Crypto firm HashKey secures $100 million funding, exceeds $1 billion valuation

Cryptocurrency exchange HashKey Group said on Tuesday that it raised nearly $100 million after the completion of a Series A financing round, at a pre-money valuation exceeding $1.2 billion.

HashKey said the newly raised capital will be used to strengthen its Web3 ecosystem, enhance product diversification of its licensed business in Hong Kong and support the Group's global development.

Web3 is a version of the internet that operates the on blockchain technology used by crypto assets.

The Hong Kong-based exchange added that the financing round attracted new investors, including institutional investors, Web3 institutions and strategic partners.

In August, HashKey became the first licensed crypto trading exchange in Hong Kong to offer its services to retail users, which allowed it to expand its scope from serving professional investors to retail users.

The Hong Kong government embracing crypto, meeting market demand for alternative assets and promoting the development of Web3 in the Asian financial hub.

HashKey Group is a prominent digital asset financial services group based in Asia, with operations in Hong Kong, Singapore, and Tokyo. Founded in 2018, they've established themselves as a leading player in the crypto and blockchain space, offering a wide range of solutions for professional investors and institutions.