HashKey Capital Plans to Hit a $1B Valuation

HashKey Group, an affiliate of the Chinese conglomerate Wanxiang Group, is seeking to raise between $100 million and $200 million in a new funding round at a valuation of over $1 billion.

Negotiations are ongoing and the terms may change. The Hong Kong-based firm is seeking to take advantage of the desire of the authorities of the special administrative region of China to turn Hong Kong into a crypto hub.

Despite the early stage of the negotiations, HashKey has already accumulated significant track record in the cryptocurrency sector.

The firm was one of the first investors in Ethereum in 2014 and operates in areas ranging from venture capital financing to asset management and trading.

It runs one of two licensed cryptocurrency exchanges in the Asia-Pacific region that will launch by the end of second quarter of 2021.