Bloomberg: Hong Kong-based $1 billion crypto firm begins search for $200 million

Bloomberg: Hong Kong-based $1 billion crypto firm begins search for $200 million
Bloomberg has learned that Hong Kong-based crypto firm HashKey Group, valued at $1 billion, has raised an additional $200 million in funding
HashKey Group is in talks with investors ahead of the imminent opening of one of the first licensed crypto exchanges in the region

Hong Kong-based cryptocurrency company HashKey Group intends to raise between $100 million and $200 million, Bloomberg writes, citing its sources. The firm, which became one of the early corporate investors in Ethereum back in 2018, is valued today at more than $1 billion, according to reporters.

HashKey Group has begun talks with potential investors.

The company was launched in 2018, with founder Xiao Feng separating the firm from Chinese automaker conglomerate Wanxiang Group. HashKey's businesses include venture capital investment, asset management, brokerage services, trading, and infrastructure Web3 projects.

The HashKey Group is headquartered in Hong Kong and does business in Singapore and Japan as well.

On June 1, a new regulatory regime for the cryptocurrency industry takes effect in the region. Hong Kong authorities and representatives from mainland China are actively supporting industry participants. Local banks have already been instructed to simplify access to their services for crypto firms.

In April, HashKey announced that its exchange HashKey PRO would be launched this quarter, with ZA Bank as its banking partner.