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Hong Kong-based cryptocurrency exchange HashKey has achieved unicorn status, securing nearly $100 million in a Series A funding round at a pre-money valuation exceeding $1.2 billion. While the announcement on January 16 did not disclose the identities of the "prominent institutional investors" and "leading Web3 institutions," a Bloomberg report suggested that OKX Ventures, the investment arm of crypto exchange OKX, is among the lead investors. The funds raised will be directed toward HashKey's diverse business arms, including asset management, blockchain node validation services, tokenization services, and a Web3 incubation arm.
- HashKey's unicorn status marks a significant milestone in its trajectory. The exchange, which became a licensed entity through the Hong Kong Securities and Futures Commission in August 2023, is one of the two platforms, alongside OSL, permitted to serve retail investors in Hong Kong. Notably, the regulatory landscape in Hong Kong has been evolving, with both the SFC and the Hong Kong Monetary Authority exploring the introduction of spot crypto exchange-traded funds (ETFs). HashKey's Chief Operating Officer, Livio Weng, mentioned in an interview that 10 firms are considering launching spot ETFs in response to these regulatory developments.
Why it matters
The successful funding round and unicorn status underscore HashKey's growing influence in the cryptocurrency space, positioning it to further expand its services and contribute to the evolving crypto landscape in Hong Kong.
