Hong Kong cryptocurrency exchange HashKey announced that its token, HSK, will be available for deposits on November 7th and HSK/USDT spot trading will launch on November 26th.
According to HashKey’s announcement, the digital asset exchange’s tokens will be listed on the HashKey Global Innovation Zone. HSK tokens are used across all HashKey businesses, including global licensed exchanges, investments, asset management, tokenization, infrastructure services, and more.
In addition, HSK will also be used as the platform’s official native token and gas token for HashKey Chain, a layer 2 public chain of cryptocurrency exchanges. Tokens can be used on the ERC-20 network.
HSK deposits will begin on November 7 at 07:00 UTC, and spot trading for the HSK/USDT (USDT) pair will begin on November 26 at 10:00 UTC. HSK withdrawals will begin at 10:00 UTC the next day, November 27th.
Ahead of the HSK token listing, HashKey is offering rewards in the form of 2,880,000 free HSK tokens that traders can earn through the HSK Genesis Trading Campaign, which ends at 0:00 UTC on November 25.
Ben El-Baz, Managing Director of HashKey Global, said HashKey Global will provide liquidity support and a stable trading environment for HSK tokens. Additionally, after the launch of HSK, HashKey Global will continue to expand the HSK ecosystem globally.
“HSK is not just a token, but a bridge connecting Asia and global financial infrastructure,” El-Baz said in an HSK press release.
On October 15, the Hong Kong-based exchange postponed the launch of its own token due to the “relatively poor performance of the cryptocurrency market over the past three months” at the time. Therefore, the company chose to wait for better market conditions.
HashKey first announced plans to launch a utility token in November 2023, stating that the token’s economic model would be closely tied to the long-term interests of HashKey contributors.
According to an HSK whitepaper previously reviewed by crypto.news, the cryptocurrency exchange has prepared a supply of 1 billion tokens, with 65% allocated to marketing and business development and 30% to the HashKey team.
HashKey also plans to burn HSK tokens. Up to 20% of net profits will be used to mitigate the dilutive effect of increasing the compensation base of circulating supply.