HashKey Group Avails Hong Kong’s Crypto Opportunities, Raises Fund

  • Hong Kong has taken initiatives to expand the city’s digital asset trade.
  • The crypto services company would raise funds at a valuation above $1 billion.

HashKey Group, the end-to-end digital asset services company, has planned to raise funds, in an attempt to expand its trading and asset management services in Hong Kong. Though the people familiar with the matter informed that the firm has been discussing raising $100 or $200 million, the latest reports suggested that the company would raise funds at a valuation above $1 billion.

The reporting sources, though reluctant to reveal their identity considering the confidentiality of the matter, pointed out that the project has not been finalized and that the size and valuation of the fundraising could vary.

In January 2023, HashKey Group raised almost $500 million, closing its Fund III, for investment in the Web3 ecosystem. According to the announcement, the fund has been “deployed to advance global crypto and blockchain initiatives, focused on building and scaling the Web3 ecosystem”.

Deng Chao, the CEO of HashKey Capital and Head of HashKey Singapore, commented on the company’s enthusiasm is establishing “the gold standard for the industry’s sustainable growth,” adding:

We are one of the few crypto investors that have been granted a license for fund management involving digital assets in Hong Kong … The HashKey Group was an early supporter of crypto and blockchain technology, and we are pleased to continue to take on this responsibility, and work with our partners to establish the gold standard for the industry’s sustainable growth.

Hong Kong has been inventing novel crypto regulations in an effort to establish a virtual-asset hub. The city’s new licensing regime for the virtual asset provider is scheduled to be introduced on June 1, 2023. The city has also taken initiatives in developing the Web3 ecosystem by raising almost $6.5 million, embracing the blockchain industry.

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