HashKey Group, a Hong Kong-based cryptocurrency firm, has achieved unicorn status as the first crypto unicorn of 2024, raising $100 million in a Series A funding round. This significant investment values the company at $1.2 billion.
Despite a 68% decrease in venture capital investment in crypto and blockchain startups in 2023, the fourth quarter saw a rise in the price of Bitcoin and other digital assets. The crypto industry faced challenges with the crash of the cryptocurrency exchange FTX and the failure of Silicon Valley Bank, but HashKey’s successful funding round indicates a positive shift in the market.
Expanding the Web3 Ecosystem
HashKey plans to use the funding to strengthen its Web3 ecosystem, diversify its licensed product offerings in Hong Kong, and develop its business globally. The company, led by CEO Xiao Feng and founded in 2018, offers a range of products and services geared towards digital assets and the Web3 ecosystem.
HashKey’s Diverse Operations
The Unicorn’s core businesses include an SFC-licensed digital asset exchange, a full-service brokerage platform, an institutional-grade custody service, and a venture capital fund invested in blockchain companies and digital asset projects globally. The company launched Hong Kong’s first virtual asset exchange app last year, attracting over 155,000 registered users within four months and recording a daily trading volume of over $630 million in December 2023.
Strategic Partnerships and Investment Focus
The crypto firm has established strategic partnerships with several firms, including Fenbushi Capital, Circle, DBS, Ethereum, Cyberport, and ZA International. The group is actively investing in the future with a well-established Web3 ecosystem, collaborating with partners like Wanxiang Blockchain for unparalleled access to blockchain research, developers, and technologies.
Leading the Crypto Market
The companie’s achievement as the first crypto unicorn of 2024 and its successful funding round underscore its leading position in the digital asset and blockchain ecosystem, paving the way for further growth and innovation in the crypto market.