Hashkey Group seeks funding at a $1B valuation as Hong Kong adopts an open financial system

Hashkey Group is an authorized crypto company based in Hong Kong. The digital asset platform is partaking in various moves to retain its supremacy in the region. That comes as the city’s initiative to become a cryptocurrency hub attracts worldwide crypto firms and exchanges.

On Friday, Hashkey Group revealed plans to raise funding at a $1B valuation. Sources indicated that the Hong Kong-based platform seeks to raise $100 – $200 million. Remember, Hashkey Group is among the two regulated crypto firms in Hong Kong.

Hashkey Group seeks funding at over $1B valuation

Hong Kong’s Hashkey Group has revealed its plans for $100M to $200M in fundraising at a $1 billion valuation. That comes amidst the country’s push for crypto. Meantime, the plan remains in its early stage as the firm finds ways to attract potential investors. The funding valuation and size might change with time. Individuals familiar with the story stated that the figures are not final.

The firm runs HashKey Custody, HashKey Capital, HashKey Pro exchange, HashQuark (web3 infrastructure), and brokerage HashKey XPert. Also, it recently hosted Hong Kong’s first Web3 Festival. The firm will launch the HashKey exchange in 2023 second-quarter – with the Bank of Communications and ZA Bank as settlement banks.

Hashkey and OSL from BT Technology Group remain the only authorized firms in the city. Meantime, renowned exchanges, including Huobi, Bitget, and OKX, plan to secure Hong Kong certificates.

Hong Kong’s crypto landscape

Hong Kong extended its push to become a cryptocurrency hub by ensuring licenses and regulations for the cryptocurrency market. Furthermore, the nation’s SFC (Securities & Futures Commission) is working to ensure smooth migration to a cryptocurrency hub.

Hong Kong has attracted multiple players in the tech, financial, and crypto sectors to support its innovation. For instance, Invezz.com reported that Ripple joined the HKMA’s e-HKS Pilot Program to support the settlement of tokenized deposits, tokenized assets, and web3 transactions.