HashKey Group, a prominent digital asset financial services provider in Asia has revealed its intentions to airdrop and list the HashKey ecosystem platform token, HSK.
This new development signifies a significant step towards incentivizing contributors, early adopters, and ecosystem partners within the HashKey network. This initiative is in line with the major partnership the firm has with Ripple and SBI Ripple Asia in order to introduce supply chain finance solutions to Japan.
The HSK Token
According to the announcement the firm shared on X, HSK is crafted to comply with the ERC-20 standard, with a total supply of one billion units, as per the announcement.
The financial services provider specified that approximately 65% of the supply is designated for ecosystem expansion, 30% for the staff, and 5% for a reserve fund.
Hashkey stated that the token would have utility in its products and apps. It was also revealed that the firm has the intention to be able to buy HSK tokens up to 20% of profits from specific HashKey businesses and then burn them from the token’s supply.
HSK Burns:
We’ve implemented an offsetting issuance mechanism (burning) to protect HSK holders from dilution. We’ll use up to 20% of net profits from specified HashKey businesses to purchase and permanently burn HSK tokens.
— HashKey HSK (@hashkeyhsk) June 18, 2024
Benefits For HSK Community Members
In the X post, HSK holders can enjoy leveraging their tokens, including access to exclusive token presales, transaction fee discounts, and opportunities for collaboration across platforms.
Additionally, HSK will play a key role in powering HashKey’s Layer 2 “Ecosystem Chain” by providing utilities like gas payments, incentives, and on-chain governance to drive the growth of on-chain users and assets.
This move could potentially set a positive example for other projects in the industry looking to reward and support their ecosystem participants.
Furthermore, in the firm’s innovative strides, it revealed its intention to initiate a community airdrop via HashKey’s primary businesses towards the end of June, urging users to engage in community development.
HashKey’s Continuous Impact in the Crypto Industry
The Hong Kong-based crypto asset firm has made a significant impact in the crypto industry through various initiatives and partnerships.
It recently inked a strategic partnership with TON Foundation, a top entity in the blockchain ecosystem to boost the user experience for Telegram Wallet users in the Asia Pacific region.
This linkup is designed to help to bridge the gap between traditional finance and digital assets for a smoother transition.
In May last year, the firm reportedly received a staggering $200 million in funding in order to explore new opportunities and expand its offerings in the crypto industry
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