Hong Kong-based crypto exchange HashKey has postponed the launch of its HSK (CRYPTO:HSK) token, citing unfavorable market conditions.
The company referred to recent market performance as "relatively subdued" and emphasised that rushing the token generation event (TGE) would not serve the community's best interests.
According to a post on X, HashKey stated, "We are waiting for a better opportunity to complete HSK's TGE," indicating that the decision was made collaboratively with partners and centralised exchanges.
Although no new launch date has been provided, the company reassured stakeholders that the HSK project continues to make progress, backed by collaborations with over 100 projects, including Chainlink (CRYPTO:LINK) and Uniswap (CRYPTO:UNI).
HashKey further highlighted its engagement in various events, such as KBW, WebX, and Token2049, where community members were invited to participate.
The company is also focusing on the development of HashKey Chain, described as a promising Layer 2 public chain.
Looking forward, HashKey aims to expand the use cases for HSK and foster a more engaged and active community.
Initially announced in November 2023, HSK is an ERC-20 token designed to offer rewards to contributors within the HashKey ecosystem.
It promises benefits such as fee discounts and early access to new token subscriptions.
The total supply of HSK is set at 1 billion, with 65% allocated for marketing and business development, 30% for the HashKey team, and 5% reserved for user protection within the ecosystem.
HashKey became a unicorn earlier this year after securing $100 million in funding, increasing its valuation to $1.3 billion.
This investment also contributed to a 172% growth in fintech investment in Hong Kong.
The company remains optimistic about the future and plans to launch HSK when market conditions are more favorable, aiming to build a robust ecosystem that benefits all stakeholders.