Hong Kong’s HashKey Group Raises Over $300M for Blockchain Fund

Source : coinspeaker.com

HashKey has already invested in a number of crypto projects from its first two funds, including crypto wallet firm ImToken, cross-blockchain platform Polkadot, and blockchain gaming group Yield Guild Games. 

As the rate of acceptance of crypto continues to rise globally, Hashkey group, a Hong Kong-based company, has commenced its drive to raise $360 million for a new blockchain fund. 

According to a press statement released by the company, the fund is being raised primarily to drive the need to tap into venture equity in Asian startups.

By the same token, this new fund will enable the group to attract and cover early-stage companies and major liquid tokens in the region. 

According to the group’s Executive President, Michel Lee, the growth rate of the use of blockchain for business and consumer cases over the last twelve months technically means the timing to create this new fund can’t be better than this. 

“This is a good time to tap into the potential of the technology and leverage the advantage of early adoption,” Lee was quoted saying in the company’s press release.

According to a study by Deutsche Bank, the number of global blockchain wallet users is expected to reach 200 million by 2030. Increasingly, innovative blockchain-based applications are being developed and incorporated with AI, big data and Internet of Things, whilst mainstream enterprises are adopting the technology across various industries and financial and logistic solutions. All of these factors help bolster investor confidence in blockchain technology as use cases continue to grow.

As of press time, the company, which is the digital assets and blockchain arm of Chinese conglomerate Wanxiang Group, has raised over fifty percent of its target in commitment from multiple investors in the region. 

To be precise, the company, which is led by early Ether investor Deng Chao, has already raised US$360 million. 

Speaking on this development, a spokesperson at the company hinted that the figure was raised from venture firms, family offices, and corporations. 

However, this spokesperson did not disclose the names of the investors.

It is important to note that the timing of the additional fund-raising comes as major cryptocurrencies such as Bitcoin and Ethereum have seen steep drops in prices over the last month.

HashKey has already invested in a number of crypto projects from its first two funds, including crypto wallet firm ImToken, cross-blockchain platform Polkadot, and blockchain gaming group Yield Guild Games. 

A spokesperson told Bloomberg that its previous investments have yielded an estimated 11x return

HashKey Group is an end-to-end digital asset financial services group in Asia. The Group provides a complete ecosystem across the entire digital asset landscape, ranging from capital, to custody, to technologies and trading.

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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