HashKey Exchange, a cryptocurrency trading platform rooted in Asia and operating out of Hong Kong, has officially unveiled its retail trading application today, marking a significant expansion of its services within the Hong Kong region.
During a conversation with The Block, HashKey’s COO, Livio Weng, shared that the Securities and Futures Commission has granted them the green light to roll out the app, catering to the needs of both seasoned investors and casual retail traders.
This app debut follows the platform’s initiation of retail trading capabilities on its website since August 28. Weng highlighted the substantial trading volumes they have experienced since catering to retail traders, noting that on October 30 alone, the platform saw trading volumes soar above $100 million. The trading pairs BTC-USD, ETH-USD, BTC-HKD, and ETH-HKD collectively contributed over $2.7 million to this figure.
Emphasizing the critical role of the app in facilitating retail trading, Weng mentioned, “Based on our findings, approximately 85% of users prefer trading via apps.”
In light of the recent JPEX crypto exchange fraud incident, the Securities and Futures Commission has adopted a stricter regulatory stance towards crypto exchanges. Just this month, the regulatory body announced the integration of two additional measures aimed at bolstering investor protection.
Weng disclosed that since July, the SFC has been meticulously reviewing their app, with HashKey submitting multiple rounds of additional documentation for the evaluation process.
At present, HashKey Exchange is accessible to users from 17 different regions, including places like Hong Kong, Singapore, Malaysia, Israel, the U.K., and the U.S. These users are able to link their bank cards and deposit funds in either Hong Kong dollars or U.S. dollars. “We facilitate deposits made in Hong Kong dollars and U.S. dollars,” Weng added.
Looking ahead, HashKey plans to create its proprietary ERC-20 utility token, HSK, with the aim of driving growth within its ecosystem and rewarding contributors. The platform anticipates minting a total of 1 billion HSK tokens, allocating 65% for ecosystem development, 30% for staff incentives, and 5% for the company’s insurance vault, as detailed in their whitepaper.
Weng also shared plans for listing HSK on the exchange, although he anticipates that this might not occur until mid-next year.