HashKey Group Raises $100 Million in Funding at $1 Billion Valuation

Recently, HashKey Group, a crypto exchange company from Hong Kong, managed to raise funding of around $100 million. This took HashKey to 'unicorn' status, meaning the company is now valued at over $1 billion. According to reports, HashKey's value is now over $1.2 billion, which shows great success in their funding.

On Tuesday, HashKey Group released an official statement. They said that in this fund collection, old and new investors participated. The funds raised are planned to be used to develop the web3 ecosystem and create new licensed products in Hong Kong. While HashKey did not reveal who these investors are, they emphasized the importance of these funds to their growth.

OKX Venture Lead Investor HashKey

OKX, an investment company associated with digital asset exchange OKX, is said to be one of the main investors in HashKey's funding. However, neither OKEx nor HashKey provided further comments on this matter.

HashKey Group, which operates trading platform operations, startup funding and asset management in Hong Kong and Singapore, is one of many cryptocurrency companies looking to capitalize on Hong Kong's efforts to become a growing digital asset hub.

In May 2023, there were reports that HashKey was seeking between $100 million to $200 million in funding at a valuation of over $1 billion. In June 2023, Hong Kong introduced a special regulatory framework for virtual assets aimed at attracting companies and protecting investors.

Overview of Regulations and Project Development

Regulatory rules in Hong Kong allow retail investors to trade major tokens such as Bitcoin and Ether on licensed exchanges.

Currently, only HashKey Exchange and BC Technology Group Ltd.'s OSL have crypto permits in Hong Kong. The city is also considering allowing spot crypto ETFs and expects regulation for stablecoins in the coming months. Last week, HashKey Exchange made several important changes to its platform in accordance with local regulations.

On the other hand, there are still doubts about the sustainability of many crypto exchanges in Hong Kong, as well as their long-term commitment to the sector due to frequent scandals. HashKey Exchange itself, which started serving retail investors in late August, already has more than 155,000 registered users.

With clear rules, Hong Kong is looking to improve their crypto sector. HashKey COO even mentioned that there are around 10 companies in Hong Kong that are interested in spot crypto ETFs.

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