In a significant development for cryptocurrency enthusiasts, Hong Kong-based exchange Hashkey has announced its support for trading the Avalanche (AVAX) token on its platform. This move comes with an interesting requirement, which professional investors or individuals with an investment portfolio worth at least 8 million Hong Kong dollars (equivalent to $1 million) need to fulfill in order to interact with AVAX on the exchange. With this new addition, Hashkey aims to expand its cryptocurrency offerings and cater to a wider range of investors.
The listing of the AVAX token on Hashkey’s platform opens up new opportunities for professional investors. With the ability to trade AVAX against the USD, these investors gain access to a diversified portfolio that includes Bitcoin (BTC), Ether (ETH), and Tether (USDT). Despite the restricted access for retail traders, this move demonstrates Hashkey’s commitment to meeting the demands of its user base and adapting to the evolving cryptocurrency market.
Hong Kong’s regulatory body, the Securities & Futures Commission (SFC), has played a significant role in shaping the cryptocurrency landscape in the region. Currently, only BTC, ETH, and USDT have been approved for retail trading by the SFC. Other altcoins, such as AVAX, are limited to professional investors or individuals with a minimum portfolio value of $1 million. These restrictions aim to protect retail investors from the higher risks associated with investing in alternative cryptocurrencies.
Since the authorization of retail crypto trading in August, the SFC has imposed stringent regulations on exchanges like Hashkey. Investors are required to deposit a minimum of 10,000 Hong Kong dollars (or $1,500) during the Know Your Customer (KYC) verification process. These measures are intended to ensure the transparency and security of the cryptocurrency trading environment.
Hashkey’s Market Presence
Compared to its global counterparts, Hashkey’s daily trading volume is relatively small. According to CoinGecko data, Hashkey currently has a trading volume of around $4.93 million, while Binance, the world’s largest crypto exchange, boasts a staggering 24-hour trading volume of nearly $4.9 billion. However, with the addition of AVAX to its platform, Hashkey aims to attract a wider user base and increase its market share.
The listing of AVAX on Hashkey presents an opportunity for increased adoption, but it comes at a time when the cryptocurrency’s price has been experiencing a downtrend. In September alone, AVAX lost nearly 14% of its value, reflecting the uncertain market conditions. Since reaching its all-time high of $21 in April, AVAX has plummeted by an estimated 58%. Despite these challenges, AVAX continues to be traded at a price of $8.91 on Hashkey, with a 0.31% decrease in the last 24 hours.
According to CoinGecko, AVAX currently has a daily trading volume of $117,251,082, which represents an impressive 18.4% increase in the past day. With a market cap of over $3.1 billion, AVAX holds the rank of the 24th-largest cryptocurrency. While AVAX’s performance has been volatile, it demonstrates the potential for growth and investment opportunities that users on Hashkey can explore.
The listing of AVAX on Hashkey represents a significant milestone for the exchange and the cryptocurrency market in Hong Kong. With its focus on professional investors and individuals with substantial portfolios, Hashkey aims to create a secure trading environment and expand its market presence by offering a diverse selection of cryptocurrencies. As the cryptocurrency market continues to evolve, exchanges like Hashkey play a critical role in shaping the future of digital asset trading.