HashKey to list platform token in Q3, community airdrop planned for this month

HashKey Group, an Asia-based cryptocurrency financial services firm, is officially listing its platform token, HSK, in the third quarter of this year, with a community airdrop expected later this month.

In a statement shared with The Block, the company said the token would be used across its products and applications. HashKey noted that it will launch a community airdrop before listing the token.

“HSK is scheduled to launch a community airdrop through HashKey's core businesses in late June, encouraging users to contribute to community building,” the company said.

HSK is a token designed to be based on the ERC-20 standard, with a total supply of one billion units, according to the statement. HashKey added that about 65% of the supply would be allocated for ecosystem growth, 30% to the staff and 5% to a reserve fund.

When it comes to the token’s burning mechanism, HashKey said it plans to have the discretion to purchase an amount of HSK up to 20% of net profits generated from specified HashKey businesses and then burn the acquired HSK from the token’s supply.

“HSK will incentivize ecosystem contributors to HashKey's L2 ‘Ecosystem Chain,’ HashKey Chain, providing robust support and driving force for on-chain users and assets,” the company added.

HashKey Group’s core businesses include HashKey Capital, HashKey Cloud, HashKey Tokenisation and HashKey NFT. It also operates HashKey Exchange, a licensed crypto exchange in Hong Kong, and HashKey Global, a global exchange launched in April.

In January, HashKey Group announced that it raised nearly $100 million in its Series A financing round at a pre-money valuation above $1.2 billion.