Alchemy Pay extends market reach through two new industry alliances

HashKey Group, the operator of one of Hong Kong's two licensed crypto exchanges, declared its newfound unicorn status on Tuesday, having successfully raised nearly $100 million in a recent funding round.Photo by Markus Winkler on UnsplashSeries A funding roundThe term "unicorn" denotes privately held companies valued at $1 billion or more, reflecting the remarkable achievement for HashKey in the rapidly evolving crypto landscape. With a valuation now surpassing $1.2 billion, HashKey positions itself as a major player in the crypto space within East and Southeast Asia. It’s leveraging its activities that span trading platforms, venture funding, wealth management and asset management in key locations like Hong Kong and Singapore. Its Singapore arm was awarded a capital markets license by the local regulator in December. Undisclosed investorsThe fundraising initiative was first reported in May of last year and later announced by HashKey in August. It attracted contributions from both existing and new investors. While the company refrained from divulging specific investor names, it referred to them as "prominent institutional investors" and "leading Web3 institutions," signaling a mix of established entities and those already at the forefront of Web3 innovation. It was previously disclosed that the company has been backed by the support of OKX Ventures, the investment arm of the well-known OKX digital asset exchange. The funds secured will serve a dual purpose – fostering the development of a robust Web3 ecosystem and supporting licensed products in Hong Kong. HashKey's diverse business arms, including asset management, a blockchain node validation service, a tokenization service, and a Web3 incubation arm, are set to benefit from the fresh capital infusion. The allocation of funds towards these ventures aligns with HashKey's strategic vision to contribute significantly to the evolving crypto ecosystem. Hong Kong hubHong Kong, eager to establish itself as a digital asset hub, has been the backdrop for HashKey's growth. The city's dedicated virtual-asset regulatory framework, introduced in June, aims to attract companies while prioritizing investor protection. Under this framework, retail investors can trade major tokens such as Bitcoin and Ether on licensed exchanges, with HashKey Exchange and BC Technology Group Ltd.’s OSL currently leading the way. Despite the optimism surrounding Hong Kong's potential as a crypto hub, uncertainties linger. The city's ability to support multiple crypto exchanges and the long-term commitment of officials to the sector remain open questions, given its susceptibility to occasional scandals. Since commencing its retail trading service in late August, HashKey Exchange has garnered over 155,000 registered users. The platform's 24-hour spot trading volume is estimated at approximately $11 million, according to CoinMarketCap data as of this writing. While this figure may pale in comparison to Binance, the world's largest crypto platform, HashKey's focus on building a resilient and user-friendly ecosystem positions it as a strong contender in the crypto industry's ongoing evolution. The successful funding round and unicorn status attained by HashKey underscore the renewed optimism in the crypto venture capital landscape. Following a market slump in 2022 and various challenges faced by crypto startups, the recent resurgence in token prices has reignited hopes for a more favorable venture capital outlook.

It has emerged in recent days that two London-headquartered crypto startups have taken steps towards expanding into the Asian market.  Funding to fuel Asian expansion Haruko, an investment platform that focuses on digital assets based in London, announced that it has raised $6 million in a Series A funding round, with the intention of using the funds to propel the company’s expansion into Southeast Asia. The round was led by White Star Capital and MMC Ventures. Combined with an initial seed round which was completed in March 2022, Haruko has raised a total of $16 million. The firm provided details of its latest funding earlier this week through a press release published via AccessWire.  Having been founded in 2021, the startup has established its operations in Europe and North America, adding in excess of 50 institutions to its client list. Those clients include hedge funds, family offices, market makers, over-the-counter (OTC) trading desks, digital asset custodians and prime brokerages. Haruko co-founder and CEO Shamyl Malik spoke to the firm’s global expansion plans, stating: "We're looking forward to continuing our global expansion, investing in exceptionally talented team members to support us in our goal of building out an industry-leading, end-to-end solution for digital assets and the future of the finance industry. We will continue to invest singularly in this mission, ensuring the quality of our products and services is at the forefront of all our activity." The company has already established a base in Singapore through which it can expand further into the Asian market. Asia is clearly becoming an attractive destination for crypto startups as alongside Haruko, a recent announcement from crypto custodian Copper outlined that it has acquired a trading license in Hong Kong.Photo by CHUTTERSNAP on UnsplashTCSP license in Hong Kong The London-headquartered digital assets custodian outlined on X that it has secured a Trust or Company Service Provider (TCSP) license in Hong Kong from the autonomous Chinese territory’s Companies Registry. Copper CEO Dmitry Tokarev commented on the milestone, stating: "Combining trust and efficiency is fundamental to our institution-first approach. This license approval in a key global hub only strengthens that unique offer, highlighting Copper’s compliance with Hong Kong’s regulatory frameworks and standards." The license enables the company in extending the offering of its digital asset custody services to clients in Hong Kong. Tokarev added that the license approval “is a key development in Copper’s expansion in the Asia Pacific market.” Back in 2020, the firm raised $8 million in funding in a Series A round that, as with Haruko, featured MMC Ventures, with a view towards expanding into Asia and North America. Towards the end of last year, the firm launched a settlement network for institutional crypto traders. Its ClearLoop network enables clients to manage collateral and settle trades across a number of exchanges while increasing capital efficiency and mitigating counterparty risk. Over the course of the month of June, the company claimed to have processed 13.1 million trades via ClearLoop, accounting for a notional traded volume of $109.9 billion. 17,500 individual risk clearing settlements were finalized, with 3,600 inter-exchange movements. The company had a number of significant announcements last month, including a collaboration with the Sui layer-1 blockchain and the integration of the ClearLoop system by global crypto exchange, Kraken.

