Citing a media report, Hong Kong-based cryptocurrency exchange HashKey announced in an announcement that it is launching its own token, HSK, which will be accessible for deposit or trading shortly.
Deposits for HSK will open on November 7 at 07. Trading of HSK/USDT contracts will commence at 00 UTC on November 23rd, 2018, and spot trading of the HSK/USDT pair at 10:00 UTC on November 26th, 2018. HSK withdrawals will commence the following day, November 27, at 10:00 UTC.
From HashKey’s release, HSK will play an important role within the platform, applicable across HashKey’s licensed exchanges, investments, assets, and tokenization services. Furthermore, an ERC-20 token called HSK will serve as the main gas token for the HashKey Chain, a Layer 2 public blockchain launched to manage the platform’s decentralized operations. Designed to run on the ERC-20 network, HSK will be an integral part of HashKey, offering users a direct link to other platform aspects.
HSK Token Launch: A Strategic Move Connecting Asia to Global Finance
The token launch was marked as a crucial event, as stated by Ben El-Baz, the Managing Director of HashKey Global: We will ensure that there is always enough HSK liquidity paired with an appropriately stable trading environment. “To call HSK a token means that it is much more than just that – it is a connection between Asia and the world’s financial systems,” El-Baz added.
Upon listing the HSK token, HashKey provided a rewards program for traders as part of the HSK Genesis trading campaign, giving out 2,880,000 HSK Tokens. Within the framework of the promo campaign, an Oct 25 – Nov 25 promotion is planned to pump up interest before the token release.
Initially planned for an earlier release, HashKey delayed launching HSK due to low activity, which the firm claimed characterized the crypto industry in the past three months. The exchange also attributed the lateness to strategic arts to enable proper market conditions before ICO token introduction. Initially introduced in November 2023, HSK was created with a long-term vision in mind, as the project’s economic model is built to benefit HashKey’s contributors.
Token Economy And Currency Supply Regulation
The total number of HSK tokens distributed is one billion, 650 million of which are integrated for marketing campaigns and business development and 300 million for the HashKey team. The exchange also presented a token burn plan through which it promised to set aside 20% of its net profits for purchasing and eliminating HSK to counterbalance growth in supply due to rewards.
As the launch date approaches, HashKey is building the HSK token as a foundation of its growing ecosystem and as a bridge between Asia’s financial markets and global crypto infrastructure.
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