HashKey Achieves Unicorn Status with Unknown Investors
Hong Kong-based cryptocurrency exchange Hashdex has reached unicorn status, with a valuation exceeding $1 billion. The company recently completed a funding round that raised around $100 million, although the specific source of the funds remains anonymous. HashKey’s valuation now stands at over $1.2 billion.
Insiders have revealed that OKX Ventures, the investment arm of crypto exchange OKX, played a major role as lead investors in the funding round. However, this information has not been officially confirmed by either the exchange or HashKey.
Crypto Funding Sees Volatility in 2023
The past year has seen significant volatility in crypto venture capital funding. However, there were signs of a potential market turnaround in August 2023 when venture capital funding in the industry surged by 20% compared to the previous month.
A report by Galaxy Research highlighted that 2023 was the third-largest year for crypto venture capital funding but experienced a substantial decrease from 2022.
HashKey’s Pursuit of Unicorn Status
Reaching a billion-dollar valuation was always a goal for HashKey. The company made progress towards this goal during Hong Kong’s implementation of new licensing rules for crypto companies in mid-2023.
In addition to raising funds, HashKey became the first crypto exchange to offer retail trading to customers in Hong Kong. This move coincided with Hong Kong’s financial chief encouraging investment in Web3 and urging global virtual asset trading operators to apply for licenses.
Hot Take: Crypto Funding Sees Volatility Despite HashKey’s Unicorn Status
The latest funding round has propelled HashKey to unicorn status, but it is important to note that overall crypto venture capital funding has experienced volatility in recent years. While 2023 was the third-largest year for funding, it saw a significant decrease compared to 2022. Despite this, HashKey’s achievement demonstrates the potential for growth and success in the crypto industry.
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