HashKey

HashKey Exchange to onboard market makers to boost liquidity

“To incentivize more users to provide liquidity, we will officially launch the market maker project starting from 2023/12/28,” the exchange wrote.

HashKey, one of the first crypto exchanges to be licensed in Hong Kong, will soon allow individual and enterprise market makers to provide liquidity on the exchange.

According to the Dec. 5 announcement, individuals and entities can apply to be market makers on HashKey, provided that they trade at least $5 million worth of cryptocurrencies per month on the exchange.

Depending on monthly rankings or trading volume, users and firms will receive between 0.005% and 0.015% of transaction value as commission.

Hong Kong-regulated exchanges have expanded service offerings and partnerships since the first licenses were granted in August. OSL, another Hong Kong licensed exchange, signed a partnership with Interactive Brokers on Nov. 28 to enable Hong Kong clients to purchase Bitcoin (BTC) and Ether (ETH) using Interactive Brokers’ investment accounts. 30, the firm onboarded Victory Securities, the first regulated broker in Hong Kong to obtain approval for virtual asset dealings, for crypto trading services on OSL’s platform.

Meanwhile, HashKey has been expanding its altcoin offerings, though they remain available only to accredited investors meeting a $1-million portfolio requirement.

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HashKey launches wealth management service, citing ‘significant’ demand

Hong Kong’s HashKey recently received a number of licenses from local regulators, allowing it to expand its range of products and services.

Hong Kong-based digital asset firm HashKey Group has launched a new wealth management platform geared toward professional and institutional investors.

In an April 14 announcement, HashKey cited “significant demand from investors to access virtual assets” as the reason for its move into the wealth management space.

Deng Chao, the CEO of the group’s venture capital arm, HashKey Capital, said the service allows it to offer solutions to help tap into the “growing opportunities of virtual assets.”

HashKey pointed to a 2022 study from consultancy firm Boston Consulting Group, which found 0.3% of individual wealth is invested in crypto compared to the 25% invested in equities.

A screenshot from BSG’s 2022 report highlighting the growth potential for crypto. Source: BSG

It claims this signals there is “potential robust demand for virtual assets in the future,” a sentiment that was shared by BSG when it initially published the report.

On Sept. 13, HashKey announced that it had been granted a “Type 9 asset management license” by Hong Kong’s Securities and Futures Commission, allowing it to manage portfolios that only contain virtual assets and likely paved the way for its latest offering.

Related: Hong Kong virtual bank to offer crypto conversions and accounts: Report

In the latest announcement, HashKey also noted that “recent challenges in the crypto market have highlighted the need for deep and reliable liquidity.”

In response, HashKey said it would be expanding its over-the-counter trading service by expanding the number of tokens in its spot market and increasing its liquidity coverage to 24/7.

On Jan. 17 HashKey closed a $500 million investment round for a fund that it plans to use to help push for mass adoption of blockchain and crypto technologies.

Cointelegraph contacted HashKey for comment but did not immediately receive a response.

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