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HashKey Group to launch Ethereum layer 2 network

HashKey Chain will offer ZK-proof based scalability and developer incentives.

HashKey Chain launch

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HashKey Group, Asia’s premier digital asset financial services group, unveiled today HashKey Chain, an Ethereum layer 2 (L2) network designed to leverage ZK-proof technology to offer low-cost, efficient, and developer-friendly solutions.

The HashKey Chain, powered by HashKey Cloud’s infrastructure, has been under development since 2018. The new network will utilize the platform’s token HSK to reward ecosystem contributors. HashKey Chain is gearing up for a testnet launch in the next six months, with a mainnet rollout anticipated within a year.

HashKey said that the HashKey Chain aims to create an open, scalable, and almost borderless “Ecosystem Chain.”

By starting with HashKey’s business matrix and capitalizing on its compliance, security, and technology strengths, the Group envisions a comprehensive Web3 ecosystem. This ecosystem is expected to support various on-chain services, including trading, investment, and application deployment, attracting more users and assets to the Web3 space.

According to the firm, the HashKey Chain is designed to be developer-friendly. It provides a full suite of tools and an intuitive blockchain browser to lower entry barriers and enhance the development experience.

With the integration of ZK-proof technology, the new chain aims to ensure greater scalability and reduces the costs associated with smart contracts and applications, facilitating the growth of modular blockchains.

Furthermore, HashKey Chain will form an Ecosystem Alliance with incubators, entrepreneurship camps, VCs, and think tanks like Future3 Campus, ThreeDAO, and HashKey Capital. Initiatives such as hackathons will offer co-builders comprehensive incentives, including technical development, product strategy, resource integration, and financing, to cultivate a collaborative L2 community.

Prioritizing security, HashKey Chain will leverage HashKey’s rigorous security protocols, including third-party code audits and community-driven security testing. This ensures a safe and self-controllable environment for developers.

Fresh off a $100 million Series A round that valued them at over $1.2 billion earlier in January, HashKey is now eyeing the next funding round later this year. The introduction of the new layer 2 chain comes one day after the firm launched its crypto exchange, HashKey Global.

In addition to its footprints in Japan, Hong Kong, Singapore, and Bermuda, HashKey Group plans to expand into the Middle East and Europe. The company aspires to become one of the world’s largest licensed crypto exchanges within the next five years.

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