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Digital asset financial services firm HashKey Group on Friday said it plans to raise funds at over $1 billion valuation. According to sources familiar with the matter, Hong Kong-headquartered crypto asset leader is in the process of raising $100 to $200 million.
HashKey Group is one of the two licensed digital asset exchanges in Hong Kong. The firm is making several moves to maintain its dominance as the city’s crypto hub initiative attracts global crypto exchanges and firms.
HashKey Group Eyes Funding At $1 Billion Valuation
Hong Kong-based HashKey Group eyes $100 million to $200 million in funding at a valuation of $1 billion amid Hong Kong’s digital asset push.
HashKey is in early-stage talks to raise funding and entice potential investors. However, the funding size and valuation could change as the deal progresses with time. According to the people familiar with the matter, the numbers aren’t still finalized.
The company operates HashKey Capital, HashKey Custody, brokerage HashKey XPert, HashKey Pro exchange, and Web3 infrastructure HashQuark. Recently, the firm also co-hosted Hong Kong’s debut Web3 Festival.
HashKey launching wealth management, OTC desk, and exchange services in Hong Kong. In fact, HashKey and BC Technology Group Co.’s OSL are the only two licensed bourses. HaskKey’s exchange will launch in 2023 Q2, with ZA Bank and Bank of Communications as settlement banks. Crypto exchanges such as OKX, Bitget, and Huobi have plans to obtain licenses under Hong Kong’s new regulatory regime.
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Hong Kong’s Road To Crypto Hub
Hong Kong is taking a more progressive approach by introducing regulations and licenses for the crypto industry. Moreover, Hong Kong’s Securities and Futures Commission (SFC) is ensuring that the transition to a crypto hub takes smoothly.
Ripple has joined the Hong Kong Monetary Authority’s (HKMA) the e-HKD Pilot Programme. HKMA’s pilot Central Bank Digital Currency (CBDC) program will look to explore crucial uses involving the settlement of Web3 transactions, tokenized assets, and tokenized deposits.
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