HashKey Ascends to Crypto Unicorn Status with $100M Raise

• HashKey Group Approaches $100 Million Fundraising Goal
• HashKey's Unicorn Status
• Cryptocurrency Fundraising Trends in 2023
• Looking Forward to 2024

HashKey Group Approaches $100 Million Fundraising Goal

The HashKey Group, operator of a Hong Kong-based cryptocurrency exchange, signaled on Tuesday that it is on the verge of reaching its fundraising goal of $100 million. The announcement of the fundraising round was made in August, not long after the firm secured a license from Hong Kong's security regulator to facilitate retail cryptocurrency trading.

HashKey's Unicorn Status

Following the fundraising, HashKey forwent disclosing the investors participating in the round. However, the firm did reveal that its valuation surged to $1.2 billion post-raise, thus earning it the coveted unicorn status. The term unicorn is typically reserved for private companies boasting a valuation exceeding $1 billion.

Cryptocurrency Fundraising Trends in 2023

In October, it was reported that cryptocurrency fundraising in the third quarter of 2023 had sunk to a three-year low. A total of $2.1 billion was raised across 297 deals, denoting the smallest amount since Q4 of 2020. This dip was tied to an industry downturn, compounded further by the fall of FTX$3.28 -5.38% and an increase in attention towards the funding of early-stage and infrastructure projects.

Looking Forward to 2024

However, the subsequent resurgence of bitcoin and other significant digital assets in the fourth quarter of 2023, coupled with the approval of the bitcoin ETF, has served to infuse a sense of optimism into numerous funds as they prepare for 2024.

Edited by Jonathan Stoker