As Hong Kong takes center stage in the regional crypto business, local firms are trying to expand their customer base.
One such firm, HashKey Group, is reportedly raising up to $200 million in funding to tap new opportunities.
HashKey Eyes $200 Million in Funding
Targeting a more significant share of the Asian crypto market, Hong Kong-based crypto financial service provider HashKey Group plans to expand its operations. The crypto investment fund is reportedly in early-stage talks with venture capitalists to raise $200 million at over $1 billion Valuation.
A Bloomberg report said the details of the deal being discussed are not available as the talks are being held privately.
HashKey Group is in the entire crypto ecosystem – Exchange, Brokerage, Venture Capital, Custody Solutions, and Web3 Infrastructure. In addition, HashKey Pro holds a permit to operate virtual asset exchange in Hong Kong. Besides HashKey Pro, only OSL Exchange has this permit.
HashKey Capital to Launch Two Liquid Funds
Meanwhile, HashKey Capital plans to launch at least two liquid funds to tap the opportunities in the secondary market, CEO of HashKey Capital and HashKey Singapore Deng Chao said in a recent interview.
In September last year, Hong Kong’s Securities and Futures Commission (SFC) granted HashKey Capital, the investment arm of HashKey Group, a license to manage a portfolio of 100% digital assets.
Regional Crypto Hub
Hong Kong has moved steadily in recent months with plans to provide a transparent regulatory environment for crypto firms. In addition, it announced a timeline to allow retail trading in digital assets.
From June 1, Hong Kong will issue licenses to virtual digital asset service providers, paving the way for retail investors to trade in leading cryptocurrencies such as Bitcoin and Ether.
Several big-ticket conferences on digital assets have occurred in the city-state in the last few months, generating global interest in Hong Kong’s potential to emerge as a regional crypto business hub.
In a landmark decision recently, the Hong Kong High Court ruled that crypto is property and can be held in trust. The court ruling goes a long way in instilling confidence among crypto investors. The asset class is now at par with other intangible assets such as stocks and bonds.
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