In a recent financing round, HashKey Group, the operator of one of Hong Kong’s two licensed cryptocurrency exchanges, successfully secured nearly $100 million in funding, elevating its valuation to more than $1.2 billion.
HashKey Group made the series A funding round’s completion announcement earlier today through an official statement. The statement disclosed that a combination of existing and new investors contributed significantly to this substantial financial backing. However, the identities of these investors were not disclosed in the statement.
The raised funds are designated for the expansion of HashKey’s web3 ecosystem and the development of licensed products within the Hong Kong market, as per the company’s strategic plan.
It’s worth noting that a prominent participant in this funding round is rumored to be OKX Ventures, the investment division of the OKX digital asset exchange. Nonetheless, neither OKX nor HashKey officials were willing to provide comments regarding this matter.
Hashkey to Spend Funds on Web3 Expansion
HashKey Group is deeply involved in a wide range of cryptocurrency-related endeavors, including running a trading platform, engaging in venture funding activities, and managing assets in both Hong Kong and Singapore. The company is strategically positioning itself to take advantage of Hong Kong’s ambitions to establish itself as a prominent hub for digital assets.
As previously reported, HashKey was engaged in discussions in May to secure funding in the range of $100 million to $200 million, with expectations of achieving a valuation exceeding the $1 billion mark.
The success of this funding round holds particular significance given the recent challenges faced by the cryptocurrency venture capital landscape. The sector experienced a downturn in 2022, marked by market volatility and high-profile bankruptcies.
Hong Kong Aims to Become Web3 Hub
HashKey Group is deeply involved in a wide range of cryptocurrency-related endeavors, including running a trading platform, engaging in venture funding activities, and managing assets in both Hong Kong and Singapore. The company is strategically positioning itself to take advantage of Hong Kong’s ambitions to establish itself as a prominent hub for digital assets.
As previously reported, HashKey was engaged in discussions in May to secure funding in the range of $100 million to $200 million, with expectations of achieving a valuation exceeding the $1 billion mark.
The success of this funding round holds particular significance given the recent challenges faced by the cryptocurrency venture capital landscape. The sector experienced a downturn in 2022, marked by market volatility and high-profile bankruptcies.
