HashKey Group, the end-to-end virtual asset financial services group in Asia, has launched HashKey EcoPoints (HSK) to incentivize contributors to the HashKey ecosystem. The purpose of HSK is to power diverse businesses of the HashKey ecosystem, activate the ecosystem’s growth, and reward users and partners for contributing to the development of the ecosystem.

According to the company, HSK has a fair, incentive-based distribution mechanism to ecosystem users and partners. There will be no private or public sales of HSK, nor any form of fund-raising carried out through HSK. With a fixed total supply of 1 billion HSK, 65% of HSK will be allocated for ecosystem growth, 30% to the team, and 5% to a reserve fund.

HSK will be distributed as rewards for usage of HashKey’s exchange business and expanded to more business line reward programs in the future. There will be regular repurchasing and burning of HSK from circulating supply to offset dilutionary effect of reward distribution.

HSK holders will enjoy potential benefits on the PRO exchange such as trading fee discounts and withdrawal fee waivers for selected digital assets. HSK is designed not just for HashKey’s exchange business but also for all other businesses within the HashKey ecosystem, with more benefits set to be unveiled as adoption gains speed.

Michel Lee, Executive President of HashKey Group, said, “HSK helps us lay the foundation to build a synergistic ecosystem, empowering the development of the next generation of financial and commercial networks enabled by blockchain and Web 3 technologies. HSK is designed to drive adoption and to reward our users for contributing to the platform’s growth, providing a clear benefit for HashKey users and partners.”

HSK smart contracts have been independently audited by Slowmist and deployed on the Ethereum blockchain.

HashKey Group’s senior team has decades of investment and trading experience and deep market insights gained from tier-one banks, regulators, and FinTech ventures. By bringing together the most advanced blockchain research and development and technologies, HashKey identifies potential opportunities and delivers end-to-end solutions that operate within regulatory frameworks with the highest compliance standards. The Group has operations in Hong Kong, Singapore, and Japan, and extensive partnerships with FinTech and blockchain solutions providers, academic institutions, and associations.

Overall, the launch of HSK is an important step for the HashKey Group in building a synergistic ecosystem and incentivizing users and partners to contribute to its growth. As adoption gains speed, it will be interesting to see how the benefits of HSK will be unveiled for all businesses within the HashKey ecosystem.

Source: https://azcoinnews.com/hashkey-group-launches-hsk-token-to-power-next-gen-financial-networks-enabled-by-blockchain.html