HashKey Group, a Hong Kong-based firm offering digital asset services, has launched a new global cryptocurrency exchange called HashKey Global after securing a license to operate in Bermuda.
This move comes as the company aims to establish itself as a major player in the cryptocurrency exchange market, with the ambitious goal of overtaking US-based crypto giant Coinbase in trading volume within the next five years.
TLDR
- The HashKey Group has launched a global cryptocurrency exchange called HashKey Global after being granted a license to operate in Bermuda.
- HashKey aims to establish one of the world’s largest clusters of licensed exchanges within the next 5 years, with the goal of surpassing Coinbase in trading volume.
- HashKey Global will offer spot trading services for 21 digital assets, including BTC, ETH, USDT, and USDC, with futures trading services set to launch within weeks.
- The exchange is not available in certain markets, such as the US, mainland China, and Hong Kong, due to regulatory reasons.
- HashKey believes it has an advantage as a compliant platform that also offers a smooth user experience, compared to other exchanges that are either easy to use but not compliant or compliant but hard to use.
HashKey Global, which operates with a Digital Asset Business licence issued in Bermuda, is now available globally, with the exception of certain markets such as the US, mainland China, and Hong Kong, where it cannot be used due to regulatory reasons.
The exchange currently offers spot trading services for 21 digital assets, including popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC). Additionally, HashKey Global plans to introduce futures trading services within the coming weeks.
Livio Weng, COO of HashKey Group, expressed confidence in the company’s ability to surpass Coinbase, stating,
“We have seen their data and we don’t think that’ll be difficult.” HashKey believes that its global exchange has an advantage over competitors by being a compliant platform that also offers a smooth user experience. Weng noted that most of the world’s major exchanges are either “easy to use but not compliant” or “compliant but hard to use.”
The launch of HashKey Global follows the company’s success in Hong Kong, where it operates the local HashKey Exchange, which was approved by the city’s securities regulator last August to serve retail investors under the city’s new crypto regulatory regime. HashKey Exchange now boasts more than 170,000 registered users and hosted about US$35 million in 24-hour trading volume on Monday, according to market tracker CoinGecko.
HashKey’s decision to base its global exchange in Bermuda mirrors the strategy employed by Coinbase, which also secured a license to operate its international exchange in the jurisdiction.
Ben El-Baz, managing director of HashKey Global, stated that after seeing Coinbase’s success in Bermuda, the company
“looked at all the different options, and we found that to be a very, very suitable and good regulatory regime for us to expand from.”
As HashKey Global enters the competitive landscape of global cryptocurrency exchanges, the company is banking on its combination of regulatory compliance and user-friendly experience to attract users and gain market share.
With plans to offer spot and futures trading, staking services, a project launchpad, and robust liquidity from day one, HashKey is positioning itself as a major contender in the rapidly evolving world of digital asset trading.
