HashKey Group has officially entered the unicorn club. The Hong Kong-based cryptocurrency firm closed a $100 million Series A round, catapulting its valuation to US$1.2 billion. 

According to “people familiar with the matter” cited by Bloomberg, OKX Ventures, the investment unit of the crypto exchange OKX, is a lead investor in the round. Other investors were not disclosed at the time of writing. 

HashKey Group’s journey to unicorn status has been marked by strategic expansion and a focus on compliance and security. The company has established itself in the Asia-Pacific region, offering a range of services including digital asset trading, custody, and blockchain solutions. 

With the fresh capital, HashKey plans to further enhance its platform and expand its regulated product offerings in Hong Kong. The firm’s commitment to regulatory compliance has also been a key factor in attracting investment.

The recent funding round is a significant milestone for HashKey, but it also reflects broader trends in the cryptocurrency market. Despite the high-profile collapses and market downturns in the past year, billions of dollars have been invested in crypto and blockchain startups in the past year.