HashKey Group Launches Global Platform for Trading in 20+ Currencies
- HashKey Group announced HashKey Global, a trading platform with a Bermuda license and more than 20 currencies for qualified retail investors.
- The platform planned to introduce futures and additional products within a quarter.
- HashKey said it aimed to surpass Coinbase within five years while expanding beyond the limitations affecting its Hong Kong operations.
HashKey Group announced the launch of HashKey Global, a trading platform serving qualified retail investors with more than 20 currencies. Livio Weng, chief operating officer of Hong Kong-licensed exchange HashKey Group, made the announcement in an interview.
HashKey said it had obtained Bermuda’s “Comprehensive Digital Asset Investor Protection System License” for the platform. HashKey Global would offer more than 20 currencies to qualified retail investors in its first phase and planned to introduce futures and additional products within a quarter.
HashKey Global currently offers trading in more than 20 currencies to qualified retail investors.
HashKey said the data and experience gained from operating these products could help streamline the approval process with the Hong Kong Securities and Futures Commission and contribute to the evolution of Hong Kong’s regulatory framework.
Under existing regulations, retail investors seeking to open an account with a licensed virtual asset platform in Hong Kong are required to have a bank account in a specified region. HashKey Exchange, based in Hong Kong, served approximately 170,000 customers. The number of potential customers interested in the service but unable to meet the requirements was estimated to be four times the existing customer base.
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HashKey Global was established to reach this potential customer base. The platform allows direct trading with stablecoins such as USDT and USDC, bypassing limitations encountered through HashKey’s Hong Kong business operations.
According to crypto journalist Colin Wu, HashKey aimed to outperform Coinbase within five years. The company did not regard non-compliant exchanges such as Binance and Huobi as competitors.
Hashkey stated that its goal is to surpass Coinbase within five years, and it does not regard non-compliant exchanges such as Binance and Huobi as competitors; it has multiple plans for going public, including China, Hong Kong stocks, STO, etc.; the two platforms share the same… https://t.co/js7eTG2ay3
— Wu Blockchain (@WuBlockchain) April 8, 2024
HashKey Group raised nearly $100 million in a Series A financing round at a pre-money valuation above US $1.2 billion. The company planned to use the funds to strengthen its Web3 ecosystem, expand the product range of its licensed Hong Kong business, and propel its globally compliant and innovative development.
Edited by Harshajit Sarmah
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