HashKey intends to introduce an international trading platform to surpass Coinbase within the next five years.
Hong Kong crypto exchange HashKey is prepared to compete with larger international crypto exchanges such as Coinbase in its pursuit of a fresh Bermuda license to offer crypto futures for a diverse range of 20 distinct crypto coins.
This development occurs as HaskKey encounters stringent regulatory scrutiny in Hong Kong due to its provision of crypto derivative products to customers.
HaskKey Securing the Bermuda License
Weng Xiaoqi, Chief Operating Officer of HashKey Group, disclosed the acquisition of Bermuda’s “comprehensive digital asset investor protection system license” and the today-scheduled launch of the HashKey Global trading platform in a recent interview with a local news outlet.
Initially, the platform will offer over 20 currencies to eligible retail investors, with ambitions to add futures and other products in the coming quarter.
Xiaoqi expressed confidence that the operational data and experience gained from these products will speed up the clearance process with the Hong Kong Securities and Futures Commission, advancing the regulatory framework in Hong Kong.
In addition, Xiaoqi noted that HashKey Exchange currently serves approximately 170,000 customers in Hong Kong, out of which a fourfold potential customer base remains unmet.
HashKey established the HashKey Global platform to enable direct trading with stable currencies such as USDT and USDC to capitalize on this latent potential.
Currently, Hong Kong retail investors can only trade Bitcoin and Ethereum.
Furthermore, the SFC has yet to approve HashKey’s prior applications.
By the end of the year, HashKey’s asset management scale, which currently exceeds HK$2 billion, will have quadrupled with the introduction of its global platform, reaching HK$8 billion.
Rivalry Against Coinbase and International Exchanges
Hashkey declared its ambitious goal of surpassing Coinbase within the next five years in a bold statement.
Notably, the organization does not perceive non-compliant exchanges such as Huobi and Binance as direct competitors.
However, the organization has proposed a range of approaches to accomplish its objective, which encompasses strategies for going public through Security Token Offerings (STOs), China, and Hong Kong equities, among others.
Hashkey aims to utilize the HSK currency as a means to promote interaction and facilitate transaction mining within its ecosystem.
HashKey, a cryptocurrency exchange, raised an astounding $100 million at a valuation of $1 billion earlier this year.
