Hong Kong-based cryptocurrency exchange Hashdex has achieved unicorn status, surpassing a $1 billion valuation. This milestone comes after the exchange, one of only two approved by local regulators last year, received significant investment in a recent funding round.
Despite the reported support, the exact source of the funds, which contributed approximately $100 million in the latest financing, remains undisclosed. HashKey’s valuation now exceeds $1.2 billion, solidifying its unicorn status.
Cryptocurrency exchange OKX played a major role in this achievement, with its investment arm, OKX Ventures, reportedly acting as the lead investor. However, neither OKX nor HashKey has officially confirmed this information.
The year 2023 has been marked by volatility in the cryptocurrency sector, but a significant market turnaround occurred post-August, leading to a rise in investments. The reported financing for the month of August totaled $660 million, a 20% increase from July’s $550 million.
According to a report by Galaxy Research, 2023 has been a record year for venture capital financing in crypto, despite a notable decline from the previous year, 2022. HashKey’s journey to unicorn status coincides with talks of new licensing regulations in Hong Kong set to take effect in mid-2023.