Hong Kong's HashKey Postpones HSK Token Launch, Citing "Market Downturn"
HashKey has delayed the launch of its HSK Token amid unfavourable market conditions.
The Hong Kong-licensed crypto exchange described the market's overall performance over the past few months as "relatively subdued."
In a post on X, HashKey said it is, "Waiting for a better opportunity to complete HSK's TGE," highlighting that "rushed listings do not serve the community's best interests."
Dear HSK Community,
— HashKey HSK (@HashKeyHSK) October 15, 2024
We have been actively communicating with HSK holders recently. To enhance and maximize the long-term value of HSK, we are excited to share our recent reflections after carefully assessing the current crypto market conditions and widely seeking community…
Although the firm did not specify when it plans to roll out the token, it emphasized that the decision was made in agreement with partners and centralized exchanges.
HashKey also reassured that the HSK project is continuing to progress well, highlighting partnerships with over 100 industry-leading projects such as Chainlink and Uniswap.
"We hosted several important side events during KBW, WebX, and Token2049, inviting community members to participate. HashKey Chain, as the most anticipated Layer 2 public chain, is making solid progress in development," HashKey added.
Looking ahead, HashKey plans to broaden the potential use cases for HSK and build a more active and engaged community.
Initially announced in November 2023, the HSK token is an ERC-20 token that aims to reward contributors within the HashKey ecosystem by providing benefits like fee discounts and early access to token subscriptions.
Its total supply is capped at 1 billion, with allocations including 65% for marketing and business development, 30% for the HashKey team, and 5% reserved for user protection within the ecosystem.
HashKey became a unicorn in January this year after raising $100 million, driving Hong Kong's fintech investment to grow 172%.