Customers of HashKey Hong Kong will quickly be capable to obtain insurance coverage safety on digital property custodied on the platform.
Based on native information reviews on Sept. 6, HashKey has signed a memorandum of understanding with fintech agency OneDegree for insurance coverage protection on trade wallets. The insurance coverage coverage will apply to each scorching wallets and chilly storage addresses.
Xiaoqi Weng, chief working officer of HashKey, stated 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, stated cryptocurrencies require a “robust framework together with insurance coverage to establish and mitigate all potential dangers.”
On Aug. 3, HashKey grew to become the primary cryptocurrency trade to obtain a regulatory license from Hong Kong’s Securities and Futures Fee to supply companies to retail buyers. On Aug. 28, the trade debuted buying and selling companies, though its quantity stays considerably low, with solely $122,514 value of crypto altering fingers prior to now 24 hours.
At present, customers can solely commerce Bitcoin (BTC) and Ether (ETH) on HashKey Hong Kong. Neither margin buying and selling nor crypto derivatives buying and selling is accessible. The trade helps U.S. greenback and Hong Kong greenback fiat deposits from licensed monetary establishments worldwide.
Change person insurance coverage has been a matter of serious controversy inside the business. Some exchanges don’t present customers with insurance coverage safety, aside from a easy contractual declare to their property within the occasion of chapter. Different exchanges solely supply insurance coverage on customers’ fiat deposits, whereas some, equivalent to Binance and Bitget, present insurance coverage applications that cowl crypto-related incidents.
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