Hong Kong cryptocurrency exchange HashKey Exchange’s parent company, HashKey Group, announced today at the Hong Kong Web3 Carnival that it will launch the Ethereum Layer2 network “HashKey Chain”.
The official statement said that HashKey Chain will adopt ZK zero-knowledge proof technology, providing users with a low-cost, efficient, and developer-friendly on-chain solution, while incentivizing contributors with the platform token $HSK.
Following Coinbase’s launch of Base Chain and OKX’s launch of OKB Chain, HashKey Exchange has become another exchange to develop its own public chain. It is clear that issuing their own public chain has become a popular choice for exchanges.
Tokenomics of $HSK
It is understood that HashKey plans to launch the platform token $HSK in mid-2024. The preliminary use cases include exchange transaction fees, exploration and empowerment of the RWA market, ecological business rights, and other diverse purposes. Currently, it is expected to become an important application scenario for HSK.
According to the whitepaper, the total supply of HSK is 1 billion tokens, with the token distribution as follows:
– Ecological growth distribution: 650 million tokens
– Team distribution: 300 million tokens
– Treasury distribution: 50 million tokens
HSK’s total supply of 1 billion tokens distribution
Just yesterday, HashKey Group announced the establishment of the international platform HashKey Global. The company has obtained the Bermuda “Comprehensive License for Digital Asset Investor Protection System” and officially launched the HashKey Global international trading platform.
Weng Xiaoxi, the Chief Operating Officer, stated that HashKey Exchange has approximately 170,000 customers, and it estimates that there are potential customers four times that number who are interested but do not meet the requirements. This potential cannot be tapped through Hong Kong operations, hence the establishment of the HashKey Global platform, which allows direct trading with stablecoins such as USDT and USDC.
The two platforms have different positioning:
– HashKey Exchange, with its Hong Kong license, focuses on the Hong Kong and surrounding markets, as well as institutional clients.
– HashKey Global serves retail investors who cannot enter the Hong Kong market, but does not include mainland China, Hong Kong, the United States, and countries that explicitly prohibit operating virtual asset platforms. It is expected that the main customer sources will be overseas Chinese and users from Southeast Asian countries.
Weng Xiaoxi stated that the Hong Kong platform adopts the highest standards for user protection, while the global platform can test innovative features, with the hope of summarizing experiences and promoting Hong Kong’s development.
Weng Xiaoxi mentioned that at this stage, they hope the Securities and Futures Commission will approve futures trading. However, it is believed that the Hong Kong Securities and Futures Commission sees high risks. But assuming that they have experimented with low multiples, such as 2 or 3 times leverage on Bitcoin and Ethereum on the global platform for six months to a year, and report the relevant data and experiences to Hong Kong, this move is expected to promote regulatory development in Hong Kong.
Looking ahead, HashKey will continue to conduct exchange business in a licensed manner. Weng Xiaoxi revealed that they are also in communication for two additional licenses. In the next five years, they will focus on Hong Kong and the Asia-Pacific region, aiming to obtain licenses in different regions globally and establish interactive relationships by summarizing operational experiences in various regions.
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