HashKey, a crypto exchange based in Hong Kong, has achieved unicorn status after successfully raising nearly $100 million in a Series A funding round, valuing the company at over $1.2 billion.

The funding round, which took place on January 16, involved significant participation from prominent institutional investors and leading Web3 institutions, although their identities were not disclosed by HashKey.

Being classified as a unicorn signifies that the startup has attained a valuation exceeding $1 billion, a notable achievement within the venture capital industry.

HashKey has outlined its plans to allocate the funds to various aspects of its business, including asset management, a blockchain node validation service, a tokenization service, and a Web3 incubation arm.

According to sources familiar with the matter cited in a Bloomberg report, OKX Ventures, the investment arm of crypto exchange OKX, was among the lead investors in the funding round. However, HashKey has refrained from commenting on this information.

In August 2023, HashKey obtained a license from the Hong Kong Securities and Futures Commission (SFC) to operate as an exchange, aligning with the region's efforts to attract cryptocurrency businesses. It is one of only two exchanges, along with OSL, permitted to serve retail investors in Hong Kong.

Furthermore, the SFC and the Hong Kong Monetary Authority have shown openness to the idea of allowing spot crypto exchange-traded funds (ETFs). HashKey's Chief Operating Officer, Livio Weng, revealed in an interview with Chinese media outlet Caixin on January 10 that 10 firms are currently exploring the launch of spot ETFs.