HashKey Group has unveiled a new global cryptocurrency exchange named HashKey Global, following in the footsteps of competitor Coinbase. The managing director, Ben El-Baz, mentioned in an interview with Bloomberg on April 8 that they chose Bermuda as the base for their exchange after observing Coinbase's success with obtaining a license to operate internationally in the country.
El-Baz explained that there is a growing awareness among users regarding counterparty risks associated with exchanges, especially after FTX's collapse in 2022. He believes there is an opportunity for HashKey Global to merge the user and product experiences of Binance with the regulatory and security features of Coinbase.
The long-term goal of HashKey Global, according to El-Baz, is to become the largest globally compliant exchange within the next five years. The company aims to surpass the trading volume achieved by competitors like Coinbase International.
HashKey Global will not cater to Hong Kong, China, the United States, and various other regions despite its Hong Kong-based affiliate being the first to secure an operating license in that area.
The exchange recently achieved unicorn status after raising close to $100 million in a Series A funding round. The funds will be utilized for various business operations, including asset management, blockchain node validation, tokenization services, and Web3 incubation.
HashKey Global plans to introduce spot and futures trading, staking services, and a project launchpad. The exchange will also have liquidity providers and market makers from day one to ensure robust market liquidity.
El-Baz declined to disclose the exact amount invested in the new exchange project but stated that they are adequately capitalized. HashKey Global currently supports trading in 20 cryptocurrencies paired with Tether (USDT), including Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Dogecoin (DOGE).
