HashKey Launches as HK’s First Licensed Retail Crypto Exchange, Begins BTC and ETH Trading

On 28 August 2023, HashKey Exchange, the city’s first licensed retail virtual asset exchange (crypto exchange), commenced operations today. The official launch, hosted at the Maritime Museum Central, was attended by key figures from the HKSAR government, leading banks, insurance entities, and representatives from the Big 4 auditing firms.

The platform, which supports direct bank transfers in both USD and HKD, introduced initial fiat trading pairs such as BTC/USD, ETH/USD, and USDT/USD. Joseph Chan Ho-lim, JP, Undersecretary for Financial Services and the Treasury, and Norman Chan Tak-lam, GBS, JP, Chairman of the Hong Kong Web3 Association, were among the notable speakers who shed light on the evolving landscape of the Web3 industry in Hong Kong.

Livio Weng, COO of HashKey Group, highlighted the capabilities of the HEX Engine, a robust system designed to handle up to 5,000 transactions per second (TPS). Emphasizing compliance, HashKey Exchange operates under the stringent guidelines set by the Hong Kong Securities and Futures Commission. This includes rigorous user admission protocols, anti-money laundering measures, and consistent transaction monitoring. Additionally, the platform has fortified its security measures, storing 98% of its digital assets in cold wallets. To ensure transparency and adherence to regulatory standards, regular audits are conducted by the Big 4 accounting firms.

In celebration of its inauguration, HashKey Exchange is offering a temporary waiver on trading fees and has introduced the “HashKey Grand Launch Festival,” providing added benefits for its new user base.

HashKey Exchange, a subsidiary of HashKey Group, stands as the pioneer in Hong Kong, having received the green light for virtual asset trading for retail users from the Securities and Futures Commission (SFC). HashKey Group, a prominent digital asset financial service provider in Asia, delivers a comprehensive suite of services, ranging from trading to Web3 infrastructure, with operations spanning Hong Kong, Singapore, and Japan.

Image source: Shutterstock


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HashKey Exchange Becomes First Licensed Retail Crypto Trading Platform in Hong Kong

Hong Kong, 3 August 2023 – HashKey Exchange has announced the official upgrade of its Type 1 and Type 7 licences, becoming the first licensed virtual asset exchange for retail users in Hong Kong. This significant milestone marks a new era in the region’s cryptocurrency landscape.

License Upgrade and Expansion

Previously holding Type 1 and Type 7 licences, HashKey Exchange underwent a simplified process to obtain the licence upgrade. This allows the platform to expand its services from professional investors to retail users, addressing the market’s need for a licensed platform that offers a secure and straightforward process for buying and storing cryptocurrencies.

The COO of HashKey Group, Livio Weng, stated: “With the establishment of licensed trading platforms and the further clarity of regulatory frameworks in Hong Kong, the industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.”

Security Measures

Security remains a paramount concern for HashKey Exchange. The platform has implemented multi-layered protection of user assets, with 98% of funds kept in cold storage and 2% in hot wallets. Regular audits and compliance inspections are conducted by the Big 4 auditing firms, reinforcing its reputation as one of the most secure exchanges globally.

New Services and Partnerships

In addition to supporting fiat currency deposits and withdrawals, HashKey Exchange has launched its virtual asset over-the-counter (OTC) trading service, HashKey Brokerage, the first compliant OTC trading platform in Hong Kong. The platform has also partnered with Standard Chartered Bank to enhance fiat currency deposit and withdrawal services.

Team Expansion and Pre-Registration

Recently, HashKey Exchange has onboarded over ten senior professionals to collaborate with top financial experts in Hong Kong, ensuring exceptional product quality and user experience. The exchange has also opened pre-registration, offering rewards with HashKey EcoPoints (HSK) and planning a grand ceremony in August to celebrate this milestone.

About HashKey Exchange

HashKey Exchange is a Hong Kong Securities and Futures Commission (SFC) licensed virtual asset exchange operating under Hash Blockchain Limited in Hong Kong. With ISO 27001 and ISO 27701 certifications, the exchange aims to set the standard for virtual asset exchanges in compliance, safety, and security.

