HashKey Group, an Asia-based cryptocurrency financial services firm, is officially listing its platform token, HSK, in the third quarter of this year, with a community airdrop expected later this month.

In a statement shared with The Block, the company said the token would be used across its products and applications. HashKey noted that it will launch a community airdrop before listing the token.

“HSK is scheduled to launch a community airdrop through HashKey's core businesses in late June, encouraging users to contribute to community building,” the company said.

HSK is a token designed to be based on the ERC-20 standard, with a total supply of one billion units, according to the statement. HashKey added that about 65% of the supply would be allocated for ecosystem growth, 30% to the staff and 5% to a reserve fund.

When it comes to the token’s burning mechanism, HashKey said it plans to have the discretion to purchase an amount of HSK up to 20% of net profits generated from specified HashKey businesses and then burn the acquired HSK from the token’s supply.

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“HSK will incentivize ecosystem contributors to HashKey's L2 ‘Ecosystem Chain,’ HashKey Chain, providing robust support and driving force for on-chain users and assets,” the company added.

HashKey Group’s core businesses include HashKey Capital, HashKey Cloud, HashKey Tokenisation and HashKey NFT. It also operates HashKey Exchange, a licensed crypto exchange in Hong Kong, and HashKey Global, a global exchange launched in April.

In January, HashKey Group announced that it raised nearly $100 million in its Series A financing round at a pre-money valuation above $1.2 billion.