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Hong Kong’s HashKey Group becomes unicorn with $100m funding

hong-kongs-hashkey-group-becomes-unicorn-with-100m-funding
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Hong Kong’s HashKey Group becomes unicorn with $100m funding

The operator of two licensed Hong Kong-based crypto exchanges, HashKey Group, has raised 100 million with a valuation of over $1 billion.

In a press release on Jan. 16, the Hong Kong-headquartered crypto management company said it has secured nearly $100 million in a Series A financing round at a pre-money valuation above $1.2 billion. The company did not disclose its investors, but noted that in addition to existing shareholders, this financing round attracted new investors, including “prominent institutional investors.”

https://twitter.com/HashKeyGroup/status/1747078787790151735?s=20

The proceeds from the funding are said to be used to “solidify HashKey‘s web3 ecosystem, accelerate the product diversification of its licensed business in Hong Kong, and drive the Group’s compliant and innovative development globally.” HashKey says its crypto exchange called HashKey Exchange has had daily average trading volume of $630 million in the past 30 days.

Founded in 2018, HashKey Group secured approval from the Securities and Futures Commission (SFC) in Hong Kong, positioning itself as one of the pioneering firms authorized to operate a crypto trading platform in the city. In late December 2023, HashKey Exchange said that crypto deposits greater than $1,024 will only be allowed from Binance, saying the decision reflects the company’s commitment to meeting regulatory standards and ensuring compliance in its operations.