HashKey Group, a cryptocurrency exchange, announced on Tuesday that it has received around $100 million at a pre-money valuation of more than $1.2 billion following the conclusion of a Series A financing round.

According to HashKey, the funds raised will be utilised to promote the Group’s worldwide expansion, improve product diversification for its Hong Kong-licensed firm, and fortify its Web3 ecosystem.

Web3 is a version of the internet that runs on cryptocurrency assets’ blockchain technology.

The exchange, headquartered in Hong Kong, also reported that institutional investors, Web3 institutions, and strategic partners were among the new investors drawn to the funding round.

As a result of its authorization to operate as the first cryptocurrency trading exchange in Hong Kong, HashKey was able to broaden its clientele from professional investors to regular people in August.

The government of Hong Kong has been supporting the growth of Web3 in the Asian financial centre and satisfying consumer demand for alternative assets by adopting cryptocurrencies.

Furthermore, it is with great pleasure that HashKey Exchange and Mulana IM, a firm licensed in Hong Kong, announce the formation of a partnership intended to offer more convenient virtual asset trading and management services to qualified investors.

HashKey Exchange, one of the first certified virtual asset trading platforms authorised by the SFC of Hong Kong, is dedicated to raising the standard for virtual asset exchanges in terms of safety, compliance, and fund security. Mulana IM is a pioneer in the field, having received regulatory approval from the SFC of Hong Kong to conduct regulated business using virtual assets and possessing type licences 1, 4, and 9.

The collaboration agreement states that Mulana IM will give eligible investors the option to trade virtual assets directly on HashKey Exchange in its capacity as an introducing broker. In addition, HashKey Exchange will play a significant role as a custodian and trading partner for virtual asset funds managed by Mulana IM.

Furthermore, Mulana IM will supply research and assessment reports for HashKey Exchange, enabling token assessments and due diligence, by utilising its expert research skills in web3 and blockchain initiatives. In order to create a more strong ecosystem for virtual assets, both sides will work together more closely in terms of technology, services, and products.

The partnership is viewed as an indication of both parties’ confidence in each other’s capabilities and future prospects as well as their proactive approach to the growth of the virtual asset market. By working together and pooling resources, HashKey Exchange and Mulana IM hope to lead new innovations in the virtual asset market and provide investors with improved services.