On Tuesday, HashKey Group, the operator of the Hong Kong-based crypto exchange, announced that it has come close to meeting its fundraising target of $100 million.
The fundraising initiative was introduced in August, shortly after the company secured a license from Hong Kong’s security regulator to provide retail crypto trading services. Although HashKey did not disclose the specific investors in this round, the successful fundraising has propelled the firm to a post-raise valuation of $1.2 billion, granting it the coveted “unicorn” status, a term reserved for private companies valued at $1 billion or more.
It’s noteworthy that the third quarter of 2023 witnessed a three-year low in crypto fundraising, amounting to $2.1 billion across 297 deals. This dip was attributed to the broader industry downturn, particularly exacerbated by the collapse of FTX. However, as bitcoin and other major digital assets experienced a dynamic rally in the fourth quarter of 2023, coupled with the recent approval of the bitcoin ETF, the landscape is shifting. Many funds are expressing optimism as they transition into 2024, indicating a change in sentiment and a renewed focus on the potential opportunities in the crypto space.