Cryptocurrencies, blockchain, NFT and new trends

Hong Kong’s HashKey targets $1 billion valuation in raise: Bloomberg

Deals • May 19, 2023, 3:59AM EDT

Quick Take

  • HashKey is hoping to capitalize on a suddenly favourable environment for crypto firms in Hong Kong with a big fundraise.
  • The investment firm is reportedly targeting a raise of $100-200 million at a $1 billion valuation.

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HashKey Group, the Hong Kong-based crypto investment firm, hopes to raise funds at a valuation north of $1 billion.

The company is in the early innings of discussions with potential investors over a raise of $100-200 million, according to a Bloomberg report citing people familiar with the matter. The report stressed that the terms of the raise are not yet finalized.

HashKey did not immediately respond to a request for comment.

HashKey meets Hong Kong’s crypto renaissance 

The news comes as authorities in Hong Kong attempt to stage a crypto renaissance in the city. Regulators will soon unveil a new regime for crypto exchanges, while local lenders have been instructed to work with crypto firms deserving of a bank account.

Founded in 2018, HashKey has a number of business lines including venture capital investing, asset management and trading. It operates one of only two licensed crypto exchanges in Hong Kong, a bourse branded HashKey Pro. The other is BC Technology Group’s OSL.