Value of Hong Kong crypto exchange operator HashKey Group has crossed the $1 billion mark

What’s new? Hong Kong-based digital asset financial services company HashKey Group has completed a $100 million Series A funding round, raising its valuation to $1,2 billion. The company did not disclose its investors but said the funds raised will be used to develop new products within its licensed business in Hong Kong, develop its own Web 3.0 ecosystem, and expand its global business.

Press release

What else is known? At the same time, HashKey Group clarified that participants in the round included well-known institutional investors, leading Web 3.0 organizations, and strategic partners.

Founded in 2018, HashKey Group provides comprehensive digital asset and Web 3.0 investment solutions to retail, professional, and institutional investors. The Group includes crypto exchange HashKey Exchange, asset manager HashKey Capital specializing in cryptocurrency and blockchain investments, blockchain validator node cloud startup HashKey Cloud, asset tokenization platform HashKey Tokenisation, and PFP project incubation platform HashKey NFT.

HashKey Exchange in August last year became Hong Kong’s first licensed crypto exchange for retail investors. The authorization was granted by the Securities and Futures Commission (SFC).

Since its launch, the number of registered users has surpassed 155 000 and the average daily trading volume over the past 30 days totaled $630 million. The HashKey crypto exchange has also entered into strategic partnerships with more than ten brokerage firms and six publicly traded companies.

Late last year, SFC began accepting applications to launch bitcoin-based spot exchange-traded funds (ETFs). Later, Livio Weng, chief operating officer of HashKey Exchange, said that about a dozen companies are already preparing to launch such products in Hong Kong. The exchange itself may also participate in the launch of such products in the role of custodian or operator of crypto transactions and is already in talks with some issuers.

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Since the new year, HashKey Exchange has started sharing user data with third-party exchanges when transferring funds from their platforms and vice versa.