HashKey Exchange is now live and operating as Hong Kong’s first licensed retail cryptocurrency exchange. Initial fiat trading pairs on the exchange currently include BTC/USD, ETH/USD, and USDT/USD. The platform also enables direct bank transfers in USD and HKD. In light of the city’s efforts to foster growth in the virtual asset market, HashKey has begun accepting retail users and enabling direct trading of the two major crypto coins against fiat currencies.
Almost a month has passed since the launch of HashKey and OSL, the only two local exchanges authorised by Hong Kong’s Securities Futures Commission (SFC) to provide trading services for virtual assets to professional investors. HashKey has taken a giant leap ahead with its launch, as the city’s licensing criteria for retail-facing exchanges are stringent and involve a lot of work behind the scenes, and require significant financial strength.
HashKey, which already held Type 1 and Type 7 licenses, was able to get the license upgrade through a streamlined process, enabling it to begin serving retail customers as well as institutional ones. HashKey Exchange, which is Hong Kong’s first licensed retail cryptocurrency exchange, has promised to address problems plaguing the digital assets industry in the city.
To facilitate user deposits and withdrawals, Hashkey is collaborating with two banks. HashKey has launched the “HashKey Grand Launch Festival,” where they will temporarily remove trading fees and offer rewards for their new user base, to celebrate the launch of their platform.
Partnership to bridge “trusted” and “trustless” elements
Meanwhile, in an effort to bridge the “trusted” and “trustless” features of Web2 and Web3, HashKey has partnered with imToken, a leading non-custodial crypto wallet. Web3 is built on the “trustless” concept, which means it functions on code, incentives, and economic mechanisms rather than relying on a trusted third party. However, Web2 provides a more comfortable interface and easier access to classic financial services not yet available in Web3.
Customers of HashKey Exchange who prefer to take charge of their own digital assets will benefit from the new partnership, as imToken becomes the exchange’s official non-custodial wallet partner. HashKey Exchange, on the other hand, will provide imToken holders with a reliable platform for trading virtual assets, accepting bank wires for both the on- and off-ramps of fiat currency.