Retail cryptocurrency investors in Hong Kong now have broader investment opportunities as HashKey, one of the city’s two fully licensed exchanges, has added Avalanche (AVAX) and Chainlink (LINK) to its trading platform. Previously, retail investors in the region could only trade Bitcoin and Ether, limiting their access to other digital assets.
Expanded Offerings for Retail Investors
HashKey’s decision to list AVAX and LINK marks a significant step forward for retail cryptocurrency investors in Hong Kong. Until now, investment options for those without portfolios exceeding $1 million were restricted to just Bitcoin and Ether. In contrast, professional investors—those with portfolios worth at least 8 million Hong Kong dollars (around $1 million) or financial institution representatives—have had access to a much broader range of cryptocurrencies.
Tokens Chosen for Legal Clarity
The listing of AVAX and LINK was a strategic move by HashKey, as both tokens are free of legal disputes, making them safer options for retail traders. Livio Weng, CEO of HashKey, highlighted this legal clarity as a key reason for their selection, differentiating them from other cryptocurrencies with larger market caps that might face regulatory challenges.
AVAX, the native token of the Avalanche network, currently holds a market cap of $9.3 billion, ranking it as the 13th largest cryptocurrency according to the Cointelegraph price index. LINK, the token of the Chainlink oracle network, ranks 16th with a market cap of $6.9 billion.
A Step Towards Accelerating Web3 in Hong Kong
Weng also suggested that this expansion could signal an acceleration of Web3 developments in Hong Kong. He mentioned that various factors could contribute to this momentum, including geopolitical shifts such as the United States’ interest in advancing Web3 technologies.
Additionally, Weng hinted at the possibility of more cryptocurrencies being made available for retail trading on HashKey in the near future, potentially within weeks, signaling further growth and diversification in Hong Kong’s crypto market.
