HashKey Group, operator of two licensed Hong Kong-based cryptocurrency exchanges, has raised $100 million at a valuation of over $1 billion.
The Hong Kong-based cryptocurrency management company said in a January 16 press release that it has secured approximately $100 million in its Series A funding round at a pre-valuation of more than $1.2 billion. The company did not disclose its investors, but noted that this funding round attracted new investors, including “high-profile institutional investors,” in addition to existing shareholders.
Proceeds from the financing will reportedly be used to “solidify HashKey’s web3 ecosystem, accelerate product diversification of its licensing business in Hong Kong, and drive the group’s regulatory compliance and innovative development globally.” HashKey said the cryptocurrency exchange, called HashKey Exchange, had average daily trading volume of $630 million over the past 30 days.
Founded in 2018, HashKey Group has established itself as one of the pioneering companies to receive approval from the Hong Kong Securities and Futures Commission (SFC) to operate a cryptocurrency trading platform in Hong Kong. In late December 2023, the Hashkey exchange announced that cryptocurrency deposits above $1,024 would only be accepted on Binance, saying the decision reflects Binance’s efforts to meet regulatory standards and ensure operational compliance.