HashKey merges regional exchanges into unified platform, sets sights on overtaking Coinbase by 2029

HashKey Holdings Limited, the publicly listed parent company trading under ticker 3887.HK, launched a unified Crypto Trading App on July 27 that rolls its previously separate regional exchange products into one platform. Users in Hong Kong, Singapore, the Middle East, and the rest of the world now access the same app, with compliance rules adjusting automatically based on their KYC and KYB credentials.

What actually changed

Until now, HashKey operated distinct applications for its various licensed entities. HashKey Exchange served Hong Kong users, while HashKey Global handled everyone else. The new unified app eliminates that overhead. A platform service upgrade that wrapped up around June 30 laid the groundwork for multiregional support and also integrated Web3 wallet functionality directly into the trading experience. So users can now manage on-chain assets alongside their exchange balances without toggling between apps.

The multisite unification model is designed so that the app detects a user’s jurisdiction through their verification credentials and serves only the products and features that are compliant in that region. A Hong Kong user sees Hong Kong-licensed offerings. A Dubai user sees what the VARA license permits.

The license collection strategy

HashKey Group, established in 2018, has been quietly assembling one of the broadest portfolios of exchange licenses in the industry. The group holds authorizations in Hong Kong, Singapore, Japan, and Bermuda. It added a Dubai VARA VASP license in May 2025 for its HashKey Global MENA operations.

Hong Kong remains its home turf, where HashKey operates as the largest licensed virtual asset exchange. That distinction matters because Hong Kong’s Securities and Futures Commission runs one of the more demanding licensing regimes globally, requiring segregated client assets and strict custody protocols.

Gunning for Coinbase

HashKey has publicly stated its ambition to surpass Coinbase’s trading volume across platforms by 2029. Hong Kong reopened its doors to retail crypto trading in 2023. Singapore has tightened its rules but remains a major hub. Dubai has emerged as a magnet for firms seeking regulatory clarity.

The Web3 wallet integration is also worth noting. HashKey embedding wallet functionality directly into the trading experience removes a step that competitors such as Coinbase, which operates its wallet product as a separate app, have not eliminated.

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