HashKey Group Sets Sights on Surpassing Coinbase with Launch of HashKey Global
by Fintech News Hong Kong April 9, 2024HashKey Group, an operator in Hong Kong’s licensed cryptocurrency exchange market, has expanded its offerings with the initiation of HashKey Global. This move introduces a global trading platform under a Bermuda-issued Digital Asset Business license.
Livio Weng
However, the service faces regulatory exclusions, making it unavailable in several areas, including the US, mainland China, and Hong Kong, according to HashKey Group’s COO, Livio Weng, during an event at the Hong Kong Web3 Festival.
Since its establishment in 2018, HashKey Group has managed the HashKey Exchange, servicing retail investors per Hong Kong’s updated cryptocurrency regulations.
Currently facilitating transactions in Bitcoin and ether, the platform reports over 170,000 registered users and a 24-hour trading volume nearing US$35 million (HK$274 million). These figures position HashKey Exchange 15th in trust score rankings by CoinGecko amidst a global landscape where platforms such as Binance and OKX lead with substantial trading volumes.
Facing stiff competition globally, HashKey Group’s ambition does not shy away from challenging industry giants; it aims to eclipse Coinbase, a US crypto exchange, in total trading volume by 2029 across all its platforms.
HashKey Global, targeted at overseas Chinese and investors in Asian markets outside regulatory barriers, is promoted as a compliant platform focusing on user experience.
HashKey Group’s ventures, including investment and asset-management arms, seek to capitalise on Hong Kong’s endorsement of the virtual asset sector.
This strategy is pursued despite the industry’s recent challenges, such as the FTX collapse and fluctuations in bitcoin prices, which saw a record high of over US$73,000 (HK$571,633) last month.
