HashKey Challenges Coinbase with Bermuda License

HashKey is gearing up to compete with major players like Coinbase by obtaining a new license from Bermuda.

A Hong Kong-based bitcoin exchange HashKey is prepared to engage in a battle with major cryptocurrency exchanges such as Coinbase to obtain a new license from Bermuda that would allow it to issue cryptocurrency futures contracts for twenty different cryptocurrency coins.

This new development comes at a time when HaskKey is required to comply with stringent regulatory procedures in Hong Kong to provide clients with crypto-derivative products.

HashKey Securing the Bermuda License

Weng Xiaoqi, the Chief Operating Officer of HashKey Group, revealed in a recent interview with a local news publication that the company has acquired Bermuda’s “comprehensive digital asset investor protection system license” and plans to launch the HashKey Global trading platform today.

For the time being, the platform will provide eligible individual investors with access to more than 20 different currencies. Additionally, there are plans to launch futures and other products within the next quarter.

Xiaoqi expressed optimism that the operational data and experience gained from these products will simplify the licensing process with the Hong Kong Securities and Futures Commission, thereby furthering Hong Kong’s regulatory framework.

Xiaoqi’s optimism was based on the fact that these products possess both characteristics. According to Xiaoqi, the HashKey Exchange in Hong Kong currently serves roughly 170,000 users, and there is an estimated potential customer base that is four times more than what is currently required.

Direct trade with stable currencies like USDT and USDC is made possible through the HashKey Global platform, which was built by the exchange to take advantage of this unrealized potential.

Bitcoin and Ethereum are the only two cryptocurrencies that ordinary investors in Hong Kong can trade at the moment. Furthermore, HashKey is still awaiting approval for the earlier applications it submitted to the SFC.

By the end of the year, HashKey will quadruple this figure to HK$8 billion, with its current asset management size surpassing HK$2 billion. The launch of the worldwide platform will accomplish this.

In a bold statement, Hashkey announced its ambitious goal of surpassing Coinbase over the next five years. It is interesting to note that the corporation does not consider non-compliant exchanges like Binance and Huobi to be direct rivals.

Instead, it has described a variety of tactics for accomplishing its objective, such as plans for going public through a variety of channels, including equities in China and Hong Kong, as well as security token offerings (STOs).

Using the HSK token, Hashkey plans to enable transaction mining and foster interaction within its ecosystem. Blockchain technology will accomplish this.

At the start of this year, the cryptocurrency exchange HasKey was able to raise an astounding $100 million at a valuation of $1 billion.