- 1 HashKey Group, a crypto exchange raised over $100 million in Series A financing round.
- 2 The company announced an investment in the Web3 ecosystem and product diversification.
On January 16, 2023, HashKey Group, a Hong Kong-based cryptocurrency exchange, came 1 step closer to its Web3 investment and advancement goal. The exchange successfully raised over $100 million in Series A financing round from both the current and new investors, exceeding $1.2 Billion. The funding round also attracted new investors, including strategic partners, institutional investors, and Web3 institutions. Apart from this, OKX Ventures, OKX exchange’s investor arm is emerging as the main contributor to the funding round. However, the news was not confirmed by the exchange.
The exchange announced that raised funds will be invested to amplify the Web3 ecosystem, and the company’s development as well as for product diversification of Hong Kong’s licensed businesses. HashKey Group is the first licensed crypto exchange in Hong Kong, offering services to retail users, besides rival exchange OSL.
HashKey Group’s Journey
In November 2023, the crypto exchange received a license from the Hong Kong Securities and Futures Commission, permitting Hashkey to serve professional investors and retail users with its efficient services. Hong Kong government’s interest in crypto and Web3 is one of the main reasons behind Hashkey’s license approval. The city has held over 100 crypto-related conferences in a year, pushing the embrace of crypto and the development of Web3, a third generation of internet that allows users to have control over the data.
The Hong Kong-based crypto exchange already indulges in the development of distribution channels in partnership with Chinese financial institutions to push investors to explore diversified strategies.
HaskKey Group invests in different categories like 25.6% in blockchain services, 12.6% in GameFi, 20% in DeFi, and the remaining 41.8% in other services. The company is Asia’s end-to-end digital asset management company, offering investment opportunities to investors.
Hong Kong Plans to Regulate Crypto Firms
As the venture capital funding in the crypto sector boomed, the interest of investors enhanced in the crypto industry. Looking at the previous facts, the crypto venture funding hit $660 Million in August 2023 and Hong Kong’s plan to regulate crypto companies under a new licensing rule is expected to have a positive influence on the crypto industry as well as the Web3 ecosystem.
Apart from HashKey Group, there are a few other leading players that are actively investing in Web3, blockchain infrastructure, blockchain services, GameFi, etc. According to CryptoRank data, DWF Labs is leading the list, holding 45 deals with 40 investments and 5 lead investments. Coinbase Ventures, Polygon Ventures, and Big Brains Holdings are a few names added to the list.
Web3 is an advanced version of the internet that uses blockchain technology and is considered to be the fastest-growing digital technology. With a market cap of $27.5 Billion, the technology is expanding its roots in the fields of crypto, gaming, and many more. In addition, Web3 is assumed to hit $5.5 Billion in market size by 2030.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.