HashKey Group, the cryptocurrency company behind the Hong Kong-based HashKey Exchange, has reached ‘unicorn’ status after raising nearly $100 million in a Series A funding round.
HashKey Group said in an announcement that the raise brings its valuation to $1.2 billion, exceeding the $1 billion “unicorn” threshold for a private company.
The company said the newly raised capital will be used to “solidify HashKey’s Web3 ecosystem, accelerate product diversification of its licensing business in Hong Kong” and build global developments.
The company did not disclose the identity of the investors in the funding round, saying it included “prominent institutional investors, leading Web3 institutions and strategic partners.” According to bloombergOKX Ventures was one of the lead investors in the round, according to people familiar with the matter.
2023 downturn in cryptocurrency fundraising
Cryptocurrency funding in 2023 plummeted in the third quarter, with only $1.98 billion invested in 376 deals, according to Galaxy Research. These are numbers not seen since the fourth quarter of 2020. The ongoing cryptocurrency bear market and VCs’ focus shifting to AI were cited as reasons. Other factors also played a role in the decline.
“Cryptocurrency projects do not announce rounds.” Kavita GuptaThe founder of Delta Blockchain Fund said: decryption This suggests that it is contributing to the perception that VC interest in the sector is waning by the end of 2023.
HashKey’s announcement follows the introduction of a new cryptocurrency regulatory regime in Hong Kong in June 2023. HashKey Exchange is one of two exchanges licensed to operate in Hong Kong.
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