{"id":79205,"date":"2023-11-01T02:40:11","date_gmt":"2023-11-01T06:40:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/hong-kongs-hashkey-breaks-retail-ground-with-trading-app-hsk-token-to-follow\/"},"modified":"2023-11-01T02:40:14","modified_gmt":"2023-11-01T06:40:14","slug":"hong-kongs-hashkey-breaks-retail-ground-with-trading-app-hsk-token-to-follow","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79205","title":{"rendered":"Hong Kong\u2019s HashKey Breaks Retail Ground with Trading App, HSK Token to Follow"},"content":{"rendered":"<div>\n<figure id=\"attachment_124601\" aria-describedby=\"caption-attachment-124601\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-124601\" class=\"wp-caption-text\">Source: Pixabay \/ nextvoyage<\/figcaption><\/figure>\n<p>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.<\/p>\n<p>HashKey\u2019s 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\u2019s Securities and Futures Commission to serve both professional investors and retail users.\u00a0\u201cWe\u2019ve recorded large trading volume since we began to serve retail users,\u201d 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, \u201cGenerally speaking, about 85% of users trade via apps, according to our research,\u201d he said.<\/p>\n<p>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.\n<\/p>\n<h2>Upcoming HashKey EcoPoints (HSK) Token<\/h2>\n<p>\nHashKey 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\u2019s ecosystem, aiming to \u201cfuel the growth of the entire ecosystem.\u201d 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\u2019s insurance vault.<\/p>\n<p>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\u2019s broader goal of expanding its retail trading services and fostering a more interconnected digital asset environment in Asia.\n<\/p>\n<h2>Exploring the Possibilities of Real-World Asset Tokenization<\/h2>\n<p>\nAs discussions around real-world asset (RWA) tokenization intensify, HashKey saw an opportunity to leverage its licensed status. \u201cIf you want to pursue \u2018effective RWA,\u2019 then you have to do it through licensed exchanges,\u201d stated Weng.<\/p>\n<p>HashKey is exploring \u201ctwo important RWA cases\u201d that could potentially bring significant market changes. \u201cWe\u2019re in talks with the SFC [for RWA cases] right now,\u201d Weng added, indicating that the discussions have progressed to \u201cthe latter half phase.\u201d<\/p>\n<p>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).<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/hong-kongs-hashkey-breaks-retail-ground-with-trading-app-hsk-token-to-follow.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay \/ nextvoyage 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\u2019s Chief Operating Officer Livio Weng shared insights about the new app in an interview with The Block, mentioning [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-79205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hong Kong\u2019s HashKey Breaks Retail Ground with Trading App, HSK Token to Follow | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay \/ nextvoyage Hong Kong-based cryptocurrency exchange HashKey has ventured into the retail trading sector with the official launch of its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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