December 6, 2023

Hashkey Group, a major player in the cryptocurrency investment space, is embarking on an ambitious funding round to reach a $1 billion valuation.

Hashkey tries to get big money

according to Hashkey is currently in preliminary discussions to secure a substantial funding round of $100 million to $200 million, according to sources familiar with the matter, Bloomberg reported.

While the deal is progressing steadily, specifics, including size and valuation, have yet to be finalized and are subject to change.

With a diversified portfolio spanning venture capital, asset management and trading, Hashkey is one of many local firms working to expand their client base in Hong Kong’s rapidly opening environment.

Hong Kong – the new financial center

The Hong Kong government has been working to promote the development of the digital asset industry as part of a broader effort to restore Hong Kong’s reputation as a financial hub Pioneer Financial CenterAs part of these efforts, the city is poised to enable retail trading of major cryptocurrencies on licensed exchanges such as Hashkey, ultimately bolstering the local economy and reversing the brain drain previously sparked by Covid-related restrictions.

Currently, Hashkey and BC Technology Group Co.’s OSL Exchange are the only licensed operators in this space. However, well-known exchanges such as OKX and Bitget have expressed their intention to seek licenses under Hong Kong’s new regulatory framework.

Hong Kong’s new commitment to crypto business going off the island may stem from the Chinese government’s rethinking of its crypto strategy. China appears to be using Hong Kong as a ring-fence testing ground for cryptocurrency technology while keeping cryptocurrencies out of mainland China, at least for now.

From next month, Hong Kong will launch new licensing system This will allow retail investors to trade certain major cryptocurrencies such as Bitcoin and Ethereum.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.