Hong Kong crypto exchange operator HashKey Group will launch its blockchain based on Ethereum

What’s new? Hong Kong-based digital asset services provider HashKey Group has announced the launch of its own Layer 2 (L2) network based on the Ethereum blockchain. HashKey Chain will utilize zero-knowledge-proof (ZKP) technology, it will extend the company’s Web 3.0 ecosystem and offer low-cost and efficient services to users and developers. HashKey plans to launch the testnet within the next six months, with the mainnet coming within a year.

Material by The Block

What else is known? The company said that HashKey Chain will provide a software development kit (SDK) for ecosystem applications, as well as a blockchain explorer for tracking transactions. In turn, the ZKP technology will enable the network to achieve higher scalability and cost efficiency.

Third-party code audits and community participation in security reviews are also planned. According to the press release, the network will aim to provide a secure and self-regulated environment for developers, participation in which will be incentivized with the HashKey (HSK) platform’s token.

The network will be supported by HashKey Cloud’s infrastructure division, which has been providing validator node deployment services for more than 80 open-source blockchains since 2018.

In January, HashKey Group’s valuation crossed the $1 billion mark following a $100 million Series A funding round. The funds will be used to develop new products in Hong Kong, develop the Web 3.0 ecosystem and expand its global business. The company plans to conduct another round of investment raising later this year.

In early April, the company launched HashKey Global, a global crypto exchange, having obtained the corresponding license in Bermuda.

OCX and the operator of the HashKey exchange to develop the blockchain infrastructure in Hong Kong

Previously, OKX’s venture capital division also participated in HashKey’s $100 million funding round

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HashKey Group, in addition to HashKey Cloud, includes crypto investment company HashKey Capital, asset tokenization platform HashKey Tokenisation, PFP project incubation platform HashKey NFT, and crypto exchange HashKey Exchange, which was the first to be licensed to operate in Hong Kong.