The recently approved crypto exchange, Hashkey, has achieved unicorn status with $100 million in Series A funding, reaching a pre-money valuation of $1.2 billion. In a statement released on January 16, the funds that were raised today will be used to fuel the Web 3 ecosystem, expand its product offerings, and finally enhance its compliance with its licensed business in Hong Kong.
The Hashkey Group, though they made their investors anonymous, credited both new and old investors who contributed significantly to raising the funds. The company has concentrated its services on crypto-related activities in Web3. Operating in Hong Kong, the company focuses on crypto-related activities such as providing trading, asset management and venture funding.
However, Hashkey did not respond to any claims after a Bloomberg report cited OKX Venture and the investment arm of OKX digital-asset exchange as the sole investor in Hashkey. The company has, however, attracted new investors from prominent institutional investors, strategic partners, and leading Web3 institutions. In August 2023, Hashkey became one of the first Hong Kong-based crypto exchanges to obtain licenses under the new Hong Kong government.
The ETF approval in Hong Kong is still at hand at the moment. Hashkey is in talks with the Hong Kong Security and Future Commission (SFC) to launch the potential spot crypto ETF approval. The company announced that it will participate in the spot crypto ETF approval, whereby it will participate in crypto transaction activity and provide crypto custody services.
Bitcoin’s tremendous growth threatens the U.S. dollar.
Moreover, Morgan Stanley, head of digital assets, Andrew, announces that the shift in the use of digital assets like Bitcoin and other cryptocurrencies is threatening U.S. dollar dominance. The U.S. dollar has 60% of global foreign exchange; the foreign exchange reserve feels threatened by the significant shift toward the use of digital assets. This will pose a challenge to the USD leadership, besides, the approval of the Bitcoin ETF by the SEC has led to a weekly inflow of $1.79 in the United States.
Over the past 10–15 years, Bitcoin has witnessed significant growth in the financial market. It has recorded 106 million individuals holding the cryptocurrency; additionally, over 70 countries are using Bitcoin ATMs globally.