HashKey Group Raises Nearly $100 Million in Funding Round
Hong Kong-based HashKey Group has achieved “unicorn” status with a valuation surpassing $1 billion after successfully raising nearly $100 million in a recent funding round. The company plans to use the funds to expand its web3 ecosystem and develop licensed products in Hong Kong.
OKX Ventures Among Investors
OKX Ventures, the investment arm of digital asset exchange OKX, is reportedly one of the prominent investors in HashKey Group’s funding round. However, both OKX and HashKey declined to comment on the investment.
HashKey Group is actively involved in trading platform operations, venture funding, and asset management in Hong Kong and Singapore. It aims to take advantage of Hong Kong’s efforts to establish itself as a thriving digital asset hub.
Hong Kong’s Regulatory Framework for Virtual Assets
Hong Kong introduced a dedicated regulatory framework for virtual assets in June 2023, attracting companies and ensuring investor protection. Retail investors can now trade major tokens like Bitcoin and Ether on licensed exchanges. Currently, HashKey Exchange and OSL are the only platforms with crypto permits in Hong Kong.
The city is also exploring the possibility of allowing spot crypto exchange-traded funds and is expected to introduce regulations for stablecoins soon. HashKey Exchange recently made important changes to comply with Hong Kong’s Travel Rule.
Uncertainty and Development in Hong Kong’s Crypto Landscape
While Hong Kong provides access to a local market and serves as a gateway to Chinese wealth, the sustainability of cryptocurrency exchanges in the city remains uncertain due to periodic scandals. However, with clear regulatory rules, Hong Kong’s crypto landscape is improving significantly.
Last week, the COO of HashKey stated that at least 10 Hong Kong firms are considering spot crypto ETFs.
Hot Take: HashKey Group Raises $100 Million and Attains “Unicorn” Status
Hong Kong-based HashKey Group has successfully raised nearly $100 million in a recent funding round, reaching a valuation of over $1 billion and achieving “unicorn” status. The company plans to use the funds to expand its web3 ecosystem and develop licensed products in Hong Kong. With Hong Kong’s dedicated regulatory framework for virtual assets, including the ability for retail investors to trade major tokens on licensed exchanges, the city is positioning itself as a thriving digital asset hub. While there is uncertainty in the sustainability of cryptocurrency exchanges in Hong Kong, the regulatory landscape is improving, with potential spot crypto ETFs on the horizon. Overall, HashKey Group’s successful funding round highlights the growing interest and investment in the crypto industry.
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