HashKey, the owner of a Hong Kong-based cryptocurrency exchange, successfully secures $100 million in funding
HashKey Group, the owner of one of Hong Kong’s licensed cryptocurrency exchanges, has successfully raised $100 million in a Series A funding round, achieving a valuation of $1.2 billion. Although the specific investors were not disclosed, reports suggest that OKX Ventures, affiliated with the OKX cryptocurrency exchange, is likely among the lead investors, though there’s no official confirmation yet.
As Hong Kong’s Securities and Future Commission (SFC) processes pending applications from a dozen cryptocurrency exchanges, including OKX, HashKey stands out as one of the only two regulated exchanges permitted to target retail investors since August of the previous year. In the first four months following this regulatory allowance, HashKey attracted 155,000 clients, and its average daily trading volume over the past 30 days has reached an impressive $630 million.
Competitor OSL, under parent company BC Technology Group, secured a $91 million funding round in November of the previous year at a lower valuation, relinquishing a 30% stake in the holding company and control of the board. Notably, OKX-associated acquirer BGX, formerly linked to crypto exchange license applicant BitGetX, asserted that it is not affiliated with BitGetX despite a common shareholder and CEO. BitGetX withdrew its application shortly before the funding announcement.
HashKey, in addition to its exchange and brokerage services, operates a technology division focusing on blockchain node management. Originating as an investor in Ethereum in 2018, HashKey has a venture arm managing over $1 billion. CEO Dr. Xiao Feng, with a background in mainland China’s asset management, also serves as Chairman and CEO of Wanxiang Blockchain.
Recent partnership announcements from HashKey underscore its focus on asset management. In November, it signed a Memorandum of Understanding (MoU) with ChinaAMC (HK) and Hamsa to develop technologies for the asset management industry. ChinaAMC boasts $260 billion in assets under management in Hong Kong. HashKey Exchange targets asset managers, with announcements this year including blockchain ETF firm Pando setting up an account and Mulana IM becoming an introducing broker. The diversified portfolio and strategic collaborations highlight HashKey’s multifaceted approach in the rapidly evolving cryptocurrency and blockchain ecosystem.
