In a latest funding spherical, HashKey Group, the operator of considered one of Hong Kong’s two licensed crypto exchanges, efficiently raised near $100 million with a valuation of over $1.2 billion.
Hashkey Group announced the completion of the series A funding round earlier at this time in an announcement, revealing that each present and new buyers contributed to the substantial funding. Nevertheless, the assertion remained discreet in regards to the particular identities of those buyers.
The funds garnered are earmarked for the growth of HashKey’s web3 ecosystem and the event of licensed merchandise within the Hong Kong market, in accordance with the corporate.
A notable participant within the funding spherical is reported to be OKX Ventures, the funding arm of the OKX digital-asset alternate, although representatives from each OKX and HashKey declined to touch upon the matter.
Hashkey to Spend Funds on Web3 Growth
HashKey, deeply entrenched in numerous crypto-related actions comparable to working a buying and selling platform, enterprise funding, and asset administration in Hong Kong and Singapore, is strategically positioning itself to leverage Hong Kong’s ambition to change into a distinguished digital asset hub.
As reported earlier, the corporate was in talks to boost funds between $100 million to $200 million in May, indicating a valuation surpassing the $1 billion mark.
The funding success is especially vital within the context of the latest challenges confronted by the crypto enterprise capital area, marked by a downturn in 2022 following market volatility and high-profile bankruptcies.
Hong Kong Goals to Grow to be Web3 Hub
As Hong Kong intensifies efforts to ascertain itself as a cutting-edge monetary heart, town carried out a devoted virtual-asset regulatory framework in June.
This transfer goals to draw crypto firms whereas prioritizing investor safety. Presently, HashKey Change, alongside BC Know-how Group Ltd.’s OSL, stands as one of many only licensed platforms for crypto trading in Hong Kong.
Whereas town stays a horny hub for crypto exchanges, questions linger about its long-term dedication to the sector, given its susceptibility to periodic scandals. HashKey Change, since its inception in 2018, has steadily grown its person base to over 155,000 registered customers and reported a spot buying and selling quantity of roughly $16 million.