The newly acquired funds will help HashKey to build diversified Web3 products amid the mainstream adoption of digital assets and blockchain technology in Asia.
HashKey Group, the operator of a leading Hong Kong-based cryptocurrency exchange and other web3-focused platforms, announced the completion of the Series A funding round with nearly $100 million. As a result, the company saw its valuation rally beyond $1.2 billion to a unicorn status. According to the announcement, HashKey will direct the funds to build more licensed and diversified web3 products to solidify its position in the Asian market. Moreover, the Asian market has led to the adoption of digital assets and web3 products to streamline the financial system and online experiences.
HashKey Group did not disclose the investors that participated in the just concluded Series A funding round. However, the company indicated that it is committed to enabling mass adoption of digital assets through compliance with the respective regulatory requirements.
“In addition to the active participation and strong commitment of existing shareholders, this financing round attracted new investors, including prominent institutional investors, leading Web3 institutions, and strategic partners,” the company noted.
HashKey Group and Its Market Outlook
Amid the gradual mass adoption of web3 and digital assets, HashKey Exchange launched its first licensed virtual asset exchange application that has already surpassed more than 155k registered users. Consequently, the HashKey exchange recorded more than $630 million in average trading volume during the past 30 days. Meanwhile, HashKey Exchange has inked several strategic partnerships with different brokerage companies to ensure reliable liquidity for its clients.
The HashKey Group has also developed other notable products including the HashKey Cloud, HashKey Capital, HashKey Capital, and HashKey NFT. However, the company indicated that more products will be launched and enhanced with the new funding round. Moreover, the company received a Hong Kong operating license in August last year to attract both retail and institutional investors. Already, Hong Kong has attracted major investors from China seeking to diversify into the crypto market following the positive regulatory outlook implemented by the Hong Kong Monetary Authority (HKMA).
Crypto Bullish Sentiment
The increased demand for digital assets by institutional investors has significantly improved the overall crypto demand. More global governments are competing to welcome international web3 investors to improve their economies. The recent approval of 11 spot Bitcoin ETFs in the United States is an indicator that countries are regulating the crypto market from a new asset class. Notably, the upcoming fourth Bitcoin halving event in April is expected to increase the overall crypto bullish outlook for the next two years. Meanwhile, the altcoin market led by Ethereum (ETH) will receive more funding from short-term investors already taking profits from Bitcoin (BTC).