HashKey, the Hong Kong-based digital asset firm, has started early-stage talks to raise $100M to $200M in funding at a valuation of over $1B, according to a recent Bloomberg report citing people familiar with the issue. The report pointed out that the deal terms, including size and valuation, could change since it is in progress. - HashKey is one of the only two licensed crypto exchanges in Hong Kong, along with OSL.
- In January, the company also raised $500M in funding to increase the mass adoption of blockchain and crypto.
- The firm plans to launch a new regulated exchange dubbed HashKey PRO that would offer Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and fiat trading pairs to retail investors within Q2.
- While taking the deal forward, the firm is expected to benefit from Hong Kong's crypto-friendly approach and intent to turn the region into a crypto hub.
- The region is preparing to launch the new licensing regime for crypto exchanges on June 1, allowing retail investors to trade major tokens, including Bitcoin (BTC) and Ether (ETH), on licensed platforms.
- The city is also working on an extensive regulatory framework for stablecoins, which will go into effect by 2024.
- In addition, the Hong Kong Monetary Authority recently launched the pilot program of e-HKD, the digital version of the region s local currency.
- Hong Kong's crypto-friendly approach made the region quite attractive to many crypto exchanges.
- In February, Seychelles-based crypto exchange Huobi Global applied for a crypto trading license in Hong Kong.
- In March, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, said more than 80 crypto-related firms sought a presence in the region as of the end of February, and 23 crypto companies already revealed their plans to establish their presence.
- Popular crypto exchanges OKX and Bitget also recently revealed their plans to apply for a license under Hong Kong's new licensing regime.
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