Image source: Shutterstock


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Blockchain Labs and HashKey Capital Launch Future3 Campus, a Web3.0 Innovation Incubator

Blockchain Labs and HashKey Capital have announced a joint initiative to establish Future3 Campus, a Web3.0 innovation incubator aimed at promoting the global Web3.0 ecosystem. With principal incubation bases in Shanghai, Guangdong-Hong Kong-Macao Greater Bay Area, and Singapore, the incubator aims to foster Web3.0 Massive Adoption, DePIN, and AI.

The Future3 Campus will also launch an inaugural seed fund of $50 million to nurture Web3.0 projects, thus truly serving innovators in the Web3.0 field.

The first incubation batch, known as Future3 Camp 1, will focus on Web3.0 Massive Adoption. Applications for Future3 Camp 1 are now open globally. The selection process aims to choose no more than 15 excellent teams who will receive three months of in-depth incubation followed by nine months of long-tail tracking, including technical guidance, product strategy, professional training, resource docking, publicity, market activities, financing services, and other comprehensive entrepreneurial support.

Camp 1 is set to begin on July 22, with a team of industry veterans from home and abroad acting as mentors, providing one-to-one customized incubation service solutions based on the specific situations of the project. Participating teams will also get a chance to regularly partake in forward-looking industry insight sharing and exchange events, have face-to-face communication with well-known industry investment institutions, communities, and technical representatives, and receive deep technical guidance, market resource support, ecological resource docking, and financing support, which will aid in achieving exponential growth.

In addition to the incubator, Future3 Campus will also provide entrepreneurial guidance for Web3.0 entrepreneurs through various online and offline industry activities and systematic training, paving the way for more talented individuals to enter and develop long-term in the Web3.0 industry.

About Blockchain Labs: Blockchain Labs is one of the earliest blockchain technology research institutions in China, with Ethereum founder Vitalik Buterin serving as the chief scientist. Since its inception, Blockchain Labs has been dedicated to promoting the popularity and development of blockchain technology.

About HashKey Capital: HashKey Capital is an institutional asset management company focused on digital assets and the blockchain industry. As one of the most influential and largest cryptocurrency funds globally and one of the earliest institutional investors in Ethereum, HashKey Capital currently manages over $1 billion in assets, with investments in more than 500 projects across various sectors.


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Hong Kong SFC Finalizes Regulatory Framework for Virtual Asset Trading Platforms

The Securities and Futures Commission (SFC) of Hong Kong concluded a consultation period today, revealing the finalized regulatory requirements for operators of virtual asset trading platforms licensed by the SFC.

Over the consultation period, the SFC collected 152 written submissions from stakeholders including industry and professional associations, professional and consultancy firms, market participants, licensed corporations, and individuals. These respondents largely welcomed the proposed measures, although several requested clarifications. Following an assessment of the feedback, the SFC made modifications and clarifications to some of the proposed requirements.

In a notable decision, the SFC has approved the proposal to allow licensed platform operators to cater to retail investors, with the majority of respondents showing agreement. To safeguard these investors, the SFC will introduce robust measures such as suitability assessments during onboarding, rigorous token due diligence, admission criteria, improved governance, and mandatory disclosures.

“Hong Kong’s comprehensive virtual assets regulatory framework adheres to the principle of ‘same business, same risks, same rules’, with a key focus on robust investor protection and risk management,” said Ms. Julia Leung, the SFC’s Chief Executive Officer. “This will foster sustainable industry development and support innovation.”

The newly released Guidelines for Virtual Asset Trading Platform Operators will come into effect from 1 June 2023, setting out key expectations such as the secure custody of assets, segregation of client assets, avoiding conflicts of interest, and complying with cybersecurity standards and requirements.

The SFC will provide further guidance on new regulatory requirements, license application procedures, and transitional arrangements. The application forms for trading platforms will be available on 25 May 2023 and the SFC will begin accepting applications on 1 June 2023.

In response to the regulations, operators are encouraged to apply for a license if they can comply with the SFC’s standards. Those unable or unwilling to comply should arrange for an orderly closure of their operations in Hong Kong.

