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 <p class="is-style-lead">The <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>’s economic model will be ‘closely tied to the long-term interests of ecosystem contributors,’ the firm said.</p>
 <p>HashKey Exchange is set to roll out its own ERC-20 <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> as the firm is seeking options to expand its regional presence with the newly <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a>ed mobile app for retail traders available on iOS and Android devices.</p>
 <p>In a blog announcement on Nov. 1, the Hong Kong-based licensed crypto firm said the HashKey EcoPoints (HSK) token will be a “bond to incentivize ecosystem contributors,” offering fee discounts and “specific rights” for asset issuance as well as early access to “future new token subscriptions.”</p>
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   <img decoding="async" width="857" height="576" src="https://cdn.thebittimes.com/images/2023/11/01/454d479c1cd18bb8c3969170940aca8b.webp" alt="Hong Kong's HashKey unveils plans to launch ERC-20 utility token - 1"> 
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   HSK token allocation | Source: HSK whitepaper
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 <p>According to the token’s whitepaper, HashKey plans to mint a total sum of 1 billion HSK. Around 65% of the token’s total supply is allocated for marketing and business development purposes, with 30% for the HashKey team and the remaining 5% in reserve for “additional protection for ecosystem users.”</p>
 <p>HashKey will also burn HSK <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s, using 20% of the firm’s net profits to “protect HSK holders from the dilutionary impact of rewards-based increases in HSK circulating supply.”</p>
 <p>In an interview with the media, HashKey COO Livio Weng said the company plans to list the token on HashKey Exchange no sooner than the middle of 2024.</p>
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 <p>HashKey <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a>ed its services in late August 2023, becoming the first licensed crypto platform in Hong Kong. The <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> was a collaborative effort among representatives from the Hong Kong Special Administrative Region (HKSAR) government, major banking institutions, insurance companies, and big four auditing firms.</p>
 <p>The HashKey Exchange platform allows direct bank transfers in USD, HKD, and cryptocurrencies. It operates on the “HEX Engine,” which supports up to 5,000 transactions per second.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Hong Kong’s first licensed crypto exchange HashKey launches fund
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hong-kong-s-hashkey-unveils-plans-to-launch-erc-20-utility-token-tbt68661.html">https://thebittimes.com/hong-kong-s-hashkey-unveils-plans-to-launch-erc-20-utility-token-tbt68661.html</a></p>

Hong Kong’s HashKey unveils plans to launch ERC-20 utility token

TheBitTimes

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