Hong Kong-based crypto exchange HashKey has made a groundbreaking move by extending BTC/USD and ETH/USD trading pairs to both professional and retail investors. The exchange’s official blog post reveals that deposits and withdrawals of Bitcoin (BTC) and Ethereum (ETH) are already accessible for retail investors, marking a significant stride toward inclusivity in the digital asset market.
HashKey Offers Zero Trading Fees
The introduction of zero trading fees across all trading pairs, effective immediately and until further notice, is a noteworthy highlight of this expansion. This change is anticipated to spark a spike in interest from traders looking for low-cost methods to conduct their cryptocurrency business.
The risk disclosure included in the blog article demonstrates HashKey Exchange’s cautious stance. The exchange is aware of the risk involved with cryptocurrencies’ open-source, decentralized design. It acknowledges that the performance of the network might be impacted by the lack of cooperative adoption of technical innovations.
Additionally, the exchange recognizes the ongoing competition in the market and warns that both BTC and ETH run the risk of being replaced by safer and more effective substitutes. This disclaimer comes as both BTC and ETH are facing serious bears due to the ongoing marketwide price correction.
A crucial aspect highlighted by HashKey Exchange is the management of voting rights for virtual assets traded on the platform. The exchange emphasizes its function as a trading platform rather than a participant in the governance of assets that confer voting rights.
The announcement also clarifies that it does not exercise voting rights on behalf of users. Through this mechanism, users have the chance to actively engage in the governance of their holdings; but, to exercise their voting rights, they must first remove the necessary assets from the platform.
HashKey Exchange’s recent announcement follows its distinction as the first crypto exchange to obtain clearance from Hong Kong regulators for offering crypto retail services. The exchange’s regulatory journey involved securing a Type 1 license under the territory’s securities legislation, followed by acquiring a Type 7 license, which permits the provision of automated trading services to both retail and institutional customers.
An Expected BTC And ETH Price Recovery?
Traders’ expectation has grown as a result of this crucial announcement. HashKey Exchange’s daring decision to increase trading pairs and provide no-fee transactions has raised expectations of a bullish reversal in light of the current dismal trend in the markets for both Bitcoin and Ethereum.
The effect of this event on the price trajectories of these two top cryptocurrencies is currently being actively watched by market participants as HashKey Exchange attempts to redefine the cryptocurrency landscape with its strategic offerings. Bitcoin and Ethereum are currently trading at $25,896.52 and $1,633.05, respectively.