HashKey, a major cryptocurrency company, will introduce a retail trading platform for individual investors on the 28th of this month. This improvement comes as private investors become more interested in Bitcoin and Ethereum. However, the first provision of this platform has certain notable limits. The site would allow regular investors to buy Bitcoin and Ethereum for up to 30%. This limitation reduces risks and encourages judicious investment.
HashKey Implements KYC and Risk Assessment Tiers for Crypto Investors
HashKey plans to use KYC and quizzes to create a tiered system for investors with varying levels of cryptocurrency knowledge and comfort. This technique assesses the user’s knowledge of virtual assets and willingness to take risks. Although the platform expects a diverse investor base, it does not expect many novices.
HashKey has partnered with various businesses, including Hong Kong dollar (HKD) banks, to simplify fiat cash deposits and withdrawals. Credit cards are not supported on the platform, which only accepts bank cards. The US dollar will be the trading currency, but Hong Kong dollar support is expected later.
To enforce the 30% investment restriction, HashKey relies on user data. It cannot independently authenticate users’ aggregate financial holdings.
HashKey Group COO Livio Weng was optimistic about the crypto industry. The individual noted US interest rate reduction is expected to boost virtual currency markets in the following year. Weng believes HashKey’s timing is right, and the company is expanding its tokens and goods in the second half of the year to capitalize on market growth.
HashKey Foresees Crypto Boom in 2024-2025
In light of this optimism, HashKey is working to rate retail investors. This system assesses their knowledge of digital assets and risk tolerance. Since Bitcoin and Ethereum dominate the market, the platform will initially allow trade in them. Moreover, HashKey plans to offer a variety of products for different user profiles as rules evolve.
Weng Xiaoqi predicts a cryptocurrency boom in 2024 and 2025. This growth is predicted to be affected by Bitcoin halving events and macroeconomic changes. Despite cryptocurrencies’ price volatility, individuals believe in their potential. As it expands its offerings and obtains legal permits, HashKey is positioning itself to lead Hong Kong’s retail crypto market.