Hong Kong-based cryptocurrency exchange HashKey has achieved unicorn status, securing nearly $100 million in Series A funding at a pre-money valuation exceeding $1.2 billion. The fundraising round involved "well-known institutional investors" and prominent Web3 institutions, though their identities were not disclosed. The capital will be allocated to various business units, including asset management, blockchain node verification services, tokenization services, and Web3 incubation initiatives. A January 16 report from Bloomberg suggested that OKX Ventures, the investment arm of cryptocurrency exchange OKX, was one of the major investors, although HashKey declined to confirm.
HashKey's achievement of unicorn status follows its licensing as an exchange by Hong Kong's Securities and Futures Commission (SFC) in August 2023. The company, along with OSL, serves retail investors in Hong Kong. The Securities and Futures Commission, along with the Hong Kong Monetary Authority, has signaled openness to allowing spot cryptocurrency exchange-traded funds (ETFs). In an interview with Chinese media Caixin on January 10, Livio Weng, the Chief Operating Officer of HashKey, mentioned that ten companies are contemplating the launch of spot ETFs.
In May 2023, reports indicated that HashKey was in early discussions to raise up to $200 million, aiming for a valuation surpassing $1 billion. The recent funding round at a pre-money valuation of over $1.2 billion confirms HashKey's entrance into unicorn status within the venture capital industry, reserved for startups valued at more than $1 billion.
