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HomeNewsHong Kong's HashKey Achieves Unicorn Status with $100M Funding Round

Hong Kong’s HashKey Achieves Unicorn Status with $100M Funding Round

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  • Hong Kong-based crypto exchange HashKey reaches unicorn status after securing nearly $100 million in a Series A funding round, valuing the company at over $1.2 billion.
  • The funds will be allocated to various business arms, including asset management, blockchain node validation, tokenization, and Web3 incubation.

Funding Round Propels HashKey to Unicorn Status as It Plans Expansion into Crypto Ecosystem

Hong Kong-based cryptocurrency exchange HashKey has achieved unicorn status following a successful Series A funding round that secured nearly $100 million. This substantial investment places the exchange’s pre-money valuation at over $1.2 billion, officially classifying it as a unicorn in the venture capital industry.

While the identities of the

“prominent institutional investors”

and

“leading Web3 institutions”

participating in the funding round have not been disclosed, reports suggest that OKX Ventures, the investment arm of crypto exchange OKX, is among the lead investors. HashKey, however, has not officially commented on these reports.

HashKey’s decision to raise funds comes as it plans to expand and diversify its business arms. The newly acquired capital will be strategically allocated across various sectors, including asset management, blockchain node validation services, tokenization solutions, and a Web3 incubation arm.

This significant achievement for HashKey follows its attainment of a license from the Hong Kong Securities and Futures Commission (SFC) in August 2023. This licensing marked a significant milestone for the exchange, allowing it to operate as a licensed exchange in Hong Kong, serving the region’s retail investors alongside OSL, another licensed exchange.

The Hong Kong regulatory landscape has been actively embracing cryptocurrency businesses, with the SFC and the Hong Kong Monetary Authority even considering the introduction of spot crypto exchange-traded funds (ETFs). According to HashKey’s Chief Operating Officer, Livio Weng, as many as 10 firms are currently exploring the possibility of launching spot ETFs in Hong Kong.

HashKey’s newfound unicorn status and its strategic use of funds are indicative of the growing interest and investment in the cryptocurrency and blockchain ecosystem, particularly in the dynamic market of Hong Kong.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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