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As Hong Kong emerges as a focal point in the regional cryptocurrency sector, local companies are seeking to broaden their clientele.
One such entity, HashKey Group, is reportedly in the process of securing up to $200 million in funding to explore new prospects.
HashKey Pursues $200 Million in Funding
Aiming for a larger portion of the Asian cryptocurrency market, the Hong Kong-based crypto financial service provider HashKey Group intends to enhance its operations. The cryptocurrency investment fund is said to be in preliminary discussions with venture capitalists to raise $200 million at a valuation exceeding $1 billion.
A report from Bloomberg indicated that specifics regarding the negotiations are not disclosed as the discussions are being conducted privately.
HashKey Group operates across the entire cryptocurrency ecosystem, including Exchange, Brokerage, Venture Capital, Custody Solutions, and Web3 Infrastructure. Additionally, HashKey Pro possesses a license to operate a virtual asset exchange in Hong Kong. Apart from HashKey Pro, only OSL Exchange holds this license.
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HashKey Capital to Introduce Two Liquid Funds
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In the meantime, HashKey Capital is set to launch at least two liquid funds to capitalize on opportunities within the secondary market, according to CEO Deng Chao of HashKey Capital and HashKey Singapore in a recent interview.
In September of the previous year, Hong Kong’s Securities and Futures Commission (SFC) awarded HashKey Capital, the investment division of HashKey Group, a license to manage a portfolio consisting entirely of digital assets.
Regional Crypto Hub
Hong Kong has made consistent progress in recent months with initiatives aimed at creating a transparent regulatory framework for cryptocurrency firms. Furthermore, it has announced a timeline for permitting retail trading in digital assets.
Starting June 1, Hong Kong will begin issuing licenses to virtual digital asset service providers, facilitating retail investors’ ability to trade in prominent cryptocurrencies such as Bitcoin and Ether.
Numerous high-profile conferences focused on digital assets have taken place in the city-state over the past few months, attracting global attention to Hong Kong’s potential to become a regional cryptocurrency business hub.
In a significant ruling recently, the Hong Kong High Court determined that cryptocurrency qualifies as property and can be held in trust. This court decision significantly boosts confidence among cryptocurrency investors, placing the asset class on par with other intangible assets like stocks and bonds.
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