Hong Kong-based crypto exchange HashKey has achieved unicorn status, joining the ranks of startups valued over $1 billion, after raising nearly $100 million in a Series A funding round.
Hong Kong-based crypto exchange HashKey has achieved unicorn status, joining the ranks of startups valued over $1 billion, after raising nearly $100 million in a Series A funding round. The funding round included "prominent institutional investors" and "leading Web3 institutions," but HashKey did not disclose their identities.
The exchange plans to use the funds to expand its business arms, which include asset management, blockchain node validation, tokenization, and Web3 incubation. HashKey's unicorn status reflects the growing interest in cryptocurrencies and digital assets in Hong Kong and the broader Asia-Pacific region. The exchange's focus on compliance and regulatory adherence positions it well to capitalize on the growing institutional adoption of cryptocurrencies.
Hong Kong has taken steps to attract crypto businesses and establish itself as a hub for digital asset innovation. In August 2023, HashKey became one of two exchanges licensed by the Hong Kong Securities and Futures Commission (SFC) to serve retail investors.
The SFC and the Hong Kong Monetary Authority have also indicated their willingness to allow spot crypto exchange-traded funds (ETFs). HashKey's chief operating officer, Livio Weng, recently stated that 10 firms are looking to launch spot ETFs in Hong Kong.
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