Following Coinbase’s Lead, HashKey Unveils Its Own Global Exchange in Bermuda

Last Updated on April 8, 2024

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Key Takeaways:

  • Global Expansion: HashKey Group has initiated its global expansion with the launch of HashKey Global, a new cryptocurrency exchange based in Bermuda, aiming to compete with leading platforms like Coinbase on an international level.
  • Strategic Location for Compliance: Selecting Bermuda for its favorable regulatory environment, HashKey Global positions itself to offer a blend of high-quality user experience and regulatory compliance, aspiring to be the world’s largest globally compliant exchange within five years.
  • Comprehensive Service Offering: Over the next six months, HashKey Global plans to roll out various services, including spot and futures trading, staking, a project launchpad, and ensuring deep market liquidity from the start.

In a strategic move to extend its reach beyond Hong Kong, HashKey Group has launched HashKey Global, a new global crypto exchange set to rival Coinbase’s international platform.

This venture into Bermuda marks HashKey’s bold steps toward global expansion.

During an insightful interview with Bloomberg on April 8, Ben El-Baz, the managing director at HashKey Global, shared the company’s vision post-observing Coinbase’s successful acquisition of a Bermuda license.

This move was strategic, choosing Bermuda for its favorable regulatory environment, ideal for HashKey’s growth ambitions.

The collapse of FTX in 2022 reshaped users’ perspectives on counterparty risks associated with exchanges.

Seizing this moment, HashKey Global aims to bridge the gap by offering a blend of Binance’s superior user and product experience with the regulatory and safety framework akin to Coinbase.

El-Baz expressed an ambitious goal for HashKey Global: to become the world’s largest globally compliant exchange within the next five years, even aiming to surpass Coinbase International’s reported 24-hour derivatives volume of $539.4 million.

Distinguishing itself from its Hong Kong counterpart, the first to receive a license in the region, HashKey Global will not cater to markets in Hong Kong, China, the United States, and several other regions, focusing instead on leveraging Bermuda’s strategic advantages.

The revelation of HashKey’s unicorn status in January, following a nearly $100 million Series A funding round, underscored the exchange’s robust financial backing and ambitious expansion plans.

The funding is earmarked for diversification across its business units, including asset management, blockchain node validation, tokenization services, and Web3 incubation.

Over the upcoming six months, HashKey Global is set to introduce a suite of services including spot and futures trading, staking, a project launchpad, and ensuring deep market liquidity from day one through partnerships with liquidity providers and market makers.

El-Baz remained discreet about the financial commitments towards this new exchange, emphasizing the adequacy of their capitalization and Bermuda’s stringent capitalization requirements for licensed entities.

This move by HashKey Global signifies a significant stride in the evolving global crypto exchange landscape, marking a new chapter of competitive and regulatory compliance in the industry.

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