To protect investors, the SFC will continue working with the Investor and Financial Education Council to educate the public about the risks of trading on unregulated platforms. At the time of this announcement, the SFC has not approved any virtual asset trading platform to provide services to retail investors. Most platforms currently accessible to the public are not regulated by the SFC.

The market’s response to the new regulations has been mixed, with the Hong Kong concept token CFX(Conflux) experiencing a pullback.

Currently, Hong Kong’s SFC has licensed only two virtual asset trading platforms: OSL Exchange and HashKey Pro. With the new regulatory framework set to take effect in June, this marks a significant milestone in Hong Kong’s efforts to regulate the fast-growing virtual asset sector.


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Hashkey Group Targets $1 Billion Valuation with $200 Million Fundraising

Hong Kong-based HashKey Group, Asia’s leading end-to-end digital asset management and finance house, is in preliminary discussions to raise up to $200 million, a move that could propel its valuation north of $1 billion, as Hong Kong emerges as a growing global crypto hub.

The company, with operations extending to Singapore and Tokyo, caters to a broad client base including institutions, family offices, and professional investors. The funding move is being interpreted as an affirmation of Hong Kong’s increasing relevance in the global digital asset space.

In January this year, HashKey Capital, a wing of HashKey Group specializing in crypto and blockchain, announced the successful closure of its third fund, HashKey FinTech Investment Fund III (“Fund III”). The fund secured total commitments of $500 million, underlining the group’s stature as a formidable player in the world of crypto finance.

Fund III, managed by HashKey FinTech Investment, an affiliate of HashKey Capital, saw significant participation from a broad range of investors including sovereign wealth funds, corporations, and family offices. This strong support underscores the group’s credibility and reinforces its position in the market.

As Hong Kong continues to promote its standing as a burgeoning crypto hub, the latest fundraising efforts of HashKey Group align well with this narrative. The proposed funding round, if successful, will not only boost HashKey’s market presence but also strengthen Hong Kong’s foothold in the international digital asset landscape.


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HashKey Unveils $10 Million Liquidity Investment in Harmony’s (ONE) DeFi, NFT Ecosystems

Hong Kong-based blockchain VC, HashKey, has revealed the injection of $10 million worth of liquidity to Ethereum-scalability and cross-chain protocol Harmony. 

A Significant Investment 

HashKey revealed this significant investment in a press release today in which it highlighted its commitment to the development of the Harmony ecosystem. The blockchain fund was one of the key investors in Harmony in its early stages before the mainnet launch and has watched it grow into a significant stakeholder in the rapidly budding DeFi landscape. 

Harmony recently celebrated its 2nd mainnet anniversary on June 28, with the platform well-positioned for the future. For example, to date, 59 million blocks have been created on its smart contract, with over 24 million transactions conducted during this period. 

It further gained prominence with the launch of Sushi’s full suite of products which has driven more users to the protocol. Harmony has more than 128,000 wallet accounts registered and 50+ dApps integrated on its platform. It has also attracted $20 million organic TVL on the ETH-Harmony and ETH-BSC bridges as well as $50 million in TVL across 5 community DEXs, which include Viper, Mochi, Openswap, Lootswap, Lockswap, and SushiSwap.

The influx of liquidity from HashKey will be channeled towards expanding the Harmony ecosystem, with more products expected to be released in the future. 

Deng Chao, the Managing Director of HashKey stated:

“Harmony and its team has kept impressing us since the day we connected. HashKey is proud to join in making contributions to develop the Harmony ecosystem much further.”

Similar sentiments were echoed by Stephen Tse, founder of Harmony:

“HashKey has been a strong champion of our project and is one of the leading investors in the entire blockchain ecosystem. They bring insights as a global investor and have immense connections to many more companies that are looking for blockchain partners who can scale with them.”

About Harmony

Build on one, run on all chain, Harmony is an open platform for digital assets, collectibles, identity, and governance. Harmony’s mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance, and other chains. 

About HashKey

HashKey is a Hong Kong-based, professional, and fully compliant fund with a focus on applications, dApps, protocols, and their underlying technologies. It also manages a diverse and selective portfolio of forward-looking companies with great potential to drive true innovation in the blockchain, fintech, IoT, and other industries. 

