As Hong Kong’s crypto industry continues to grow, local firms are seeking ways to expand their customer base. One such firm, HashKey Group, is reportedly seeking to raise up to $200 million in funding in order to tap into new opportunities. The Hong Kong-based crypto financial service provider plans to expand its operations, targeting a larger share of the Asian crypto market. In order to do so, HashKey Group is in early-stage discussions with venture capitalists to raise $200 million at over a $1 billion valuation. The details of the deal being discussed are not fully available as the talks are being held privately.
HashKey Group operates across the whole crypto ecosystem, including exchange, brokerage, venture capital, custody solutions, and Web3 infrastructure. In addition, HashKey Pro holds a permit to operate a virtual asset exchange in Hong Kong. The only other company to hold this permit is OSL Exchange.
Meanwhile, HashKey Capital plans to launch at least two liquid funds in order to tap into opportunities in the secondary market. HashKey Capital is the investment arm of HashKey Group, and in September of last year, the Hong Kong Securities and Futures Commission granted the company a license to manage a portfolio of 100% digital assets. This move implies that HashKey Group aims to position Hong Kong as a new regional crypto business hub.
Hong Kong has taken significant steps to provide a transparent regulatory environment for crypto companies in recent months, and has announced a timeline to permit retail trading in digital assets. From June 1, Hong Kong will issue licenses to virtual asset service providers, paving the way for retail investors to trade in popular cryptocurrencies like Bitcoin and Ether.
A number of large-scale conferences on digital assets have been held in Hong Kong over the last few months, generating global interest in the city-state’s potential as a new regional crypto business hub. Additionally, in a landmark decision, the Hong Kong High Court has ruled that crypto is property and can be held in trust. This move instills confidence among crypto investors, and now the asset class is on par with other intangible assets such as stocks and bonds.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
