- HashKey Group announces the launch of HashKey Global trading platform with a Bermuda license, offering over 20 currencies to qualified retail investors.
- HashKey plans to expand its offerings to include futures and other products within the next quarter.
- It aims to surpass Coinbase in five years, focusing on compliant operations and expanding its customer base beyond current Hong Kong limitations.
Chief operating officer of Hong Kong's licensed exchange HashKey Group, Livio Weng recently announced in an interview that HashKey has obtained Bermuda's "Comprehensive Digital Asset Investor Protection System License" and will launch the HashKey Global trading platform.
HashKey Global will offer over 20 currencies to qualified retail investors in the first phase and plans to introduce futures and additional products within a quarter. The company hopes that the data and experience gained from operating these products would aid in streamlining the approval process with the Hong Kong Securities and Futures Commission and contribute to the evolution of Hong Kong's regulatory framework.
Under the existing regulations, retail investors looking 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, currently serves approximately 170,000 customers. It is estimated that the number of potential customers interested but not meeting the current requirements is four times the size of the existing customer base.
To tap into this potential, the HashKey Global platform was established, allowing direct trading with stablecoins such as USDT and USDC, bypassing limitations encountered through Hong Kong business operations.
According to crypto journalist Colin Wu, HashKey aims to outperform Coinbase in the next five years, viewing non-compliant exchanges like Binance and Huobi as non-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
In January this year, 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
