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

Hong Kong crypto exchange HashKey announced that its native token HSK will be available for deposit on November 7, while HSK/USDT spot trading will open on November 26.

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

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

HSK deposits will open at 07:00 UTC on November 7, while spot trading for the HSK/USDT(USDT) pair will begin at 10:00 UTC on November 26. HSK withdrawals will open the next day, November 27, at 10:00 UTC.

🌟 The Moment We’ve Been Waiting For – HashKey Platform Token $HSK First List is Here! 🎉 @HashKeyHSK

👉 HSK Deposit (ERC20): 7:00 UTC, November 7
👉 HSK/USDT Spot Trading: 26 November 10:00 UTC
👉 HSK Withdrawal (ERC20): 10:00 UTC, 27 November

It’s time to unlock the power $HSK!… pic.twitter.com/KufNvhFhDY

— HashKey Global (@HashKey_Global) November 7, 2024

In the days leading up to the HSK token listing, HashKey is offering rewards in the form of 2,880,000 free HSK tokens that investors can earn during the HSK origination trading campaign, which will end on November 25 at 0:00 UTC.

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

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

The Hong Kong-based exchange postponed the launch of its native token on October 15 due to the cryptocurrency market’s performance being “relatively weak over the past three months.” Therefore, the company preferred 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 will be closely linked to the long-term interests of HashKey contributors.

According to the HSK white paper previously reviewed by crypto.news, the crypto exchange has prepared a 1 billion token supply; 65% of this goes to marketing and business development, and 30% goes to the HashKey team.

Additionally, HashKey plans to burn HSK tokens. Up to 20% of its net profits will be used to reduce the dilutive effects of reward-based increases in circulating supply.