Hong Kong-based HashKey Exchange has raised nearly $100 million in a Series A funding round.

The funding round values the crypto exchange at over $1.2 billion.

Lead investor for this round was OKX Ventures, other investors were not disclosed.

HashKey, licensed last year, has over 155,000 registered users and a daily trading volume of $630 million.

The company is negotiating with asset managers to launch spot crypto exchange-traded funds.

The funding will accelerate product diversification, global development, and strengthen its web3 ecosystem.

HashKey plans to expand its licensed product offerings and serve retail investors in Hong Kong.

This funding highlights Hong Kong's efforts to attract crypto businesses.