• OKX and Web3 technology company HashKey Group are eyeing a strategic alliance targeted at promoting virtual asset innovation and adoption in Hong Kong.
• Elsewhere, the OKB token plummeted on Tuesday, dipping more than 25% to $39.

Crypto exchange OKX and Web3 technology firm HashKey Group, are looking to partner to promote virtual asset innovation and adoption in Hong Kong.

The companies said in a press release on Tuesday that the partnership will focus on various crypto related programs, including blockchain infrastructure, product development and education initiatives around virtual asset investment. 

OKX and HashKey Group’s efforts will target initiatives that comply with the Hong Kong regulatory framework, according to the announcement.

Notably, OKX and HashKey Group will look to tap into their respective company’s strengths and resources to drive growth across Hong Kong, one of the fastest growing crypto hubs in the world. 

Today’s news comes days after OKX revealed it had secured a VASP license from Dubai’s market regulator VARA.

What is happening with the OKB token?

On Tuesday, the price of OKB, the native token of the OKX crypto exchange, nosedived from above $52 to hit lows of $39. The early morning flash crash pushed the OKB market valuation down by more than $700 million.

While the OKX token has recovered some of the losses, it remains below $50. At the time of writing, it’s trading near $45 and at risk of further declines amid the broader crypto market bleeding.

Regarding the flash crash, OKX CEO Star Xu said in an earlier post on X that the exchange was investigating the crash. He has promised to give an update to the crypto community.