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HashKey Group takes advantage of crypto opportunities in Hong Kong, and raises funds
- HashKey Group plans to raise funds for crypto services to flourish in Hong Kong.
- Hong Kong has taken initiatives to expand digital asset trading in the city.
- The crypto services company will raise the money at a valuation of over $1 billion.
HashKey Group, a comprehensive digital asset services company, plans to raise funds in an effort to expand its trading and asset management services in Hong Kong. Although people familiar with the matter have reported that the company is discussing raising $100 or $200 million, the most recent reports indicated that the company would raise the money at a valuation of over $1 billion.
The reported sources, despite their reluctance to reveal their identity given the confidentiality of the matter, indicated that the project has not been completed and that the size and evaluation of the fund-raising process may vary.
In January 2023, HashKey Group raised nearly $500 million, and closed its third fund, to invest in the Web3 ecosystem. According to the announcement, the fund was “deployed to advance global crypto and blockchain initiatives, with a focus on building and expanding the Web3 ecosystem.”
Ding Zhao, CEO of HashKey Capital and President of HashKey Singapore, commented on the company’s enthusiasm for creating the “gold standard for sustainable growth for the industry,” adding:
We are one of the few crypto investors with a license to manage funds involving digital assets in Hong Kong… HashKey Group has been an early supporter of crypto and blockchain technology, and we are pleased to continue to shoulder this responsibility, and to work with our partners to set the gold standard for sustainable growth for the industry.
Hong Kong has introduced new cryptocurrency regulations in an effort to create a virtual asset hub. The city’s new licensing regime for the virtual asset provider is scheduled to be introduced on June 1, 2023. The city has also taken initiatives in developing the Web3 ecosystem by raising nearly $6.5 million, and embracing the blockchain industry.
Raises Fund after Hong Kong-based HashKey Group Avail’s Crypto Opportunities debuted in Coin Edition.
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