HashKey Invites Individual and Corporate Market Makers, Offers Commission and Fee Exemptions
Summary:
Hong Kong-based HashKey, one of the first licensed crypto exchanges, is set to accept individual and corporate market makers to boost liquidity. The interested parties, required to trade a minimum of $5 million in cryptocurrencies monthly on HashKey, will begin trading on December 28. They will receive up to 0.015% commission, based on their trading volume and monthly rankings. The highest tier commission needs a minimum trading volume of $100 million a month. Interestingly, all market makers are exempted from trading fees.
Hong Kong's pioneering cryptocurrency exchange, HashKey, is preparing to open the doors for individual and corporate market makers to enhance liquidity on its platform. As revealed in the announcement on December 5, any individual or company interested in serving as a market maker on HashKey needs to have a track record of transacting at least $5 million in cryptocurrencies every month on the platform. Post their business plan assessment, qualified applications will be offered an agreement by the exchange's vetting team and can commence trading starting December 28. Depending upon their monthly rankings and trading volume, participants will be entitled to a commission ranging between 0.005% and 0.015% of the transaction value. However, to be eligible for the maximum commission slab, users and firms need to ensure a minimum monthly trading volume of $100 million. While the commission benefits apply, all market makers will be exempted from any trading fees. Since gaining their initial licenses in August, regulated exchanges in Hong Kong have been broadening their scope of operations and alliances. OSL, another licenced exchange in the territory, joined forces with Interactive Brokers on November 28, which lets Hong Kong-based customers buy Bitcoin and Ether through Interactive Brokers' account. Additionally, on November 30, Victory Securities, the inaugural regulated broker to get approval for virtual asset dealings in Hong Kong, was incorporated for cryptocurrency trading services on OSL's platform. In November, OSL also benefited from a $90 million investment from blockchain entity BGX. On the other hand, HashKey continues to enlarge its altcoin catalogue, which still only caters to accredited investors with a portfolio worth at least $1 million. It also brought in all-encompassing insurance coverage for the assets of enterprise and individual users held in the exchange's digital wallets on November 16.
Published At
12/5/2023 7:10:36 PM
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