HashKey, a Hong Kong cryptocurrency exchange, is willing to compete with global crypto exchanges such as Coinbase to pursue a new Bermuda license to offer crypto futures for 20 different crypto coins. This development comes as HaskKey faces stringent regulatory measures in Hong Kong for providing cryptocurrency derivative products to customers.

HashKey Group Expands Digital Asset Services with New Bermuda License and Global Trading Platform Launch

In a recent interview with a local news publication, HashKey Group's Chief Operating Officer, Weng Xiaoqi, revealed the acquisition of Bermuda's "comprehensive digital asset investor protection system license" and the upcoming launch of the HashKey Global trading platform, which is scheduled for today. Initially, the platform will offer over 20 currencies to eligible retail investors, with plans to add futures and other products in the coming quarter, Coingape reported.

Xiaoqi expressed confidence that the operational data and experience gained from these products would speed up the approval process with the Hong Kong Securities and Futures Commission, advancing the regulatory framework in Hong Kong.

Xiaoqi stated that the HashKey Exchange in Hong Kong currently serves approximately 170,000 customers, with an estimated fourfold potential customer base that does not meet the current requirements. HashKey established the HashKey Global platform to capitalize on this untapped potential, allowing direct trading with stable currencies such as USDT and USDC.

Currently, Hong Kong retail investors can only trade Bitcoin and Ethereum. Furthermore, HashKey's previous applications to the SFC remain pending approval. HashKey's current asset management scale exceeds HK$2 billion, and the global platform launch will quadruple that figure to HK$8 billion by year-end.

HashKey Sets Sights on Surpassing Coinbase with IPO Plans and Unique Growth Strategies

Hashkey made a bold statement, revealing its ambitious goal of outpacing Coinbase within the next five years. Interestingly, the company does not see non-compliant exchanges such as Binance and Huobi as direct competitors.

Instead, it has announced various strategies for achieving its goal, including plans to go public through channels such as China, Hong Kong stocks, and Security Token Offerings (STOs). Hashkey intends to use the HSK coin to facilitate transaction mining and increase community engagement within its ecosystem.

Earlier this year, cryptocurrency exchange HasKey raised $100 million at a $1 billion valuation.

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