Hong Kong’s HashKey Achieves Unicorn Status with $100M Series A Funding

January 17, 2024

By Sharan Kaur Phillora

HashKey, a Hong Kong-based crypto exchange, has officially reached unicorn status following a substantial Series A funding round that garnered nearly $100 million. This latest financial boost places the company’s pre-money valuation at over $1.2 billion, marking a significant milestone in the competitive cryptocurrency sector.

Here’s what we know:

In a recent announcement, HashKey revealed the successful funding round, citing participation from “prominent institutional investors” and “leading Web3 institutions,” although the identities of these investors remain undisclosed. Achieving unicorn status, a term in the venture capital industry for startups valued at over $1 billion, signifies HashKey’s rapid growth and rising prominence in the crypto industry.

HashKey plans to allocate the newly acquired funds across its diverse business operations, encompassing asset management, blockchain node validation, tokenization services, and a Web3 incubation arm. This strategic investment will further enhance HashKey’s capabilities and expand its global crypto market footprint.

A report from Bloomberg on January 16, citing sources familiar with the situation, identified OKX Ventures, the investment arm of crypto exchange OKX, as one of the lead investors in this funding round. However, HashKey has not confirmed these details.

In the past year, HashKey has shown significant progress in its growth trajectory.

In May, it was reported that the company was in the early stages of discussions to raise up to $200 million, aiming for a valuation exceeding $1 billion. By August, HashKey had secured a license from the Hong Kong Securities and Futures Commission (SFC), positioning itself as one of only two exchanges authorized to serve retail investors in Hong Kong, alongside OSL.

In addition to its exchange operations, HashKey is actively involved in the evolving crypto landscape in Hong Kong. The SFC and the Hong Kong Monetary Authority (HKMA) have been moving towards authorizing spot crypto exchange-traded funds (ETFs). HashKey is poised to play a significant role in this development. Livio Weng, HashKey’s COO, shared with Chinese media outlet Caixin that up to ten firms, including HashKey, are preparing to launch spot ETFs.

HashKey’s achievement in attaining unicorn status and active participation in Hong Kong’s dynamic crypto environment underscores the city’s growing influence as a major hub for cryptocurrency and blockchain innovation.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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