HashKey Group, a crypto service provider, has stepped into the global crypto exchange arena with the launch of HashKey Global, headquartered in Bermuda.
Ben El-Baz, the managing director of HashKey Global, highlighted Bermuda’s favorable regulatory environment as a key factor in their decision. After observing Coinbase’s success in obtaining a license in Bermuda, HashKey Group found it to be an ideal location to expand its operations.
El-Baz emphasized the importance of addressing users’ concerns about exchange reliability, especially in the wake of FTX’s collapse in 2022. HashKey Global aims to bridge the gap by combining the user experience of Binance with the regulatory framework of Coinbase.
HashKey’s Ambitious Long-Term Goals
HashKey Global sets its sights on becoming the world’s largest globally compliant exchange within the next five years. El-Baz expressed confidence in surpassing the trading volume of competitors, citing Coinbase International as a benchmark.
HashKey Global has strategically excluded certain regions from its services, including Hong Kong, China, and the United States. This decision aligns with its goal of regulatory compliance and risk mitigation.
In January, HashKey Group achieved unicorn status following a successful Series A funding round, raising close to $100 million. The funds will support various business arms, including asset management, blockchain validation, tokenization services, and Web3 incubation.
HashKey Global aims to provide a diverse range of trading services, including spot and futures trading, staking, and a project launchpad. El-Baz assured the presence of liquidity providers from day one to ensure market depth.
Adequate Capitalization and Regulatory Compliance
While remaining discreet about the specific investment amount, El-Baz assured that HashKey Global is adequately capitalized. He also emphasized Bermuda’s stringent capitalization requirements for licensed institutions.
At launch, HashKey Global will focus solely on cryptocurrencies, offering trading pairs with Tether for 20 different digital assets, including Bitcoin, Ethereum, USD Coin, and Dogecoin.
