Hong Kong Crypto Exchange Seeks $1 Billion Valuation
Hashkey Group, a prominent player on the cryptocurrency investment scene, is embarking on an ambitious funding drive at a $1 billion valuation.
Hashkey tries to secure big funding
According to Bloomberg, sources familiar with the matter revealed that Hashkey is currently in preliminary discussions to secure a substantial funding round ranging from $100 million to $200 million.
While the deal is steadily moving forward, specific details, including size and valuation, are not yet finalized and remain subject to potential adjustment.
With a diversified portfolio spanning venture finance, asset management and trading, Hashkey is among many local companies striving to expand their client base in Hong Kong's rapidly liberalizing environment.
Hong Kong - a new financial center
The Hong Kong government has been diligently promoting the development of the digital asset sector as part of a broader effort to restore the city's reputation as a pioneering financial hub. As part of these efforts, the city stands ready to allow retail trading of major cryptocurrencies on authorized exchanges like Hashkey, rejuvenating the local economy and reversing the earlier talent exodus caused by Covid-related restrictions.
At the moment, Hashkey and BC Technology Group Co. are the only licensed operators in the field. However, prominent exchanges like OKX and Bitget have expressed their intention to obtain licenses under Hong Kong's new regulatory framework.
Hong Kong's new commitment to crypto companies leaving the islands may be due to the Chinese government's rethinking of its strategy towards cryptocurrencies. It may appear that China will use Hong Kong as a fenced-in testing ground for cryptocurrency technology, keeping cryptocurrencies out of mainland China, at least for the time being.
Starting next month, Hong Kong will begin its new licensing regime, which will allow retail investors to trade certain major cryptocurrencies, such as Bitcoin and Ethereum.
