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Last year, Hashdex, a Hong Kong-based cryptocurrency exchange that made a name for itself and was approved by local regulators, left behind a new milestone. The crypto exchange has surpassed a $1 billion valuation and has reached unicorn status.
HashKey Is Now a Unicorn
According to a recent report, HashKey received contributions worth approximately $100 million from its old and new investors in the latest financing round.
Despite the support mentioned in the report, the exact source of these funds is still unknown. HashKey’s valuation has now exceeded $1.2 billion, solidifying its unicorn status.
According to shared information, the cryptocurrency exchange OKX played a major role in this process. It is known that OKX Ventures, the investment arm of the OKX exchange, was the lead investor in the process. Although the information is accepted by the crypto community, neither OKX nor HashKey has clearly disclosed this information.
The year 2023 stood out as a particularly volatile time for the cryptocurrency sector and financing. However, after August 2023, there was a complete turnaround with general market movements, leading to a rise.
The mentioned financing round in Crypto August amounted to a total of $660 million. According to the report, this figure indicates a 20% increase compared to $550 million in July.
According to a report recently published by Galaxy Research, 2023 was the biggest year for cryptocurrency venture capital financing. In addition, a significant drop compared to the previous year, 2022, did not go unnoticed.
The Evolution of HashKey
Since its inception, HashKey aimed to reach a valuation of $1 billion. This process emerged during a time when a licensing rule planned to be implemented in Hong Kong in mid-2023 was being discussed.
At the same time, some sources reported that HashKey entered a funding round with a $1 billion valuation and started negotiations seeking a $100-200 million fund. Immediately following this process, it was announced that HashKey would become the first crypto exchange in Hong Kong to offer individual trading opportunities to investors.
Following this development, Hong Kong’s finance chief Paul Chan made a statement saying, “now is the best time to invest in Web3.”
