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.
