Hong Kong’s HashKey Announces Native Token HSK Listing

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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Last updated:

November 7, 2024 08:15 EST

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Hong Kong-based digital asset exchange HashKey has revealed the initial listing details for its native token, HashKey Platform Token (HSK).

HSK will be the central token across HashKey’s range of businesses, which include licensed exchanges, investment, asset management, tokenization, and infrastructure services.

These businesses aim to bridge the gap between traditional finance and the digital asset space.

HSK is set to trade in HashKey’s Innovation Zone. The rollout follows a strategic delay as it waits for more favorable market conditions to support its long-term growth.

With the launch, HashKey aims to establish HSK as a valuable tool within its expanding platform, particularly as a gas token for HashKey Chain, the exchange’s Layer 2 blockchain.

HashKey Native Token: Is HSK Beyond Just a Token?

HSK will serve as the utility and native token that will help drive the long-term growth of HashKey’s ecosystem.

As deposits open on November 7 and spot trading on November 26, HashKey Global, the licensed exchange platform, will support liquidity and a stable trading environment for the HSK/USDT trading pair.

The new token listing was followed by a promotional HSK genesis trading campaign ending on November 25.

In this campaign, 2,880,000 HSK tokens were available as rewards, aiming to drive engagement and adoption among HashKey’s global users.

Notably, the token was designed to integrate seamlessly into all aspects of HashKey’s ecosystem.

It enables users to access licensed exchanges, engage in tokenization projects, and interact within a compliant infrastructure that bridges the traditional finance sector with Web3 innovations.

As the native and gas token on the HashKey Chain, HSK supports faster and more secure transactions while allowing for a streamlined experience within the digital economy.

HashKey Managing Director Ben El-Baz described HSK as

“not just a token but a bridge between Asia and the global financial infrastructure.”

In addition to powering the HashKey Chain, HSK will underpin all of HashKey’s businesses, promoting an interconnected network of services that offer global, 24/7 liquidity support and secure transactions.

HashKey’s Path Forward: Leveraging HSK to Advance Global Digital Finance

HSK’s listing builds on HashKey’s reputation as a compliant Web3 provider that prioritizes robust infrastructure and user engagement.

HashKey has also shared a long-term token burn strategy, as outlined in its whitepaper, where 20% of HashKey’s net profits will go towards burning HSK tokens to prevent oversupply and sustain value for token holders.

HashKey previously postponed the token’s launch to align with improved market conditions.

After initial delays for HSK’s debut, HashKey is predetermined to achieve substantial traction for the token, especially among institutional participants seeking regulated and reliable digital asset solutions.

The firm’s comprehensive services and approach have made it a key player in the crypto and web3 Asia-wide.

Recently, RD Technologies has been preparing to launch the Ethereum-based stablecoin HKDR on HashKey Exchange.

The HKDR is positioned within the Hong Kong Monetary Authority’s “Stablecoin Issuer Sandbox” and will be pegged 1:1 to the Hong Kong Dollar.

It will provide a regulated, stable digital currency to support cross-border trade, digital asset trading, and payment solutions.

HashKey, with over 170,000 users, will enable HKDR to reach a broad user base in retail and institutional sectors.

Similarly, as part of the growing rise in crypto adoption in Hong Kong, Hong Kong’s stock exchange operator, HKEX, will launch the HKEX Virtual Asset Index Series on November 15 to establish benchmark indices for Bitcoin and Ethereum prices.

The indices will follow the European Union’s Benchmark Regulation standards and will be managed jointly with a UK-based entity, with data services provided by CCData.