Asia-based cryptocurrency exchange HashKey will move to Hong Kong after receiving a valid license under the new licensing regime. HashKey CEO Livio Weng spoke to the media to announce that HashKey will be launched in the region on August 28, 2023, which is next Monday.
Initially, this offer is only for merchants and gives them access to two of the most popular digital tokens. Bitcoin and Ethereum will be the first tokens to appear on the cryptocurrency platform. The reason for choosing Bitcoin and Ether is that the current market trend is down, which makes it difficult to trade altcoins due to their high volatility. While this is a factor in the crypto industry, Bitcoin and Ethereum are considered less risky at such times. Therefore, its implementation is in the initial stage.
Another reason suggested by Weng was that offering popular digital tokens would help attract millions of retailers faster. Assuming the responses are good, HashKey has announced that they will target 10 million users in the ecosystem by the end of 2025.
Much of this could be helped by the long-awaited rally in the market next year. Based on current trends, we're still not sure if next year will be THE YEAR of cryptocurrency, regardless of sign.
BTC was last traded at $26,093.50, down 10.75% in the last 30 days. BTC is expected to cross the $30,000 mark this year and then approach $100,000. It is impossible to achieve the figure mentioned above, but the trend is not completely focused on the cryptocurrency industry.
Ether was also difficult. In the last month, the price decreased by 11.01% to 1652.87 dollars. Ether is often called the next BTC, but the gap has only widened in recent months.
However, the cryptocurrency industry expects its revenues to be even higher in the coming year.
Weng noted that Chinese IP addresses are prohibited from accessing the Hong Kong platform. This follows China's decision to ban digital tokens in September 2021. In Hong Kong, merchants must link their bank cards to exchanges to fund their profiles in local currency. Alternatively, they can use US dollars.
In the future, HashKey intends to cooperate with five local brokerage firms to provide cryptocurrency trading services to users. This will connect investors directly to the brokerage platform. This has the potential to attract tens of millions of users to HashKey.
HashKey and related Hong Kong financial regulators are working together to achieve more optimistic results.