In its Monday update, the renowned crypto firm Hashkey revealed plans to launch HashKey Global, a regulated platform that will facilitate the buying and selling of digital assets. The launching of HashKey Global came days after the exchange secured a license to operate in Bermuda as a regulated entity.
In an X post dated March 8, the HaskKey team confirmed that the new platform will support trading licensed digital assets globally.
HashKey Obtain Bermuda License
The significant milestone will enable HashKey to expand its footprint in viable markets. Initially, HashKey cemented its market presence in Hong Kong and other promising markets.
The launching of HashKey Global will enable the exchange to offer around 21 crypto trading pairs to eligible retail clients. The crypto exchange plans to debut futures related products to meet the market’s needs.
The exchange has sought an extensive regulatory portfolio to ensure that HashKey operates as a compliant platform. A few days ago, the Bermudian authorities greenlighted the HashKey license.
The approval of the license allowed the HashKey team to offer a wide range of digital assets, including futures trading, leveraged trading, and launchpad services.
An announcement conveyed by the chief operating officer at HashKey, Livio Weng, stated that the exchange plans to establish the world’s most largest clusters of licensed crypto exchanges by 2029.
Role of HashKey Global Exchange
The COO believes HashKey’s ongoing development will propel the exchange to gain competitive dominance. The official highlighted that the Bermuda license mirrors other licenses acquired by HashKey in Japan, Hong Kong, and Singapore.
Weng remains optimistic that HashKey’s past development will bore the desired fruits. The projects that HashKey will gain global recognition and attract success. To attain the desired result, the HashKey team launched a $100 million fundraising that propelled the firm’s value to unicorn status.
The multimillion-dollar funding will promote innovation and boost the firm’s compliance level. During the fundraising, the HashKey team confirmed plans to comply with the strict rules in Hong Kong, including the Know Your Customer (KYC) and anti-money laundering rules.
The successful fundraising encouraged the HashKey team to explore viable opportunities. Speaking exclusively with the Hong Kong Economic Journal, Weng confessed that HashKey plan to launch another funding round this year.
The COO added that HashKey plans to invest more resources in its 2024 global expansion. The executive anticipates that HashKey’s recent investment will be profitable by next year.
Overview of HashKey Global Expansion Plan
The exchange underlined the need to comply with the existing measures to meet the needs of institutional and retail clients. In the report, the HashKey team demonstrated its interest in pursuing crypto-friendly states.
In 2022, HashKey led other exchanges to secure Hong Kong’s new crypto trading license. Months after establishing its headquarters in Hong Kong, the HashKey OTC obtained the in-principle approval of the Monetary Authority of Singapore (MAS).
The approval allowed HashKey’s over-the-counter division to offer regulated digital payment services to Singaporean customers. HashKey’s expansion to Bermuda mirrors a recent move made by its top rival, Coinbase.
A statement from the HashKey Global managing director, Ben El-Baz, stated that the expansion of Coinbase to Bermuda challenged the exchange to follow suit. The executive admitted that Bermuda was the most suitable for HashKey compared to other markets.
Citing the aftermath of the fallout of FTX, the executive believes that the world now understands the counterparty risk associated with crypto exchanges. Weng confessed that HashKey sought to curb the gap between user and product experiences.
El-baz stated the primary objective of HashKey Global was to offer unique products and services that outpace what is currently available in the market. Commenting on the amount spent to establish HashKey Global, El-Baz confirmed that the exchange was adequately capitalized.
The official added that Bermuda offers a great awareness of the different capitalization requirements that suit licensed institutions.
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