TL;DR
- HashKey, a crypto exchange in Hong Kong, secured a $30 million investment from Gaorong Ventures, raising its valuation to $1.5 billion.
- The platform is regulated by the Hong Kong Securities and Futures Commission (SFC) and has been licensed to operate since 2022 under the AMLO framework.
- Hong Kong continues to grant licenses to exchanges, with ten platforms now regulated, including PantherTrade and YAX.
HashKey, a licensed cryptocurrency exchange in Hong Kong, has closed a $30 million funding round led by the Chinese venture capital firm Gaorong Ventures.
This investment raises the platform’s valuation to $1.5 billion, reinforcing its status as a “unicorn” in the crypto market. Gaorong Ventures is a private investment firm backed by major Chinese tech companies such as Tencent, Alibaba, and Xiaomi.
This funding round follows HashKey’s achievement of unicorn status in mid-January after a successful Series A investment round, where it raised nearly $100 million, reaching a pre-money valuation of $1.2 billion.
With this new capital injection, the company aims to strengthen its market presence and continue its global expansion. Additionally, it plans to offer more cryptocurrency swap services internationally.
HashKey Strengthens Its Status and Prepares for Further Growth
HashKey’s platform is registered and regulated by the Hong Kong Securities and Futures Commission (SFC), allowing it to operate in securities trading and provide automated trading services since November 2022. The firm is authorized under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) and was officially licensed to operate as a virtual asset platform in May 2024.
Despite market challenges, cryptocurrency investments show signs of recovery. In Q4 2024, venture capital investments in the sector increased slightly, although the total funds raised were lower than in previous years.
Additionally, Hong Kong continues to issue licenses to more cryptocurrency exchanges. Recently, the platforms PantherTrade and YAX were also authorized by the SFC, bringing the total number of regulated exchanges in the region to ten since 2020. The SFC is implementing a stricter approach, conducting audits and reviews to ensure platforms comply with security standards, client asset protection, and Know Your Customer (KYC) procedures.
