HashKey Exchange lists AVAX and LINK for Retail Investors in Hong Kong

HashKey, a cryptocurrency exchange based in Hong Kong, has announced that it has listed Avalanche (AVAX) and Chainlink (LINK) trading pairs for retail investors in the city. The exchange is now listing both tokens for trading in US dollars and Hong Kong dollars: AVAX and LINK. Previously, the exchange only supported Bitcoin and Ether.

The company, in an announcement, stated that “We are happy to announce that retail investors will have access to AVAX/USD and LINK/USD trading pairs on HashKey Exchange. The trading window for these pairs will open on August 28, 2024, at 18:00 (UTC+8).”

Professional and retail investors on the exchange with portfolios over $1 million could already access trading pairs for AVAX and LINK in addition to a number of other cryptocurrencies. Deposits and withdrawals of AVAX can be done using the Avalanche network, and for LINK via the ERC20 network.

Data from market tracker CoinGecko shows that on Wednesday, Avax, the native token on the Avalanche blockchain, had a total market capitalization of roughly US$10 billion. About US$7 billion worth of tokens were in circulation for Link, which was used on the Chainlink blockchain. Regarding market capitalization, which is a key factor in Hong Kong to ascertain if a cryptocurrency can be made available to retail investors, both rank in the top 20 largest.

Notable for being the first cryptocurrency assets—after ether and bitcoin—to be authorized for retail trading on licensed exchanges in Hong Kong are AVAX and LINK. This approval came more than a year after the Securities and Futures Commission of the region established a new licensing system for cryptocurrency exchanges in June 2023. Two months later, on August 28, 2023, HashKey Exchange became the first firm in Hong Kong to receive a license and begin offering cryptocurrency retail trading.

The Bermuda Monetary Authority has also approved and awarded a license for HashKey Global to Hong Kong's licensed cryptocurrency exchange, HashKey Exchange. One of the largest offshore financial and reinsurance hubs in the world is Bermuda. The trading platform will give high-quality projects a chance to reach a wider audience and increase their market share in the cryptocurrency sector.

HashKey is viewing this action as a calculated move to take advantage of Hong Kong's increasing momentum in the Web3 space. The continuous increase in the number of assets available is a part of Hong Kong's larger plan to regain prominence in the virtual asset market. This aligns with Hong Kong's objective of becoming a global center for cryptocurrency.

However, earlier in the year, a number of foreign cryptocurrency platforms withdrew their applications for the necessary operating licenses needed to operate in the city, which might have put a stop to Hong Kong's hopes of becoming a global center for virtual assets.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.