Another unicorn so soon? You bet. HashKey Group, a digital asset financial services group, just announced that they raised nearly $100M in a Series A! This pushes their pre-money valuation to $1.2B.

• Established in 2018, the group operates several Web3 businesses, as well as one of Hong Kong’s two licensed cryptocurrency exchanges, HashKey Exchange. 

Investor check. HashKey is keeping the names of their investors disclosed, but…

• Bloomberg reported that OKX Ventures was one of the lead investors. 

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✅ It’s legit

The group’s trading arm, HashKey Exchange, is one of the first licensed cryptocurrency exchanges in Hong Kong.

In August 2023, the exchange received approval from the Securities and Futures Commission of Hong Kong to operate as a virtual asset trading platform under Type 1 and Type 7 licenses. 

This enabled them to serve both professional and retail investors. 

• According to HashKey, the exchange had 15.5K registered users by 2023.
• The daily trading volume also exceeded $630M in December last year. 

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🧭 The Hashkey multiverse 

The group’s other core businesses include: 

• HashKey Capital, a digital asset fund manager that invests in Web3 ventures
• HashKey Cloud, a blockchain node validation services provider
• HashKey Tokenization, a tokenization services provider

Their SEA footprint. Although headquartered in Hong Kong, the group has operations in Singapore and Tokyo. 

• HashKey Capital Singapore received a full capital markets services license from the Monetary Authority of Singapore in December last year. 

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🪙 What’s with the $$$?

They’ll double down on their Web3 ecosystem, diversify their licensed product offerings in Hong Kong, and work toward global expansion.