Hong Kong's HashKey Exchange is taking steps into the retail scene with the introduction of a new app and a forthcoming token.

This Hong Kong-based cryptocurrency exchange has achieved a significant milestone with the launch of a retail trading application today. This step showcases the platform's ambition to reach a broader audience on a global scale. HashKey Exchange COO Weng pointed out that since HashKey began offering retail trading services on their web platform in late August, there's been a remarkable increase in trading volumes. On October 30, the exchange recorded a daily trading turnover exceeding $100 million, with trading pairs such as BTC-USD and ETH-USD generating over $2.7 million in activity.

Livio Weng Weng stressed the vital role that mobile applications play in retail trading, highlighting that research indicates around 85% of traders prefer engaging through apps.

The recent JPEX cryptocurrency exchange fraud scandal has led to increased scrutiny from the Securities and Futures Commission (SFC). Weng noted that since July, the SFC has been thoroughly monitoring their app, resulting in HashKey submitting several additional documents for review.

HashKey stands out for its commitment to regulatory compliance across 17 different jurisdictions, including Hong Kong, Singapore, the United States, and the United Kingdom. They offer fiat deposit options, especially in Hong Kong and U.S. dollars. As part of their ongoing initiatives, HashKey plans to launch its own ERC-20 utility token, HSK. This token aims to reward participants in HashKey's ecosystem, fostering growth within the platform. According to their whitepaper, there will be a total of 1 billion HSK tokens minted, with a considerable portion earmarked for ecosystem development and staff rewards. However, the anticipated listing date for HSK could be around mid-next year. With the rising interest in real-world asset tokenization (RWA), HashKey is exploring its opportunities. Recognizing the crucial role RWA will play in the future of regulated exchanges, Weng mentioned that effective RWA must be pursued via licensed platforms.

Additionally, HashKey has the regulatory authority to issue and trade security tokens within Hong Kong. Currently, the company is evaluating two promising RWA projects, which Weng believes could significantly transform the marketplace. Discussions regarding these scenarios with the SFC are reportedly progressing well.

HashKey Forthcoming Utility Token

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