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- 1 The Hong-Kong based cryptocurrency exchange HashKey plans to raise around $100 to $200 million for its expansion.
- 2 The FA of Hong Kong is preparing a more convenient and accessible set of rules for crypto-focused companies.
HashKey Group, a Hong Kong-based Digital Asset Financial Service provider, recently announced its plans to raise millions of dollars at a $1 billion valuation. Some sources familiar with the matter stated that the financial service provider intended to raise $100 to $200 million.
Hashkey Group is one of the largest licensed operating cryptocurrency exchanges in Hong Kong. According to local media sources, the company is raising funds to expand its services in Hong Kong because the region provides a suitable environment to dozens of crypto-focused companies and exchanges.
The financial service provider is in the early stage of raising funds and is talking closely with investors. The funding figures might change once the deal is finalized in the coming times.
HashKey, its Subsidiaries and Funding
As per HashKey’s official website, it operates in seven fields: Exchange, XPert Custody, Classic Node Validation, Technology Services, Liquid Node Validation, HashKey DID, and Brokerage.
HashKey Capital is one of the subsidiaries of HashKey groups that support startups in Pre Seed and Series B funding rounds. HashQuark, the Web3-focused firm of Hash, has done remarkable work for the Web3 industry.
According to Crunchbase, HashKey has raised $360 million in two funding rounds and has an active investment in more than 100 organizations. Some significant investments in Hong Kong-based crypto exchanges are Chaos Labs, Nillion, WalletConnect, Moonshot Commons, Metaverse Magna, and Xterio, among many others.
Several diverse investments of HashKey are BlockFi, Custodia Bank, Blockfolio, and IoTex. HashKey’s most notable exits include Animoca Brands(a leading game-developing company) and Blockfolio.
Is Hong Kong Paving Smooth Roads For Crypto Hubs?
Hong Kong is constantly working hard to improve rules and regulations for the crypto industry and provide a clear path for crypto-focused companies. Many leading crypto exchanges have applied for regional operation licenses in the last few months.
Christian Hui, the Secretary of Financial Services and the Treasury in Hong Kong, reported that over 80 organizations from foreign nations and Mainland China had expressed interest in instituting Web3 security firms, Web3 software companies, and blockchain payment companies.
Hong Kong’s prominence as a financial and technological hub with relaxations on regulations has lured numerous Web3 firms. The rules for virtual asset service providers will align with traditional finance companies.
During his budget address in February, Hong Kong’s financial secretary, Paul Chan, announced an allocation of HK$50 million (US$6.4 million) for developing Web3 technology in the annual budget spending.
Data from CoinMarketCap reveals that till the press time, there are 623 registered exchanges in the industry, including centralized and decentralized exchanges. Coinbase, Kraken, Kucoin, Bybit, and Bitget are some of the leading exchanges in the industry.
A few months ago, FTX, the third largest cryptocurrency exchange, collapsed and vacated its position, which Kraken now acquires.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
