HashKey stated that its native token, HSK, will be open for deposits on November 7 and that spot trading in HSK/USDT will begin on November 26.
The HashKey statement states that the token of the digital asset exchange would be listed on the HashKey Global Innovation Zone.
All HashKey operations will use the HSK token, which includes coverage of international licensed exchanges, investing, asset management, tokenization, infrastructure services, and more.
Furthermore, HSK will serve as both the official native token of the platform and the gas token for the HashKey Chain, the layer 2 public chain of the cryptocurrency exchange.
The ERC-20 network will have the token accessible. On November 7 at 7:00 UTC, HSK deposits will open, and on November 26 at 10:00 UTC, spot trading for the HSK/USDT (USDT) pair will start.
The following day, November 27, at 10:00 UTC, HSK withdrawals will open. Throughout the HSK genesis trading campaign, which concludes on November 25 at 0:00 UTC, traders can earn free 2,880,000 HSK tokens from HashKey in the days preceding the HSK token listing.
According to Ben El-Baz, managing director of HashKey Global, the company will encourage liquidity and offer a stable trading environment for the HSK cryptocurrency.
Additionally, HashKey Global will keep growing the HSK ecosystem internationally following the introduction of HSK. El-Baz said in the HSK press release:
HSK is not just a token, but a bridge between Asia and the global financial infrastructure”
The Hong Kong-based exchange delayed the launch of its native coin on October 15 because of the “relatively subdued performance of the crypto market over the past three months.”
As a result, the company decided to hold off until the market improved. In November 2023, HashKey initially revealed its intentions to introduce a utility token, claiming that the token’s business model would be strongly linked to the contributors’ long-term interests.
An HSK whitepaper states that the cryptocurrency exchange has planned a supply of one billion tokens, of which thirty percent will go to the HashKey team and sixty-five percent will go to marketing and business development. HashKey also intends to burn HSK tokens.
To counteract the dilutionary effects of reward-based increases in circulating supply, up to 20% of its net profits will be allocated.
