Hong Kong-based HashKey acquires Bermuda license, launches global platform

Key Takeaways

HashKey Global will soon launch futures trading alongside its current spot trading for 21 digital assets, including BTC and ETH.

HashKey MD sees an opportunity for HashKey Global to blend Binance’s user experience and product features with Coinbase’s regulatory and safety standards.

HashKey Group has officially launched its new global trading platform, HashKey Global. HashKey Global provides access to over 20 cryptocurrencies and targets international users not served by HashKey Hong Kong. According to a recent report in the Hong Kong Economic Journal, HashKey COO Livio Weng said the new platform has secured a digital asset business license in Bermuda to provide compliant trading services.

Operating under a digital asset business license issued in Bermuda, HashKey Global is now accessible globally. However, as Livio Weng, COO of HashKey Group, mentioned in an interview during the Hong Kong Web3 Festival, regulatory reasons prevent it from being used in certain markets such as the United States, mainland China, and Hong Kong.

Founded in Hong Kong in 2018, HashKey Exchange operates locally and was approved by Hong Kong’s securities regulator last August. The exchange currently offers Bitcoin and Ethereum for retail trading and boasts over 170,000 registered users.

Despite HashKey Exchange’s relatively low trading volume compared to larger exchanges such as Binance and OKX, HashKey Group expects HashKey Global to strengthen its market position. Livio Weng expressed the company’s intention to surpass Coinbase’s trading volume across all HashKey Group platforms by 2029.

According to Weng, HashKey Global’s compliant platform and seamless user experience give it an edge in the face of stiff competition from existing cryptocurrency exchanges around the world. He pointed out that most major exchanges are either easy to use but not compliant, or compliant but difficult to use.

HashKey Group, whose businesses include HashKey Capital and an asset management arm, is one of a number of cryptocurrency companies investing in embracing the virtual asset industry in Hong Kong.

HashKey Global Managing Director Ben El-Baz explained that after observing Coinbase’s success with its Bermuda license, they decided this was the right regulatory framework for expansion. HashKey Group is headquartered in Hong Kong with operations in Singapore and Tokyo, and aims to build one of the world’s largest licensed exchange clusters within the next five years.

Currently, HashKey Global provides spot trading services for 21 digital assets, including Bitcoin, Ethereum, Tether’s USDT, and Circle’s USDC, and plans to introduce futures trading services soon.

Unlike HashKey Global, which is headquartered in Hong Kong, HashKey Global does not provide services to Hong Kong, China, the United States, and other regions. The launch of HashKey Global marks a significant milestone for HashKey Group, which achieved unicorn status earlier this year following a successful funding round.

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