Crypto Firm Hashkey Eyes $1 Billion Valuation, Capitalizing on Hong Kong's Digital Shift
Hong Kong-based digital asset firm HashKey Group aims to raise funds at a valuation of more than $1 billion.
The company is in early-stage talks to raise $100 million to $200 million from potential investors, Bloomberg reported Friday, citing people familiar with the matter.
The deal is reportedly in progress but details regarding the size and valuation may change as they are not yet finalized.
Hashkey operates in various financial areas, including HashKey Capital, HashKey Custody, brokerage HashKey XPert, HashKey Pro exchange, and Web3 infrastructure HashQuark.
The company is among a growing number of Hong Kong-based digital asset firms looking to expand their customer base in an increasingly liberalizing environment.
Last year, HashKey announced that it had been granted a “Type 9 asset management license” by Hong Kong’s Securities and Futures Commission, allowing it to manage portfolios that only contain virtual assets and likely paved the way for its latest offering.
And earlier this year, the company closed a $500 million investment round for a fund that will invest in infrastructure, toolings, and applications that will help push the mass adoption of blockchain and crypto technologies.
At present, only Hashkey and BC Technology Group's OSL bourse have permits to operate a crypto exchange in the city-state.
However, leaders from other exchanges, including OKX and Bitget, have expressed their intention to apply for a license under Hong Kong's new regulatory regime.
Hong Kong has been aggressively pursuing its Web3 and blockchain push in a bid to position itself as a hub for digital innovation in Asia and attract crypto firms.
The city has recently adopted a new regulatory regime, which would allow retail investors to
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