furthermore, HashKey Exchange, licensed in Hong Kong, targets markets within Hong Kong and its surrounding areas, along with institutional clientele. Conversely, HashKey Global serves retail investors who are unable to access the Hong Kong market. Thus, the main customers anticipated for the new platform are individuals from overseas Chinese communities and Southeast Asian countries. However, it will not extend its services to mainland China, Hong Kong, or the United States customers.

The current asset management scale of HashKey exceeds HK$2 billion and is projected to quadruple to HK$8 billion by the end of the year upon the launch of the new platform.

Livio Weng also noted that introducing a global platform marks HashKey Group’s official entry into the era of ‘dual flagships’ in the exchange landscape. HashKey’s exchange business originated in Hong Kong and represents the ‘regulated model’ of the city. The success of the company’s global strategy is closely linked to the supportive environment provided by Hong Kong. If the company’s global expansion proves successful in the future, it will not only validate the effectiveness of the ‘regulated model’ but also serve as a collective accomplishment of all those who have contributed to the Web3 industry in Hong Kong.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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