HashKey Reaches Unicorn Status

HashKey Group, the operator of a Hong Kong-based crypto exchange, announced on Tuesday that it has almost reached its fundraising goal of $100 million.

This announcement was made shortly after the company was granted a license by Hong Kong’s security regulator to offer retail crypto trading.

Although the investors involved in the round were not disclosed, the company’s valuation has now reached $1.2 billion, marking it as a “unicorn” in the world of private companies with a valuation of $1 billion or more.

According to a report by CoinDesk in October, crypto fundraising in the third quarter of 2023 saw a significant decline to $2.1 billion across 297 deals, the lowest in three years.

This can be attributed to market downturns and the collapse of FTX, leading to a shift towards early-stage and infrastructure projects within the industry.