HashKey Group from Hong Kong has announced that it has secured a Series A funding of $100 million. The raised capital will be used to expand its product offerings (including the crypto-exchange) and to develop its Web3 ecosystem.
Summary
Hong Kong’s HashKey: the crypto-exchange secures a $100 million Series A round
HashKey Group, the group behind the Hong Kong-licensed crypto-exchange, has secured a $100 million Series A funding round.
“BIG NEWS! We are proud to announce the completion of a Series A funding round of nearly US $100 million with a pre-money valuation of over US $1.2 billion. The newly raised capital will be used to: Consolidate HashKey’s #Web3 ecosystem; Accelerate the diversification of HashKey’s licensed business products in Hong Kong and drive the Group’s compliant and innovative development globally. Make #digital assets massively accessible!”
According to the press release, Hong Kong’s HashKey Group has reached a current valuation of 1.2 billion dollars.
The capital raised will be used by the group behind the crypto-exchange HashKey to develop its Web3 ecosystem, improve compliance, and expand its offering of crypto products.
Hong Kong HashKey: who are the investors of the Series A round of the crypto-exchange?
The digital asset company has not wanted to disclose who the investors participating in the latest round are.
However, in its statement, HashKey would have emphasized that in addition to the active participation of existing shareholders, the funding would have also attracted new investors.
In this regard, the Hong Kong group has only specified that among these new investors, there would be important institutional investors, leading Web3 institutions, and strategic partners.
The $100 million from the Series A round will therefore be used in the main activities of the HashKey Group, which include HashKey Capital, HashKey Cloud, HashKey Tokenization, and HashKey NFT.
The first ever fully authorized and regulated crypto-exchange
Last August 2023, the crypto-exchange HashKey had obtained the very first license to open trading to retail investors in Hong Kong.
This authorization is in contrast with the Chinese general ban on crypto trading for retail customers.
Actually, it seems that the Hong Kong crypto-exchange is implementing an experiment, starting to accept retail clients in order to allow them to trade Bitcoin and Ethereum. Within one or two weeks, these retail clients then had access to full crypto trading.
The crypto-exchange had declared its aim to achieve 500,000 to 1 million registrations by the end of 2023, and reach 10 million by 2025.
Currently, HashKey Exchange has over 155,000 registered users, with a daily trading volume of less than 630 million dollars in the last 30 days.
