OKX and HashKey Group eye partnership to boost crypto innovation in Hong Kong
OKX and Web3 technology company HashKey Group are considering a strategic alliance aimed at promoting virtual value creation and adoption in Hong Kong. Elsewhere, the OKB token fell on Tuesday, falling more than 25% to $39.
Crypto exchange OKX and Web3 technology company HashKey Group are seeking a partnership to promote virtual asset creation and adoption in Hong Kong.
The collaboration will focus on a variety of crypto-related programs, including educational initiatives around blockchain infrastructure, product development and virtual asset investment, the companies said in a press release on Tuesday.
OKX and HashKey Group's efforts are aimed at initiatives that comply with Hong Kong's regulatory framework, the announcement said.
In particular, OKX and HashKey Group are looking to leverage their respective strengths and resources to drive growth in Hong Kong, one of the world's fastest growing crypto hubs.
Today's news comes days after OKX announced that it has received VASP approval from Dubai market regulator VARA.
What is happening with OKB token?
On Tuesday, the price of OKB, which is the base of the OKX crypto exchange, fell from more than $52 to $39. The morning flash crash knocked OKB's market value down by more than $700 million.
While the OKX token has recovered some losses, it remains below $50. As of this writing, it is trading around $45 and is at risk of further declines amid the broader crypto market hemorrhaging.
Regarding the flash crash, OKX CEO Star Shu said in an earlier post on X that the exchange is investigating the incident. It promises to provide an update to the crypto community.
