Hashkey ascends to Unicorn status after $100M funding round

Hong Kong’s licensed crypto exchange operator, HashKey Group, has announced a successful funding round that raised nearly $100M. This capital injection has catapulted the company into the prestigious 'unicorn' club, with a valuation surpassing $1B.

• Use of Funds: This injection of funds is destined for the development of a web3 ecosystem and licensed products in Hong Kong. The company refrained from revealing the identities of both new and existing investors who participated in this round.

• HashKey's Activities: HashKey's operations span a trading platform, venture funding, and asset management in both Hong Kong and Singapore. They are a part of a growing number of crypto businesses keen on leveraging Hong Kong's initiative to nurture a flourishing digital-asset hub.

• Cryptocurrency Venture Capital: Despite a slump in crypto startup funding due to a 2022 market rout and events like the FTX exchange collapse, token prices have rebounded, sparking renewed optimism.

• Hong Kong's Emerging Regulatory Framework: In June, Hong Kong rolled out a dedicated virtual-asset regulatory framework to re-establish its position as a leading-edge financial center. The rules, designed to attract companies and protect investors, permit retail investors to trade major tokens like Bitcoin and Ether on licensed exchanges.

• HashKey's Market Position: HashKey Exchange and BC Technology Group Ltd.’s OSL are currently the only platforms with Hong Kong crypto permits. With over 155,000 registered users since launching its trading service for retail investors in late August, HashKey Exchange exhibits promising growth.

HashKey's rise has been remarkable considering it initiated operations in 2018 as an early investor in Ethereum.