Crypto service provider HashKey Group has joined rival Coinbase by launching HashKey Global, a global crypto exchange based in Bermuda. Hashkey Global executive director Ben El-Baz said that after Coinbase received a Bermuda license to operate its international exchange, "we looked at all the different options and found that it was a very suitable and good regulatory regime for us to expand."

Following FTX's 2022 crash, exchange users now have a "better understanding of what counterparty risk looks like for exchanges," and HashKey Global will combine Binance's "user experience and product experience" with Coinbase's "regulatory and security backend." He added that he believes there is an opportunity to unite the

Al-Baz said Hashkey Global's goal is to "outperform other competitors in that jurisdiction," namely Coinbase International, which reported $539.4 million in 24-hour derivatives volume.

Unlike its Hong Kong-based counterpart, HashKey Global, which was the first to manage to obtain a license to operate in the region, will not be serving Hong Kong, China, the United States and a number of other territories.

As for how much HashKey is paying for its new exchange effort, El-Baz said only that they believe it is "sufficiently capitalized" and that Bermuda "has a very strong awareness of what kind of capital requirements are required for licensed entities."

The exchange was initially crypto only. There are 20 cryptocurrencies traded on Tether (USDT) pairs, including Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Dogecoin (DOGE).#HashKeyGlobal#CryptoExchange #Bermuda