How Did Crypto Exchange HashKey Hit Unicorn Status?
The results of the latest funding round prompted Hong Kong-based cryptocurrency exchange Hashdex, one of two exchanges approved by local regulators, to question the status of Unicorn — an account reserved for start-up companies valued at more than $1 billion.
Although 2023 was the third largest year for crypto venture capital funds, it saw a significant decrease compared to last year.
HashKey has achieved unicorn status with unknown investors.
According to a recent report, both existing and new investors contributed around $100 million during HashKey's latest funding round. However, the exact source of these funds remains unknown. HashKey's value has now surpassed $1.2 billion, maintaining its unicorn status.
Insiders OKX Ventures, the investment arm of crypto exchange OKX, played a key role as lead investors in the round. However, neither the exchange nor HashKey itself has officially confirmed this information.
It comes at a time when crypto funding in the industry has been volatile over the past twelve months. But, in August 2023, it looks like a turning point.
BeInCrypto reported in August 2023 that the number of venture capital funds in the crypto industry increased significantly compared to the previous month in July, suggesting a possible market shift.
Crypto venture funding reached $660 million in August. According to the report, this was a 20% increase from July, which was $550 million.
In a recent report, Galaxy Research It highlighted that 2023 marked the third biggest year for crypto venture capital funds. However, compared to the previous year 2022, it has decreased significantly.
Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run
HashKey has always tracked the state of the unicorn.
Hashkey has always been a target to reach a billion dollar value in the near future.
In the year The development comes as Hong Kong plans to regulate crypto companies under new licensing regulations that will take effect in mid-2023.
Meanwhile, at the same time, BeInCrypto reports that HashKey is in initial discussions to raise $100-200 million in funding at a $1 billion valuation.
A few months later, HashKey was announced as the first crypto exchange to offer retail trading to clients in Hong Kong.
This comes as Hong Kong Chief Financial Officer Paul Chan declares, “Now is the best time to invest in Web 3.”
In addition, in June 2023, Hong Kong Legislative Council Member Johnny Ng urged Coinbase and other international virtual value trading operators to apply for business licenses in the region.
The legislature has pledged to “give any assistance” to these organizations' applications.
Read more: Coinbase Review 2023: The Best CryptoExchange for Beginners?
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news report aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