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Poolin Raises $10 Million in Second pBTC35A Token Sale

Poolin, the world’s leading multi-cryptocurrency mining pool has revealed that it has successfully raised $10 million from the sale of its pBTC35A bitcoin hashrate token to institutional investors, including Three Arrow Capital, Hashkey, Fenbushi, FBG Capital, and others, according to a TheBlock report on February 8, 2021

Poolin’s Second Token Sale Successful 

At a time when there is an insatiable demand for bitcoin (BTC), the world flagship digital currency by institutional investors like Grayscale and others, Poolin, the world’s second-largest bitcoin mining pool is doing everything within its powers to remain on top of the game.

In the latest development, Poolin has announced that it has raised $10 million from its pBTC35A bitcoin hashrate token sale to several crypto-focused venture capital firms including Three Arrow Capital, Hashkey, Mindfulness Capital, Fenbushi, FBG Capital, IOSG and Ledger Prime.

Launched in January 2021, the Poolin pBTC35A token is an ERC-20 token the firm says is designed to bridge the gap between proof-of-work (PoW) mining and yield farming. Notably, each pBTC35A token is backed by PoolIn’s Bitcoin hash power of 1 terahash per second (TH/s) at a power efficiency of 35 joules per TH. 

Notably, the pBTC35A token plays a major role in Poolin’s self-acclaimed “one-stop decentralized and standardized hashrate protocol dubbed  Mars, which is designed to make its users benefit from the DeFi yield farming craze.

Strategic Rebalancing  

On February 5, 2021, reports emerged that Poolin had acquired the crypto mining hashrate of NovaBlock, a North American company, for an undisclosed amount and the hashrate migration is expected to be finalized on February 8, 2021.

Explaining the reason behind its latest token sale to institutional investors, barely one month after orchestrating the sale of the first batch of 100k units of pBTC35A tokens to retail investors, Poolin noted that the funds raised will enable it to get back the money spent on the purchase of bitcoin mining equipment for its tokenized hashrate offering.

What’s more, Poolin has hinted that the newly sold pBTC35A tokens will be locked up for 30-days, after which investors will be able to stakethem in the available liquidity pools on the Mars protocol and receive the platform’s governance token or Wrapped BTC (wBTC) as rewards. 

The yield is calculated based on the total amount of BTC mined with Poolin’s hashrate at the current difficulty rate, after deducting the cost of electricity at $0.058 per kWh and Poolin’s 2.5 percent fee.

At press time, the price of bitcoin (BTC) is hovering around the $39k price area, with a market cap of $$730.02 billion, as seen on CoinMarketCap.

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Interview: Quick Hits On Bitcoin In Asia With Molly Of HashKey Hub

Listen To This Episode:

On this episode of Bitcoin Magazine’s “Bitcoin In Asia,” Molly joins host John Riggins for a quick-hitting conversation about Bitcoin adoption in Asia to kick off 2021.

Molly is head of marketing at HashKey Hub. She was also Bitcoin Magazine’s first employee in Asia and combines that early Bitcoin experience with a lot of success rolling out Bitcoin products in the continent with Hashkey. This is more of a rapidfire episode, including Molly’s perspective on mainstream media coverage of Bitcoin in China, the growth of Bitcoin interest products, how GBTC is viewed in Asia and more.

See Also

Learn more about Molly through her Twitter account.


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Among them, Dragonfly and Hashkey focus on DeFi, and Fenbushi mainly focuses on Filecoin. Huobi and Binance have invested heavily in their own public chains. Huobi has an advantage in Filecoin investment, and Binance is entering Polkadot.

Among them, Dragonfly and Hashkey focus on DeFi, and Fenbushi mainly focuses on Filecoin. Huobi and Binance have invested heavily in their own public chains. Huobi has an advantage in Filecoin investment, and Binance is entering Polkadot.


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Bitcoin (BTC) $ 39,681.63 2.33%
Ethereum (ETH) $ 2,159.95 2.82%
Litecoin (LTC) $ 71.77 0.16%
Bitcoin Cash (BCH) $ 227.14 0.68%