HashKey, a cryptocurrency exchange, has secured new funding at a valuation of one billion dollars.

Recent fundraising for Hong Kong-based HashKey Group reached approximately $100 million. With this feat, the firm becomes a $1 billion “unicorn”. HashKey Group also noted that its valuation is above $1.2 billion after this fundraising round.

On Tuesday, HashKey Group announced that current and new investors contributed to the large investment round. The business said it will use the capital to expand a web3 ecosystem and create licensed goods in Hong Kong, but did not name the investors.

According to unidentified sources, OKX Ventures, the investment arm of digital asset exchange OKX, was a major investor in HashKey Group's recent fundraising round. OKX and HashKey declined to comment on the investment.

HashKey Group is one of several cryptocurrency companies that are trying to take advantage of Hong Kong's aspirations to become a digital asset center. They are involved in trading platform operations, venture investment, and asset management in both Hong Kong and Singapore.

HashKey was reportedly seeking $100 million to $200 million in fundraising in May 2023, with a valuation over $1 billion. Hong Kong launched a virtual asset regulatory framework in June 2023 to attract enterprises and safeguard investors.

Retail investors can trade Bitcoin and Ether on approved exchanges under regulatory guidelines. Only HashKey Exchange and BC Technology Group Ltd.'s OSL have crypto licenses in Hong Kong. The city may enable spot crypto exchange-traded funds, and stablecoin laws are expected in the next months. HashKey made major platform upgrades last week to comply with Hong Kong's Travel Rule.

Hong Kong offers a local market and access to Chinese riches, but many bitcoin exchanges are struggling.

Because the cryptocurrency industry is prone to controversies on a regular basis, long-term investment is also uncertain. As said, more than 155,000 registered customers have joined HashKey Exchange since its trading service for retail investors launched in late August.

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