HashKey Group Attains ‘Unicorn’ Rank Following $100M  Funding

OKX Ventures was allegedly one of the Series A round’s lead investors. This round carried HashKey Group over the $1B ‘unicorn’ threshold.

HashKey Group, a crypto company that runs the Hong Kong-founded HashKey Exchange, has attained the ‘unicorn’ ranking. This is after generating almost $100M in a Series A funding round.

HashKey Nets $100 Million in Series A Funding Round

An announcement by the firm showed that the raise had boosted its valuation to $1.2B, which is higher than the $1B ‘unicorn’ threshold for a private company.

HashKey groups noted that the generated capital would strengthen HashKey’s Web3 ecosystem, establish its international development, and quicken the diversification of its approved business in Hong Kong.

The company failed to divulge the details of investors in the funding round, claiming they comprised major Web3 institutions, strategic partners, and famous institutional investors.’ Those conversant with the matter said that OKX Ventures was one of the round’s significant investors.

HashKey Total Valuation Reaches $1.2 Billion

Crypto fundraising plummeted last year, with only $1.98B being invested across 376 deals in Q3 of 2022. Galaxy Research findings show that such numbers have not been witnessed since the Q2 of 2020.

The present crypto bear market and VC interest shift to artificial intelligence were mentioned as reasons for the plunging, although other factors played a role.

Late last year, Kavita Gupta, Delta Blockchain Fund’s founder, told a media outlet that crypto projects are not only announcing their rounds. This indicated that it played a role in the perception that VC interest in the sector was disappearing.

The announcement by HashKey comes after unveiling a new crypto regulation era in Hong Kong in June last year. HashKey Exchange has been approved to run in Hong Kong.