Hong Kong’s HashKey Breaks Retail Ground with Trading App, HSK Token to Follow

Hong Kong’s HashKey Breaks Retail Ground with Trading App, HSK Token to Follow

Hong Kong-based cryptocurrency exchange HashKey has ventured into the retail trading sector with the official launch of its trading app, making it the first licensed virtual asset exchange app in Hong Kong.

HashKey’s Chief Operating Officer Livio Weng shared insights about the new app in an interview with The Block, mentioning that the app has received approval from Hong Kong’s Securities and Futures Commission to serve both professional investors and retail users. “We’ve recorded large trading volume since we began to serve retail users,” Weng said, revealing the notable daily trading volume of over $100 million on October 30. He emphasized the importance of the app in navigating the retail trading platform, stating, “Generally speaking, about 85% of users trade via apps, according to our research,” he said.

HashKey was the first to obtain a license after Hong Kong implemented its new Virtual Asset Service Provider licensing framework. The exchange upgraded its previous licenses and gained the permission to provide trading services to retail users.

Upcoming HashKey EcoPoints (HSK) Token

HashKey Exchange is preparing to introduce its own utility token named HSK. According to Weng, this ERC-20 token will serve as a tool to incentivize contributors across HashKey’s ecosystem, aiming to “fuel the growth of the entire ecosystem.” According to its white paper, the exchange aims to mint a total of 1 billion HSK tokens with the allocation divided into 65% for ecosystem growth, 30% for staff incentives, and 5% for the company’s insurance vault.

Although the exact date is yet to be confirmed, HashKey seeks to list the HSK token on its platform by the middle of 2024. This move aligns with HashKey’s broader goal of expanding its retail trading services and fostering a more interconnected digital asset environment in Asia.

Exploring the Possibilities of Real-World Asset Tokenization

As discussions around real-world asset (RWA) tokenization intensify, HashKey saw an opportunity to leverage its licensed status. “If you want to pursue ‘effective RWA,’ then you have to do it through licensed exchanges,” stated Weng.

HashKey is exploring “two important RWA cases” that could potentially bring significant market changes. “We’re in talks with the SFC [for RWA cases] right now,” Weng added, indicating that the discussions have progressed to “the latter half phase.”

The HashKey Exchange app was officially released on Nov. 1, 2023, at 3:11 AM (UTC), available on both the App Store and Google Play. The exchange supports bank transfers from 17 countries and regions in the world and accepts deposits in Hong Kong dollars (HKD) and U.S. dollars (USD).

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