Hong Kong is becoming a major player in the regional crypto industry, and local companies are seeking to expand their customer bases. HashKey Group, a crypto financial service provider based in Hong Kong, is reportedly raising up to $200 million to explore new opportunities.
HashKey Plans to Raise $200 Million for Expansion
With the goal of capturing a larger share of the Asian crypto market, HashKey Group intends to expand its operations. The crypto investment fund is reportedly in preliminary discussions with venture capitalists about raising $200 million at a valuation exceeding $1 billion. As the negotiations are being conducted privately, specifics of the agreement are not yet known.
HashKey Group is entrenched in the entire crypto ecosystem, including exchange, brokerage, venture capital, custody solutions, and Web3 infrastructure. HashKey Pro is also authorized to run a virtual asset exchange in Hong Kong, which OSL Exchange is the only other firm permitted to do so.
HashKey Capital Prepares to Launch Two Liquid Funds
HashKey Capital CEO Deng Chao recently indicated that the company is preparing to launch a minimum of two liquid funds to take advantage of opportunities in the secondary market.
Last September, the Securities and Futures Commission of Hong Kong granted HashKey Capital, the investment arm of HashKey Group, a license to manage a portfolio consisting entirely of digital assets.
Hong Kong Emerges as Regional Crypto Hub
In recent months, Hong Kong has taken progressive steps to establish a transparent regulatory environment for crypto firms. It also announced plans to permit retail trading in digital assets according to a timeline starting June 1. Licenses to virtual digital asset service providers will be issued at that time, allowing retail investors to trade in major cryptocurrencies such as Bitcoin and Ether.
In the past few months, Hong Kong has held numerous high-profile conferences on digital assets, drawing global attention to its potential as a regional crypto business hub. In a landmark decision, the Hong Kong High Court recently ruled that crypto is property and can be held in trust, further instilling confidence among crypto investors who now consider the asset class on par with other intangible assets like stocks and bonds.