HashKey launches global crypto exchange after Bermuda license

Quick Take

  • HashKey Group launched a new exchange called HashKey Global, the company announced today on X.
  • The new exchange will offer trading pairs for 21 cryptocurrencies for qualified retail users, according to the company.

HashKey Group, an Asia-based digital asset financial services firm, today launched a global cryptocurrency exchange named HashKey Global after obtaining a relevant license in Bermuda, as part of the company’s international expansion.

HashKey, which operates a licensed crypto exchange in Hong Kong, said in an X post on Monday that it will “offer compliant trading services to cryptocurrency enthusiasts across the globe.”

The company said in a statement shared with The Block that the new global exchange will offer trading pairs for 21 cryptocurrencies for qualified retail investors and plans to roll out futures-related products "shortly."

The launch of the new platform comes after HashKey recently obtained a license in Bermuda, allowing it to offer digital asset trading services such as launchpad, futures trading and leveraged trading, according to its statement. 

"HashKey Group aims to establish one of the world's largest clusters of licensed exchanges within the next 5 years, surpassing all current regulated exchanges," said Livio Weng, chief operating officer of HashKey Group. "The Bermuda license marks another license obtained by HashKey Group following those in Japan, Hong Kong, and Singapore, issued by regulatory authorities in yet another jurisdiction, demonstrating global recognition of our past efforts."

HashKey Group said in the statement that its Hong Kong trading platform is required to comply with stringent know-your-customer requirements to continue focusing on serving local and nearby markets and institutional clients.

HashKey's new platform, on the other hand, is geared towards global retail customers except for users from the Chinese mainland, Hong Kong, the U.S. and other jurisdictions that do not allow crypto trading.

Potential fundraise

In January, HashKey announced that it raised nearly $100 million in its Series A financing round at a pre-money valuation above $1.2 billion. 

Weng said in an interview with Hong Kong Economic Journal that the company plans to carry out another funding round later this year, and that it is currently in talks with potential investors. He added that the firm is pouring substantial resources into global expansion this year in the hope of starting to turn profitable next year.

Last year, HashKey Exchange became one of the first crypto exchanges to obtain a license under Hong Kong’s new licensing regime, which permits crypto trading platforms to offer retail services.

In February, HashKey OTC, the over-the-counter trading arm of HashKey Group, said it had received in-principle approval from the Monetary Authority of Singapore for a major payment institution license. The preliminary license approval paves the way for HashKey OTC to provide regulated digital payment token services in Singapore. 


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance, entertainment business and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.

Editor

To contact the editor of this story:
Danny Park at
[email protected]