HashKey Group announced its plan to issue ecological points HSK during the 2023 Web3 Festival in Hong Kong. As the first compliant exchange to obtain a cryptocurrency license from the Hong Kong government, what is the background of Hashkey?

What is HashKey Group?

HashKey was founded in 2018 and is headquartered in Hong Kong, China. It has operating agencies in Singapore and Tokyo. It is a well-known digital asset and blockchain service provider. Its specific business can be divided into five major categories:

Venture capital: Web3 venture capital firm HashKey Capital.

Custody: HashKey Custody, a compliant custodian.

Exchanges: Licensed exchanges and brokers HashKey Pro, HashKey Xpert, HashKey Tokyo Hash.

Node verification: HashQuark provides infrastructure services and node verification services.

Web3 applications: decentralized HashKey DEX, HashKey DID, HashKey NFT.

HashKey ecological points and benefits

What is announced this time is the plan to issue ecological points HashKey EcoPoints (HSK). HSK will provide support for the entire HashKey ecosystem as a platform loyalty reward that will be fairly distributed to users and contributors within the ecosystem, with no private or public sales.

The total amount of HSK is 1 billion, of which 65% is used for rewards, marketing and business development in ecological development; 30% is used for team employee incentives; 5% is used as a reserve to provide users in the ecosystem in emergencies Extra protection.

HSK will be endowed with various use cases in the HashKey ecosystem, and holder rights include:

The transaction fee discount of HashKey Pro (a digital asset exchange for institutional and professional investors licensed by the Hong Kong Securities Regulatory Commission, which has not yet opened the trading function), the minimum transaction fee of Maker settled with HSK can be completely waived; the withdrawal of specific assets is exempted Token fees; trade newly launched assets in advance; access new products and upgraded features.

The hosting fees in HashKey Custody are discounted or even waived entirely.

Release of HashKey Capital research report. Add node verification service rewards to HashQuark.

HashKey DEX’s trading fee discounts, exclusive token private sale qualifications, and more.

Payment tool for service fees and limited NFT in HashKey DID.

HSK will only be issued when HashKey's underlying business performs well. The newly added HSK is injected into the circulating supply of HSK from the total reward pool. The US dollar denominator of the total reward pool size is subject to the "reward value on-line" of the profits generated by HashKey's related businesses. The reward value is capped based on a multiple of the net profit generated.

According to the white paper information, early users who register, trade, and provide liquidity on HashKey PRO can receive ecosystem rewards. Before online trading, HashKey will announce HSK’s reward plan and issue free airdrops.

destruction mechanism

HSK will have a destruction mechanism to allow holders to avoid their rights and interests being diluted due to the increase in circulation caused by the rewarded HSK. The destruction mechanism it adopts is also called the "offset issuance mechanism". HashKey will use 20% of the net profit from specific platform businesses to repurchase and destroy HSK. The currently determined business only includes the compliance exchange HashKey PRO, and other products and business lines may be added in the future.

Do you think, Hsk will become the next Bnb?