HashKey Group Raises $100M in Funding Round
In a recent funding round, HashKey Group, the operator of one of Hong Kong’s licensed crypto exchanges, successfully raised close to $100 million with a valuation of over $1.2 billion. The series A funding round saw contributions from both existing and new investors, although their specific identities were not disclosed.
Expanding the Web3 Ecosystem
The funds raised will be used by HashKey to expand its web3 ecosystem and develop licensed products in the Hong Kong market. The company is deeply involved in various crypto-related activities, including operating a trading platform, venture funding, and asset management. It aims to leverage Hong Kong’s ambition to become a prominent digital asset hub.
Hong Kong’s Crypto Ambitions
Hong Kong has been making efforts to establish itself as a cutting-edge financial center and attract crypto companies. In June, the city implemented a dedicated virtual-asset regulatory framework to prioritize investor protection. HashKey Exchange is one of the few licensed platforms for crypto trading in Hong Kong, along with OSL. However, questions remain about the city’s long-term commitment to the sector due to periodic scandals.
Hot Take: HashKey Raises Funds for Web3 Expansion
HashKey Group has successfully raised $100 million in a funding round, positioning itself to expand its web3 ecosystem and develop licensed products in Hong Kong’s crypto market. This funding comes at a significant time for the crypto venture capital space, which has faced challenges due to market volatility and high-profile bankruptcies. As Hong Kong strives to become a leading digital asset hub, HashKey Exchange plays a crucial role as one of the city’s licensed platforms for crypto trading. However, concerns remain about the city’s commitment to the sector in light of occasional scandals.
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