Hong Kong’s HashKey announces new launch date for HSK native token

Hong Kong crypto exchange HashKey announced its native token HSK will be available for deposits on Nov. 7, while HSK/USDT spot trading opens on Nov. 26.

According to the HashKey’s announcement, the digital asset exchange’s token will be listed on the HashKey Global Innovation Zone. The HSK token will be used for all HashKey businesses, including the coverage of global licensed exchanges, investment, asset management, tokenization, infrastructure services and more.

Not only that, HSK will also be used as the platform’s official native token and gas token for the HashKey Chain, which is the crypto exchange’s layer 2 public chain. The token will be available on the ERC-20 network.

Deposits for HSK will be open on Nov. 7 at 07:00 UTC, while spot trading for the HSK/USDT(USDT) pair will begin on Nov. 26 at 10:00 UTC. The opening of HSK withdrawals will proceed on the next day, Nov. 27 at 10:00 UTC.

In the days leading up the HSK token listing, HashKey is offering rewards in the form of free 2,880,000 HSK tokens for traders to earn throughout the HSK genesis trading campaign that ends on Nov. 25 0:00 UTC.

Managing Director of HashKey Global, Ben El-Baz stated that HashKey Global will provide liquidity support and a stable trading environment for the HSK token. Additionally, after the HSK launch, HashKey Global will continue to expand HSK’s ecosystem globally.

“HSK is not just a token, but a bridge between Asia and the global financial infrastructure,” said El-Baz in the HSK press release.

On Oct. 15, the Hong Kong-based exchange postponed the launch of its native token, due to the crypto market’s performance at the time being “relatively subdued over the past three months.” Therefore, the firm chose to wait for better market conditions.

HashKey first announced its plans to launch a utility token back in November 2023, stating the token’s economic model would be closely tied to the long-term interests of the HashKey’s contributors.

According to an HSK whitepaper previously reviewed by crypto.news, the crypto exchanged has prepared a supply of 1 billion tokens, with 65% allocated to marketing and business development and 30% going to the HashKey team.

Furthermore, HashKey plans to burn HSK tokens. As much as 20% of its net profits will be used to mitigate the dilutionary effects of reward-based increases in circulating supply.