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The first crypto unicorn of 2024: HashKey grabs $100M at $1.2B valuation

Picture credits: HashKey

Reportedly, in 2023, venture capitalists injected $10.7 billion into crypto and blockchain startups, marking a 68% decrease from the $33.3 billion invested in 2022. Furthermore, the crash of the cryptocurrency exchange FTX and the Silicon Valley Bank sent shockwaves through the industry. While the funding into cryptocurrency startups slumped last year, the price of Bitcoin and other digital assets rose in the fourth quarter. Furthermore, the crash of the cryptocurrency exchange FTX and the failure of Silicon Valley Bank sent shockwaves through the industry. 

Now, it looks like the sky is getting clearer for crypto startups as Hong Kong-based crypto firm HashKey Group has attained unicorn status. 

In a recent move, the Hong Kong firm raised $100 million in a Series A funding round. This round values the company at $1.2 billion, making it the first crypto unicorn of 2024. 

While Hashkey said that new and existing investors took part in the round, including institutional investors, OKX Ventures (backed TRLab and Sweat Economy), the investment arm of the OKX digital asset exchange, was one of the lead investors, claims a report

As per the company, it will use the funding to solidify its Web3 ecosystem, diversify its licensed product offerings in Hong Kong, and develop its business globally.

Virtual asset exchange app

Led by CEO Xiao Feng and founded in 2018, HashKey Group offers products and services geared towards digital assets and the Web3 ecosystem. Its core businesses include an SFC-licensed digital asset exchange, a full-service brokerage platform, an institutional-grade custody service, and a venture capital fund invested in blockchain companies and digital asset projects globally.

Headquartered in Hong Kong, the company has offices in Singapore and Tokyo. It launched what’s claimed to be the first virtual asset exchange app in Hong Kong last year. As per the company, this app has garnered over 155,000 registered users within four months of launch. Also, the daily trading volume is said to have surpassed $630 million in December 2023. 

End-to-end digital asset management

HashKey Group is a fintech group and blockchain research institution that focuses on community engagement, system development, university research sponsorship, technology application, and strategic investment. The group has been involved in numerous initiatives involving the development of technology solutions including AI, big data, blockchains, and digital assets.

The group offers new investment opportunities and solutions to institutions, family offices, funds, and professional and accredited investors across the digital asset and blockchain ecosystem. 

HashKey Exchange has also established strategic partnerships with many firms, including Fenbushi Capital, Circle, DBS, Ethereum, Cyberport, and ZA International. The group is actively investing in the future with a well-established Web3 ecosystem. One of its partners, Wanxiang Blockchain provides unparalleled access to blockchain research, developers, and technologies.

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