Hashkey, a pioneering cryptocurrency exchange in Hong Kong, has announced plans to onboard individual and enterprise market makers in an effort to enhance liquidity on the platform.
Opening Doors to Market Makers
According to the announcement made on December 5, individuals and entities can apply to become market makers on Hashkey. However, applicants must have a monthly trading volume of at least $5 million worth of cryptocurrencies on the exchange. Once their business plans have been reviewed and approved, successful applicants will be invited to sign a contract with Hashkey's due diligence team and can start trading on December 28.
Incentives for Market Makers
Based on their monthly rankings or trading volume, users and firms will receive a commission of between 0.005% and 0.015% of the transaction value. Market makers who demonstrate a trading volume of at least $100 million per month will enjoy the highest tier of commission revenue. Additionally, all market makers will be exempt from paying commission fees on their trades.
Expanding Service Offerings
Since being granted licenses in August, regulated exchanges in Hong Kong have been expanding their service offerings and forming partnerships. For example, OSL, another licensed exchange, recently partnered with Interactive Brokers to allow Hong Kong clients to buy Bitcoin and Ether using Interactive Brokers' investment accounts. OSL also onboarded Victory Securities, the first regulated broker in Hong Kong to obtain approval for virtual asset dealings, to provide crypto trading services on its platform. In November, OSL received a $90 million investment from blockchain entity BGX.
Altcoin Offerings and Security Measures
Hashkey has been steadily expanding its altcoin offerings, although they are currently only available to accredited investors who meet a $1 million portfolio requirement. Additionally, the exchange recently launched comprehensive insurance coverage for both users and enterprise assets stored in its digital wallets.
By inviting market makers and enhancing liquidity, Hashkey aims to strengthen its position in the competitive digital landscape of cryptocurrency exchanges.
