Bybit Leads $8M Funding for Malaysian Crypto Exchange Hata

With more than 70 million users, global crypto exchange Baybit led the bet on the Malaysian digital asset market with an $8M hit, the only digital asset platform in Malaysia with dual regulatory approvals.

This is the second time Baybit has backed a Malaysian company in its Series A round of capital for family offices focused on technology and finance in Southeast Asia. He previously participated in a $4.2 million seed round at Hatta in October 2024.

The capital is set to increase liquidity on the Hatta platform, grow its user base and build new digital asset products. For a company that only launched in May 2023, the numbers are impressive.

Hata has crossed 209,000 registered users and achieved a transaction volume of 1.04 billion Malaysian Ringgit (about 263 million USD) by 2025.

The exchange has approvals from both the Securities Commission Malaysia and the Financial Services Authority of Labuan. That combination would allow trade and custody under one roof in a country where regulators are unusually deliberate about who should work.

Baybit founder and CEO Ben Zhou said the partnership aims to accelerate the adoption of digital assets and real-world assets in Malaysia.

“Malaysia is one of the most digitally engaged populations in Southeast Asia and a strategically important market for Baybit with strong long-term potential for digital asset adoption,” Zhou said.

He added, “By combining Hata's domestic market leadership with Baybit's global strengths in technology and product innovation, we hope to accelerate the growth of Malaysia's digital property and real-world property ecosystem.”

Malaysian regulatory environment

Malaysia's regulatory push is providing a current backdrop for investment. The country launched the Digital Asset Innovation Hub in June 2025, a central bank-regulated sandbox to manage fintech companies' program payments, ringgit-backed stablecoins and supply chain finance.

The sandbox has already given results. A telecom company owned by the Crown Prince of Johor used the framework to launch RMJDT, now JMYR, a ringgit-backed stablecoin built on the Zetrix blockchain.

Bank Negara Malaysia launched three-year token roadmap pilots in November 2025 for cash deposits and cross-border settlements.

Standard Chartered, CIMB Group and Maybank are among the institutions participating in sandboxing programs related to usability issues.