HashKey Group Achieves 'Unicorn' Status by Raising $100 Million and Reaching $1.2 Billion Valuation

Crypto Firm HashKey Group Raises $100 Million in Series A Funding

Hong Kong-based crypto firm HashKey Group has achieved “unicorn” status, surpassing a $1 billion valuation, after successfully raising nearly $100 million in a Series A funding round. The company plans to utilize the newly raised capital to strengthen its Web3 ecosystem, expand its licensed business in Hong Kong, and support global development.

The funding round included participation from prominent institutional investors, leading Web3 institutions, and strategic partners. Although the identity of all investors remains undisclosed, sources familiar with the matter revealed that OKX Ventures was among the lead investors in the round.

Crypto Fundraising Slump in 2023

In 2023, crypto fundraising experienced a significant decline. Galaxy Research reported that only $1.98 billion was invested across 376 deals in Q3 of that year—the lowest numbers since Q4 2020. The bear market in crypto and a shift in VC interest towards AI were cited as contributing factors.

Kavita Gupta, founder of Delta Blockchain Fund, suggested that many crypto projects were not announcing their funding rounds, creating a perception that VC interest in the sector was diminishing.

HashKey’s Success Amid New Crypto Regulations

HashKey’s achievement comes following the implementation of new crypto regulations in Hong Kong in June 2023. HashKey Exchange is one of two licensed exchanges operating within Hong Kong.

Hot Take: HashKey Group Emerges as a Crypto Unicorn

HashKey Group’s successful Series A funding round catapulted it into “unicorn” territory with a valuation surpassing $1 billion. This achievement showcases the continued potential of the crypto industry and its ability to attract significant investment. Despite the overall slump in crypto fundraising during 2023, HashKey’s success indicates that promising projects can still secure substantial funding. As the company strengthens its Web3 ecosystem and expands its operations, it is poised to make a significant impact on the global crypto landscape.