HashKey Group Aims to Expand Crypto Services in Hong Kong through Fundraising Efforts
HashKey Group, a comprehensive digital asset services company, is planning to raise funds to support the expansion of its trading and asset management services in Hong Kong. While insiders have indicated discussions around raising $100 to $200 million, recent reports suggest that the company aims to secure funds at a valuation surpassing $1 billion.
Sources familiar with the matter, who wished to remain anonymous due to the confidential nature of the discussions, emphasized that the fundraising plans have not been finalized, and the size and valuation of the funding round may vary.
In January 2023, HashKey Group successfully raised nearly $500 million for its Fund III, which is dedicated to investing in the Web3 ecosystem. The fund’s deployment is focused on advancing global crypto and blockchain initiatives, with a specific emphasis on building and scaling the Web3 ecosystem.
Deng Chao, CEO of HashKey Capital and Head of HashKey Singapore, expressed the company’s commitment to establishing industry standards for sustainable growth, stating:
“We are one of the few crypto investors that have been granted a license for fund management involving digital assets in Hong Kong… The HashKey Group was an early supporter of crypto and blockchain technology, and we are pleased to continue to take on this responsibility and work with our partners to establish the gold standard for the industry’s sustainable growth.”
Hong Kong has been actively developing innovative crypto regulations in its pursuit of becoming a hub for virtual assets. The city’s new licensing regime for virtual asset providers is set to be introduced on June 1, 2023. Hong Kong has also demonstrated its commitment to fostering the Web3 ecosystem by raising approximately $6.5 million to support the growth of the blockchain industry.
