Hong Kong crypto exchange operator HashKey Group will launch its blockchain based on Ethereum
The company also plans to hold another round of financing by the end of the year
09.04.2024 - 13:05
68
3 min
0
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.
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
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.
Useful material?
Incidents
Roger Ver has been accused of not paying taxes
May 1, 2024
Mining
After the publication of the financial report, the company’s shares added 5%
Apr 30, 2024
Market
The commission had previously warned the developer of potential enforcement actions
Apr 29, 2024
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024