During the strategic cooperation signing ceremony at KUN & Hashkey Exchange today, Dr. Xiao Feng, the founder of Hashkey Group, disclosed plans to launch a stablecoin backed by the Hong Kong dollar.
Hashkey Group will collaborate with Yuanbi Technology and Zhongan Bank to introduce this stablecoin in Hong Kong.
Yuanbi Technology, led by Chen Delin, the former president of the Hong Kong Monetary Authority, has already secured a stored value facility (SVF) license from the Hong Kong Monetary Authority.
The company, which boasts prominent shareholders such as ZhongAn Digital Asset Group, a subsidiary of ZhongAn Online, HashKey Holdings Limited, and others, primarily focuses on the B2B market. Its main objective is to offer solutions for trading companies, address cross-border payment challenges, and help businesses effectively manage foreign exchange risks.
Hashkey Expands to Retail Users with New App
HashKey Exchange is one of the two virtual asset exchanges that have received approval to serve retail investors in Hong Kong.
Furthermore, the group is set to launch the HashKey Exchange app. This mobile application, which recently gained approval from the Securities and Futures Commission (SFC), is tailored to provide extensive mobile trading functionality.
With this app, individuals in Hong Kong can buy bitcoin and ether, using either Hong Kong dollars or US dollars, directly deposited from their local bank accounts.
The introduction of the HashKey Exchange app is in line with the Hong Kong government’s ongoing efforts to revitalize the virtual asset sector. These initiatives involve the implementation of a mandatory licensing scheme for cryptocurrency platforms, with the goal of enabling them to offer tokens with significant market capitalization to retail traders.
Furthermore, earlier today, Hong Kong’s treasury secretary emphasized during the fintech week that the JPEX scandal would not deter them from their commitment to advancing the web3 market in the city.