Hong Kong’s HashKey hits unicorn status after $100M funding round

The Hong Kong-based exchange HashKey closed its Series A funding round at a $1.2 billion valuation.
Jesse Coghlan
Posted by Jesse Coghlan January 16, 2024 2 Mins Read
The Hong Kong-based exchange HashKey closed its Series A funding round at a $1.2 billion valuation.

Hong Kong-based crypto exchange HashKey has now hit so-called “unicorn” status after raising nearly $100 million in a Series A funding round at a pre-money valuation of over $1.2 billion.

In a Jan. 16 announcement, HashKey said the funding round included “prominent institutional investors” and “leading Web3 institutions” but didn’t disclose their identities. 

Its claimed pre-money valuation would put it at “unicorn" status, a term used in the venture capital industry to describe a startup valued over $1 billion. 

The exchange said the funds would be put toward its business arms, which include asset management, a blockchain node validation service, a tokenization service, and a Web3 incubation arm.

Meanwhile, a Jan. 16 Bloomberg report citing people familiar with the matter named OKX Ventures, the investment arm of crypto exchange OKX, as among the lead investors. HashKey declined to comment on the matter.

In May, Bloomberg reported that people familiar with the matter said HashKey was in early-stage talks to raise up to $200 million at a valuation over $1 billion.

Related: Hong Kong to oblige stablecoin issuers to obtain license — Consultation paper

In August, HashKey became a licensed exchange through the Hong Kong Securities and Futures Commission (SFC) amid the region’s push to attract crypto businesses. It’s one of two exchanges alongside OSL that can serve Hong Kong’s retail investors.

The SFC and the Hong Kong Monetary Authority (HKMA) have opened the door to allowing spot crypto exchange-traded funds (ETFs). HashKey’s chief operating officer Livio Weng told Chinese media outlet Caixin in an interview published on Jan. 10 that 10 firms are looking to launch spot ETFs.

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