AVAX and LINK Offered to Retail Investors in Hong Kong

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As a seasoned analyst with over two decades of experience in the financial markets, I must say that HashKey Exchange’s move to offer Avalanche (AVAX) and Chainlink (LINK) to retail investors is a strategic one. Having closely followed the cryptocurrency landscape, I can see the potential growth these two coins have shown, despite being in 14th and 18th places by market capitalization.

According to a report from the South China Morning Post, HashKey Exchange, the largest regulated cryptocurrency exchange in Hong Kong, has been given approval to make Avalanche (AVAX) and Chainlink (LINK) available for individual investors.

Currently, based on data from CoinGecko, Avalanche (AVAX) and Chainlink (LINK) occupy the 14th and 18th positions in terms of market capitalization, respectively.

Before introducing Bitcoin and Ethereum‘s counterparts, I, as a researcher, was limited to providing only Bitcoin and Ethereum within HashKey.

Previously, our platform completed a successful update of its operating license through collaboration with the Securities and Futures Commission (SFC). This upgrade allowed us to broaden our offerings to the general public, making us the pioneer among cryptocurrency exchanges in Hong Kong to accomplish this milestone.

The trading platform, which was founded back in 2018, currently boasts roughly 170,000 users.

In April, HashKey also launched a global platform that aims to compete with the likes of Coinbase. 

Last June, it became possible for individual investors in Hong Kong to purchase cryptocurrencies. This significant decision paved the way for the city, with a GDP approximately equal to 360 billion USD, to potentially become a key player in the realm of cryptocurrencies.

Previously this year, several exchange-traded funds (ETFs) based on Bitcoin and Ethereum that use spot trading were introduced in Hong Kong. Yet, these financial products haven’t made much of an impact as they can’t be accessed by the mainland Chinese market. To date, they have only managed to draw minimal investments compared to their highly successful counterparts in America.

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2024-08-28 18:41