Starting November 26, HashKey’s native token, HSK, will function as a platform-wide utility that facilitates trading and improves the ecosystem of digital assets.
The first listing details for its native token, HashKey Platform Token (HSK), have been made public by Hong Kong-based digital asset exchange HashKey.
Across all of HashKey’s operations, including licensed exchanges, investment, asset management, tokenization, and infrastructure services, HSK will serve as the primary token.
These companies seek to close the gap between the world of digital assets and traditional finance.
HashKey’s Innovation Zone is where HSK will trade. In order to support its long-term growth and wait for more favorable market conditions, the rollout comes after a strategic delay.
As a gas token for HashKey Chain, the exchange’s Layer 2 blockchain, HashKey hopes to position HSK as a useful tool within its growing platform with this launch.
🌟 The Moment We Have Been Waiting For – HashKey Platform Token $HSK Initial Listing is Here! 🎉 @HashKeyHSK
— HashKey Global (@HashKey_Global) November 7, 2024
👉 HSK Deposits (ERC20): 7:00 UTC, Nov 7
👉 HSK/USDT Spot Trading: 10:00 UTC, Nov 26
👉 HSK Withdrawals (ERC20): 10:00 UTC, Nov 27
It’s time to unlock the power of $HSK!… pic.twitter.com/KufNvhFhDY
HashKey Native Token: Is HSK Beyond Just a Token?
The native token and utility that will support HashKey’s ecosystem’s long-term expansion is HSK.
The licensed exchange platform, HashKey Global, will support liquidity and a stable trading environment for the HSK/USDT trading pair as deposits open on November 7 and spot trading begins on November 26.
A promotional HSK genesis trading campaign ended on November 25th, following the new token listing.
The goal of this campaign was to encourage participation and adoption among HashKey’s users worldwide by offering 2,880,000 HSK tokens as rewards.
Interestingly, the token was made to fit in perfectly with every part of the HashKey ecosystem.
It allows users to interact within a compliant infrastructure that connects Web3 innovations with the traditional finance sector, access licensed exchanges, and participate in tokenization projects.
HSK, the native and gas token on the HashKey Chain, facilitates a more efficient experience in the digital economy while supporting quicker and more secure transactions.
HashKey Managing Director Ben El-Baz described HSK as
“not just a token but a bridge between Asia and the global financial infrastructure.”
In addition to powering the HashKey Chain, HSK will underpin all of HashKey’s businesses, promoting an interconnected network of services that offer global, 24/7 liquidity support and secure transactions.
HashKey’s Path Forward: Leveraging HSK to Advance Global Digital Finance
HashKey’s standing as a compliant Web3 provider that places a high value on reliable infrastructure and user interaction is strengthened by HSK’s listing.
In order to avoid oversupply and maintain value for token holders, HashKey has also disclosed a long-term token burn strategy in its whitepaper, according to which 20% of HashKey’s net profits will be used to burn HSK tokens.
In the past, HashKey delayed the token’s release to coincide with better market circumstances.
HashKey is expected to gain significant traction for the token, particularly among institutional participants looking for regulated and trustworthy digital asset solutions, following early delays for the launch of HSK.
The company is a major force in the crypto and web3 industries throughout Asia thanks to its extensive services and strategy.
Recently, RD Technologies has been getting ready to introduce HKDR, a stablecoin based on Ethereum, on HashKey Exchange.
The HKDR will be fixed at a 1:1 ratio to the Hong Kong Dollar and is situated within the “Stablecoin Issuer Sandbox” of the Hong Kong Monetary Authority.
It will offer a stable, regulated digital currency to facilitate payment methods, digital asset trading, and international trade.
HKDR will be able to reach a large user base in the retail and institutional sectors thanks to HashKey, which has over 170,000 users.
Similarly, as part of the growing rise in crypto adoption in Hong Kong, Hong Kong’s stock exchange operator, HKEX, will launch the HKEX Virtual Asset Index Series on November 15 to establish benchmark indices for Bitcoin and Ethereum prices.
The indices will follow the European Union’s Benchmark Regulation standards and will be managed jointly with a UK-based entity, with data services provided by CCData.