Hong Kong’s HashKey Sets New Launch Date for HSK Native Token

Hong Kong-based crypto exchange HashKey has announced new dates for the launch of its native token, HSK. Deposits for the HSK token will open on November 7, while spot trading for the HSK/USDT pair is set to begin on November 26.
According to HashKey’s official announcement, the HSK token will be listed on the exchange’s Global Innovation Zone. The token will serve multiple purposes across the HashKey ecosystem, including for services related to global licensed exchanges, investment, asset management, tokenization, and infrastructure. Additionally, HSK will act as both the native and gas token for HashKey’s layer 2 public blockchain, HashKey Chain. The token will initially be available on the ERC-20 network.
Deposits for HSK will begin on November 7 at 07:00 UTC, while spot trading of the HSK/USDT pair will launch on November 26 at 10:00 UTC. HSK withdrawals will be enabled the following day, November 27, at 10:00 UTC.
Ahead of the launch, HashKey is offering traders a chance to earn a share of 2,880,000 free HSK tokens as part of the "HSK Genesis Trading Campaign," which runs until November 25 at 00:00 UTC.
Ben El-Baz, Managing Director of HashKey Global, stated that the exchange would provide liquidity support and ensure a stable trading environment for the HSK token. He added that following the token’s launch, HashKey Global plans to continue expanding the HSK ecosystem on a global scale.
HashKey had originally planned to launch the token earlier this year but postponed the release in mid-October, citing "subdued market conditions" over the previous months. The exchange decided to delay until more favorable market conditions could be expected.
HashKey first revealed its intentions to launch the HSK token in November 2023, highlighting that the token's economic model would align with the long-term interests of its contributors.
The HSK whitepaper, which was reviewed by crypto.news, outlines a total token supply of 1 billion, with 65% of the tokens allocated to marketing and business development and 30% designated for the HashKey team. Additionally, the exchange has plans to implement a token burn mechanism, committing to using 20% of its net profits to offset the dilution effects of reward-based increases in the circulating supply.
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