HashKey Token HSK Soars 90% in a Week... Anticipation Rises for Entry of Chinese Securities Firms into Virtual Asset Business
Summary
- HashKey's platform token HSK reportedly surged 90% in just one week.
- Expectations over the expansion of cryptocurrency services by mainland securities firms have resulted in increased institutional demand for HSK.
- Rumors of entry by multiple securities firms and the SFC approval issue in Hong Kong have had a positive impact on HSK's price.
HashKey, a virtual asset (cryptocurrency) exchange in Hong Kong, saw its platform token HSK surge by 90% in just one week. This is attributed to growing expectations that institutional demand on the HashKey platform could increase, as mainland securities firms expand their cryptocurrency services via Hong Kong.
According to The Defiant, a cryptocurrency-focused media outlet, Guotai Junan International, a subsidiary of a mainland Chinese securities firm, recently obtained a license from Hong Kong authorities to provide cryptocurrency trading services. Guotai Junan can now offer clients in Hong Kong a platform for direct trading of Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and more. Following this news, the share price of the parent company soared over 167% in the past five days.
The report noted, “HashKey, which received official approval from the Hong Kong Securities and Futures Commission (SFC), is being highlighted as a gateway for mainland securities firms’ entry into the cryptocurrency sector,” and added, “Rumors that other mainland securities firms—such as Cathay Securities, Futu Securities, and Tiger Brokers—are about to enter have also contributed to HSK token’s price rally.”
As of today, HSK is trading at $0.6135 on CoinMarketCap, up 0.86% from the previous day.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Exclusive] KakaoBank meets with global custody heavyweight…possible stablecoin partnership](https://media.bloomingbit.io/PROD/news/a954cd68-58b5-4033-9c8b-39f2c3803242.webp?w=250)
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