# OKX and HashKey Group Alliance Aims to Boost Crypto Innovation in Hong Kong
OKX and Web3 technology company HashKey Group are looking to form a strategic partnership to promote virtual asset innovation and adoption in Hong Kong. The partnership aims to focus on various crypto-related programs, including blockchain infrastructure, product development, and educational initiatives surrounding virtual asset investment. The companies aim to comply with the regulatory framework in Hong Kong and utilize their respective strengths and resources to drive growth in one of the fastest-growing crypto hubs in the world.
## The OKB Token Nosedive
On Tuesday, the native token of the OKX crypto exchange, OKB, experienced a sharp decline, plummeting from above $52 to a low of $39. The sudden flash crash led to a decrease of over 25% in the OKB market valuation. While the token has partially recovered, it currently trades at approximately $45, posing a risk of further declines amidst the broader crypto market downturn. OKX CEO Star Xu has assured the crypto community that the exchange is investigating the crash and has promised to provide an update.
This partnership and market volatility come in the wake of OKX securing a VASP license from Dubai’s market regulator VARA, emphasizing the crypto exchange’s efforts for expansion and compliance in various jurisdictions.
### FAQ
#### What is the purpose of the partnership between OKX and HashKey Group?
The partnership aims to promote virtual asset innovation and adoption in Hong Kong through various crypto-related initiatives, complying with the regulatory framework in the region.
#### What caused the sharp decline in the OKB token’s value?
The OKB token experienced a flash crash, plunging more than 25% in value, from above $52 to a low of $39. OKX CEO Star Xu has assured an investigation into the crash and pledged to provide an update to the crypto community.
#### How has OKX been expanding its operations recently?
In addition to the alliance with HashKey Group, OKX recently secured a VASP license from Dubai’s market regulator VARA, demonstrating its focus on expanding and complying with regulations in various jurisdictions.