HashKey Exchange to increase liquidity to mobile market makers
HashKey, one of the first crypto exchanges to be licensed in Hong Kong, will soon allow individual and corporate market makers to offer the exchange.
According to the December 5th announcement, individuals and entities can apply to become market makers on HashKey to trade at least $5 million worth of cryptocurrencies each month. After reviewing their business plans, approved applicants will be invited to sign a contract with the exchange's due diligence team and begin trading on December 28.
Users and companies receive 0.005% to 0.015% of transaction value as commission, depending on monthly levels or transaction volume. This means that users and entities must show at least $100 million in trade per month to enjoy the highest commission income. All market makers are exempt from paying commission fees on trades.
Hong Kong-controlled exchanges have expanded service offerings and partnerships since the first licenses were granted in August. OSL, another Hong Kong-licensed exchange, signed a partnership with Interactive Brokers on November 28 to enable Hong Kong customers to buy Bitcoin (BTC) and Ether (ETH) using Interactive Brokers' investment accounts. In the year On November 30, the company boarded the OSL platform, the first regulated broker in Hong Kong for virtual asset deals, crypto trading services. OSL received a $90 million investment from blockchain legal entity BGX in November.
Meanwhile, HashKey is expanding its altcoin offerings, though they remain limited to accredited investors who meet the $1-million portfolio requirement. On November 16, the company launched comprehensive insurance coverage for users and corporate assets stored in digital wallets.
Related: No civil protection for crypto in China, $300K to list coins in Hong Kong?
