HashKey, an Asian cryptocurrency exchange, is gearing up to introduce crypto trading services for individual investors. The services are set to kick off next Monday, on August 28th. This move comes as conveyed by the company’s Chief Operating Officer, Livio Weng.
Furthermore, Weng stated that the exchange will initially provide trading services exclusively for the top two cryptocurrencies: bitcoin and ether. This strategic selection, according to Weng, adequately addresses the requirements of the majority of retail traders.
This decision follows HashKey’s recent achievement of being the pioneer among crypto entities in Hong Kong. Therefore, the achievement involves securing a license under the city’s innovative licensing framework. Consequently, this framework enables crypto trading platforms to broaden their services, specifically targeting retail clients.
HashKey’s Cautious Approach to Crypto Retail Trading and Strategic Expansion Efforts
Weng highlighted that HashKey is closely aligned with Hong Kong’s financial regulatory authorities; consequently, the company is embracing a cautious stance regarding the introduction of retail trading services. He pointed out that this deliberate approach aims to effectively mitigate risks, particularly in bearish market conditions.
Moreover, as a strategic measure, the initial emphasis will be placed on tokens, specifically bitcoin and ether. As they are perceived to entail comparatively lower risks compared to their alternative counterparts.
HashKey is, in fact, in the process of broadening its retail outreach. Currently, the company is engaged in discussions with approximately five local brokerage firms in Hong Kong. The primary objective of these discussions is to establish gateways that will seamlessly facilitate access to its crypto trading services.
Elaborating on the collaboration, Weng mentioned that this strategic partnership holds the potential to attract a substantial user base. This user base would primarily comprise individuals who are already actively involved in trading Hong Kong stocks through these well-established brokerage platforms.
HashKey’s Robust Approach to Fiat Deposits, Regulatory Compliance, and Ambitious Growth Plans
To streamline the process of fiat currency deposits, HashKey requires users to link their bank cards. Furthermore, as indicated by Weng, the exchange will be accepting deposits in both Hong Kong dollars and U.S. dollars.
Notably, HashKey has implemented stringent restrictions, explicitly preventing users from the Chinese mainland from registering on the platform. This stands in stark contrast to the situation in Hong Kong’s neighboring nation, China, where all crypto transactions within its borders were prohibited as of September 2021.
With ambitious aspirations for its retail services, Weng expressed, “By the close of this year, we aspire to expand our roster of registered users, ranging between 500,000 to 1 million. With an optimistic market outlook for the coming year, we envision catering to 10 million users by 2025.”
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