HashKey Group, which is active in trading, venture capital, and asset management, supports Hong Kong’s push to become a crypto hub.
Recently, HashKey Group, headquartered in Hong Kong, raised close to $100 million in funding.
Having accomplished this, the organization has attained the esteemed “unicorn” status, signifying a valuation that exceeds $1 billion.
Furthermore, HashKey Group highlighted that its present market value exceeds $1.2 billion as a result of this prosperous funding round.
Tuesday’s official statement from HashKey Group disclosed that the funding round witnessed the participation of both established and new investors, thereby facilitating a significant infusion of capital.
Although the company chose not to reveal the precise identities of the investors, it did provide an overview of its intentions regarding how the funds would be utilized: to expand a web3 ecosystem and to develop licensed products in Hong Kong.
OKX Drives HashKey Investments
OKX Ventures, the investment division affiliated with the digital asset exchange OKX, is purportedly one of the major investors in HashKey Group’s recent funding round, according to unnamed sources with knowledge of the situation.
Regarding the investment, representatives of both OKX and HashKey declined to comment.
HashKey Group, which operates trading platforms, provides venture capital, and manages assets in both Singapore and Hong Kong, is one of many cryptocurrency companies seeking to capitalize on Hong Kong’s initiatives to become a flourishing digital asset hub.
Reportedly, HashKey was in negotiations to secure funding in the range of $100 million to $200 million in May 2023, with a valuation exceeding $1 billion.
In June 2023, Hong Kong implemented a specialized regulatory framework for virtual assets, with a dual focus on safeguarding investors and attracting companies.
On authorized exchanges, the regulatory regulations permit retail investors to trade major tokens such as Bitcoin and Ether.
At this time, only HashKey Exchange and OSL by BC Technology Group Ltd. have been granted crypto permits in Hong Kong.
The city is currently investigating the feasibility of permitting exchange-traded spot crypto funds, and in the coming months, regulations on stablecoins are expected.
Meanwhile, the HashKey exchange modified its platform significantly the week before adherence to Hong Kong’s Travel Rule.
Prospects for Regulation and Development
Hong Kong, despite offering entry to a local market and serving as a conduit to Chinese wealth, continues to face concerns regarding the viability of a multitude of cryptocurrency exchanges situated within its jurisdiction.
A prolonged investment in the cryptocurrency industry is also uncertain on account of its recurrent susceptibility to scandals.
According to a statement, since its trading service for retail investors was launched in late August, HashKey Exchange has amassed more than 155,000 registered users.
In addition to precise regulatory guidelines, Hong Kong’s cryptocurrency landscape is undergoing a substantial transformation.
HashKey COO stated last week that at least ten Hong Kong firms are considering spot crypto ETFs.
