HashKey Global, a cryptocurrency service initiative by HashKey Group, is set to broaden its horizons beyond its Hong Kong roots with the launch of a new global crypto exchange based in Bermuda, positioning itself as a competitor to Coinbase's international exchange.

The company’s move to establish HashKey Global was inspired by Coinbase securing a Bermuda license, which HashKey Global's managing director, Ben El-Baz, viewed as an optimal regulatory framework for their expansion goals.

El-Baz shared his insights in an interview with Bloomberg, highlighting the strategic timing post-FTX collapse in 2022.

The downfall of FTX, according to El-Baz, has made exchange users more aware of the risks associated with counterparty transactions, fostering an environment ripe for HashKey Global.

The new exchange aims to bridge the best of both worlds by combining the superior user and product experience found in Binance with the regulatory compliance and safety measures that Coinbase is known for.