Users of Hashkey Exchange Hong Kong will quickly be capable to obtain insurance coverage safety on digital property custodied on the platform.
According to native information experiences on Sept. 6, Hashkey has signed a memorandum of understanding with fintech agency OneDegree for insurance coverage protection on alternate wallets. The insurance coverage coverage will apply to each scorching wallets and chilly storage addresses.
Xiaoqi Weng, COO of Hashkey, mentioned the agency seeks to “enhance the monetary, technical and repair infrastructure to offer prospects with extra complete safety” and broaden its contribution to Hong Kong’s digital asset ecosystem. Yanlin Guo, co-founder of OneDegree, mentioned cryptocurrencies require a “sturdy framework together with insurance coverage to determine and mitigate all potential dangers.”
On Aug. 3, Hashkey grew to become the primary cryptocurrency alternate to obtain a regulatory license from Hong Kong’s Securities and Futures Commission to supply providers to retail traders. On Aug. 28, the alternate debuted buying and selling providers, albeit its quantity stays considerably low, with solely $122,514 value of crypto altering fingers prior to now 24 hours.
Currently, customers can solely commerce Bitcoin (BTC) and Ether (ETH) on HashKey Hong Kong. Neither margin buying and selling nor crypto derivatives buying and selling can be found. The alternate helps U.S. greenback and Hong Kong greenback fiat deposits from licensed monetary establishments worldwide.
Exchange person insurance coverage has been a matter of great controversy inside the trade. Some exchanges don’t present customers with insurance coverage safety, apart from a easy contractual declare to their property within the occasion of chapter. Other exchanges solely provide insurance coverage on customers’ fiat deposits, whereas some, reminiscent of Binance and Bitget, present insurance coverage packages that cowl crypto-related incidents.
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