Posted: January 16, 2024 4:23 AM Updated: January 16, 2024 4:30 AM
Correction and fact check date: January 16, 2024, 4:23 AM
briefly
HashKey Group has raised $100 million to strengthen its web3 ecosystem and business operations in Hong Kong, taking its valuation to over $1 billion.
HashKey Group, which operates one of two licensed cryptocurrency exchanges in Hong Kong, announced that it has raised $100 million in a Series A funding round led by a combination of existing and new investors, including institutional investors, web3 institutions and strategic partners. I did. Their identities have not been disclosed. .
According to the company, the newly raised capital will be used to strengthen the Web3 ecosystem, promote the diversification of its licensing business operations in Hong Kong and support the group’s global development initiatives.
With this new investment, the company’s current value exceeds $1 billion, earning it ‘unicorn’ status.
HashKey is engaged in a variety of activities encompassing trading platforms, venture financing and asset management operations in Hong Kong and Singapore. As part of a wider trend, it is one of several cryptocurrency companies looking to capitalize on Hong Kong’s plans to establish itself as a prominent digital asset hub.
HashKey Group, which began operations in 2018, emerged as an early investor in Ethereum, a pivotal digital ledger in the cryptocurrency space. Chairman Xiao Feng launched HashKey’s blockchain investment venture while working at Wanxiang Group, a Chinese conglomerate known for its diverse portfolio ranging from automobiles to energy-related ventures.
In August 2023, HashKey Exchange became the first licensed cryptocurrency trading exchange in Hong Kong to expand its services to retail users. This strategic move facilitated the expansion of the scope of operations, shifting from serving only professional investors to also serving retail users.
Since launching trading services for individual investors, HashKey Exchange has amassed over 155,000 registered individuals.
Spot trading volume on HashKey Exchange reached about $16 million in the 24 hours to 10:10 a.m. Tuesday in Singapore, according to data provided by CoinMarketCap. This compares to $14 billion for Binance, the world’s largest cryptocurrency platform.
Hong Kong asserts dominance in cryptocurrency sector
Hong Kong plays a significant role in the cryptocurrency space and has firmly established a leading position in the sector.
In June 2023, Hong Kong introduced a professional regulatory framework for virtual assets as part of a broader plan to revive its position as a leading financial centre. These regulations are designed to not only attract businesses but also prioritize investor protection in the evolving virtual asset landscape.
Within this regulatory framework, retail investors have the opportunity to engage in trading major tokens, including Bitcoin (BTC) and Ethereum (ETH), only on licensed exchanges. Currently, the only platforms holding cryptocurrency licenses in Hong Kong are HashKey Exchange and BC Technology Group’s OSL, a licensed virtual asset trading platform.
Recently, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) announced that they are ready to accept applications for cryptocurrency spot ETFs and integrate them into the regulatory environment.
City officials are also considering future guidance on stablecoins, tokens designed to maintain stable value, and expect that to be released in the coming months.
HashKey Group’s latest funding round marks a significant milestone for the company behind one of Hong Kong’s leading licensed cryptocurrency exchanges, highlighting its growing influence in the local and global cryptocurrency sector.
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About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles