For each Coingecko data, Hong Kong-Licensed Cryptocurrency Exchange Hashkey’s native token HSK has earned approximately 90% in the last 7 days. The price surge comes this week amid reports that Guotai Junan International, a Hong Kong-based subsidiary of one of China’s largest brokerages, has received regulatory approval to upgrade licenses to provide crypto trading services.
The move makes Guotai Junan one of Hong Kong’s first mainland-backed Chinese securities companies licensed to offer crypto transactions. According to media reports, clients of Hong Kong’s Guotai Junan can now use the platform to trade Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Guotai Junan shares have grown more than 167% over the past five days.
The news sparked fresh speculation that more traditional financial institutions could take part in the Hong Kong crypto scene. Hashkey is one of the few players fully licensed by the Hong Kong Securities Commission (SEC), and is set as the go-to platform for mainland brokers to join the game.
Following news of the Guotai Junan license from June 24th to June 25th, Hashkey’s HSK tokens rose 80% to reach $0.83, the last price level seen in March. Token – launched on the Ethereum network and used to pay for fees on the Hash Key trading platform, but now it’s up about 90% in a week, trading nearly $0.62 at press time.
HSK 7-Day Price Chart. Source: Coingecko
Beyond Guotai Junan, rumors circulating on social media say other Chinese-based brokers, such as Cathay Securities, Tiger brokers and Futu, are also preparing to enter the Crypto market, spurring speculation around Hashkey’s tokens.
When contacted for commentary on the development, the Hashkey spokesman did not confirm or deny these rumors, and he informs the rebels of:
“Hashkey Exchange partners with over 30 licensed institutions in Hong Kong through the Omnibus Brokerage Solution, covering 90% of licensed brokerage companies in the region.”
In April, Hashkey Capital, the investment arm of parent company Hashkey Global, announced the launch of the XRP Tracker Fund. Ripple is an early investor. According to the investment company, the fund designed for institutional investors was the first Asia to track Ripple’s XRP.