HashKey launches global crypto exchange after Bermuda license

HashKey Group, an Asia-based digital asset financial services firm, today launched a global cryptocurrency exchange named HashKey Global after obtaining a relevant license in Bermuda, as part of the company’s international expansion.

HashKey, which operates a licensed crypto exchange in Hong Kong, said in an X post on Monday that it will “offer compliant trading services to cryptocurrency enthusiasts across the globe.”

The company said in a statement shared with The Block that the new global exchange will offer trading pairs for 21 cryptocurrencies for qualified retail investors and plans to roll out futures-related products "shortly."

The launch of the new platform comes after HashKey recently obtained a license in Bermuda, allowing it to offer digital asset trading services such as launchpad, futures trading and leveraged trading, according to its statement. 

"HashKey Group aims to establish one of the world's largest clusters of licensed exchanges within the next 5 years, surpassing all current regulated exchanges," said Livio Weng, chief operating officer of HashKey Group. "The Bermuda license marks another license obtained by HashKey Group following those in Japan, Hong Kong, and Singapore, issued by regulatory authorities in yet another jurisdiction, demonstrating global recognition of our past efforts."

HashKey Group said in the statement that its Hong Kong trading platform is required to comply with stringent know-your-customer requirements to continue focusing on serving local and nearby markets and institutional clients.

HashKey's new platform, on the other hand, is geared towards global retail customers except for users from the Chinese mainland, Hong Kong, the U.S. and other jurisdictions that do not allow crypto trading.

Potential fundraise

In January, HashKey announced that it raised nearly $100 million in its Series A financing round at a pre-money valuation above $1.2 billion. 

Weng said in an interview with Hong Kong Economic Journal that the company plans to carry out another funding round later this year, and that it is currently in talks with potential investors. He added that the firm is pouring substantial resources into global expansion this year in the hope of starting to turn profitable next year.

Last year, HashKey Exchange became one of the first crypto exchanges to obtain a license under Hong Kong’s new licensing regime, which permits crypto trading platforms to offer retail services.

In February, HashKey OTC, the over-the-counter trading arm of HashKey Group, said it had received in-principle approval from the Monetary Authority of Singapore for a major payment institution license. The preliminary license approval paves the way for HashKey OTC to provide regulated digital payment token services in Singapore.