As a seasoned crypto investor with a knack for spotting promising opportunities, I find the upcoming listing of HashKey’s native token HSK quite intriguing. The multi-faceted usage of HSK across various HashKey businesses, including its layer 2 public chain, makes it an attractive addition to my portfolio.
On November 7th, the native token HSK from HashKey, a cryptocurrency exchange based in Hong Kong, can be deposited. Starting from November 26th, it will also be possible to trade HSK/USDT directly.
As per HashKey’s recent announcement, their digital asset exchange’s token, the HSK token, will now be featured in the HashKey Global Innovation Zone. This token is set to serve as a universal currency across all HashKey businesses, which encompass global licensed exchanges, investments, asset management, tokenization, infrastructure services, and numerous other ventures.
Apart from its usage, the HSK token will serve dual purposes: it will function as the native token and gas token within the HashKey Chain, which is the second-layer public blockchain of the crypto exchange. Furthermore, this token can be found on the Ethereum‘s ERC-20 network.
Deposits for HSK can be made starting November 7 at 7:00 AM UTC. Trading in the HSK/USDT pair will commence on November 26 at 10:00 AM UTC, and withdrawals of HSK will become available a day later, on November 27 at 10:00 AM UTC.
During the countdown to the HSK token’s listing, HashKey is providing incentives by giving away a total of 2,880,000 HSK tokens as rewards for traders participating in the HSK genesis trading event which concludes on November 25 at 0:00 UTC.
The Head of HashKey Global, Ben El-Baz, announced that HashKey Global plans to offer liquidity assistance and ensure a steady trading platform for the HSK token. Moreover, following the release of HSK, HashKey Global intends to broaden the global reach of the HSK ecosystem.
In the HSK press statement, El-Baz expressed that HSK serves not only as a simple token, but also as a connecting pathway between Asia and the worldwide financial system.
On October 15th, the Hong Kong-based exchange decided to delay the release of its own cryptocurrency token, as the market’s activity had been fairly quiet for the previous three months. Consequently, they opted to hold off until more favorable market circumstances presented themselves.
Back in November 2023, HashKey initially unveiled their intention to introduce a utility token. They explained that the token’s economic structure would be significantly linked with the future prosperity of HashKey’s supporters.
As per a whitepaper discussed on crypto.news (which was originally published by HSK), it appears that the cryptocurrency exchange has set aside a total of 1 billion tokens. Out of this, approximately 65% is earmarked for marketing and business development efforts, while about 30% will be distributed to the HashKey team.
In addition, HashKey intends to destroy HSK tokens. Approximately 20% of their earnings will be allocated towards reducing the impact on supply caused by an increase in circulation due to rewards.
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2024-11-07 20:33