HashKey Exchange, the largest licensed cryptocurrency exchange in Hong Kong, has received the green light to offer Avalanche (AVAX) and Chainlink (LINK) to retail investors, according to a Wednesday report by the South China Morning Post.
New Assets on HashKey Exchange
AVAX and LINK are currently in 14th and 18th places, respectively, by market capitalization, according to data provided by CoinGecko. Prior to the addition of the two aforementioned cryptocurrencies, HashKey would offer only Bitcoin and Ethereum.
License and Service Expansion
Last year, the exchange underwent a successful license upgrade after working with the Securities and Futures Commission (SFC) in order to expand its services to the retail market. It became the first cryptocurrency exchange to achieve such a feat in Hong Kong. The trading platform, which was founded back in 2018, currently boasts roughly 170,000 users. In April, HashKey also launched a global platform that aims to compete with the likes of Coinbase.
Potential of Hong Kong's Crypto Market
Hong Kong's retail investors were allowed to buy cryptocurrencies last June. The move was a major step toward turning the city with a GDP of roughly $360 million into an influential cryptocurrency hub. Earlier this year, multiple spot-based Bitcoin and Ethereum exchange-traded funds (ETFs) were launched in Hong Kong. However, these products failed to generate a substantial amount of noise since they are not available in mainland China and have only attracted negligible inflows compared to their record-breaking American counterparts.
HashKey Exchange's approval to sell AVAX and LINK to retail investors is a significant step in the development of Hong Kong's cryptocurrency market, promoting growth and popularization of digital currencies in the region.
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