At Hong Kong FinTech Week 2025, Securities and Futures Commission (SFC) Chief Executive Julia Leung outlined plans to link Hong Kong’s crypto market with global liquidity. She announced that licensed virtual asset trading platforms (VATPs) will be allowed to share a global order book with their overseas counterparts. According to a statement published on the SFC’s website, this step will enable local investors to access international markets more efficiently, improving price discovery and competitiveness. Leung added that more initiatives are on the way to connect local brokers directly to global liquidity networks. This latest connectivity push comes as Hong Kong considers new guardrails for crypto holding companies such as digital asset treasuries (DATs), which hold cryptocurrencies as strategic assets.Photo by Manson Yim on UnsplashSFC points to regulatory gaps for digital asset treasuriesThe state-owned newspaper Wen Wei Po reported that Securities and Futures Commission (SFC) Chairman Kelvin Wong noted the current lack of regulations governing listed companies operating as DATs and the limited understanding of such entities. Chairman Wong added that firms seeking to list in Hong Kong as DATs would need to persuade both the SFC and the Hong Kong Stock Exchange (HKEX) of their suitability. For companies already listed, he urged investors to remain alert to the potential risks involved. This regulatory concern over crypto investing companies emerges as Hong Kong simultaneously presses ahead with its ambition to become a leading hub for digital finance. City advances on e-HKD and tokenizationIn line with that ambition, the Hong Kong Monetary Authority (HKMA) unveiled its e-HKD Pilot Programme Phase 2 Report in an Oct. 28 press release. The report outlines the potential benefits of its central bank digital currency (CBDC), the e-HKD, and tokenized deposits, noting that public feedback on both concepts has been broadly positive. The program's second phase involved 11 pilot projects led by various consortiums. These projects explored retail use cases, emphasizing the e-HKD’s commercial viability and scalability. Key focus areas included the settlement of tokenized assets, programmability, and offline payments. Participants in the program included Aptos Labs, the Boston Consulting Group (BCG), Hang Seng Bank, Standard Chartered, and BlackRock. Based on the report's findings, the HKMA stated it would initially prioritize the e-HKD’s application in wholesale or large-value payments, leveraging its credit risk–free nature as a central bank liability. Concurrently, the authority plans to continue studying potential retail and corporate applications, aiming to lay the groundwork for broader implementation by the first half of 2026. Survey shows strong investor appetiteAmong the program’s participants, Aptos Labs, Boston Consulting Group (BCG), and Hang Seng Bank reported accelerating interest in tokenized funds. A survey they conducted found that 61% of retail investors in Hong Kong and mainland China planned to double their exposure. Held between May and June 2025 among more than 500 retail fund investors, the survey tracked sentiment and appetite for tokenized products. Mainland participants showed particularly strong demand for cross-border access. The findings also detailed differing motivations among Hong Kong investors. Active traders expect to lift tokenized fund allocations from 10% to 26%, attracted by round-the-clock trading and greater flexibility. Wealth transfer planners indicated an expected expansion from 5% to 16%, highlighting programmable fund structures for tailored trusts and transparent oversight. Long-term investors aim to raise exposure from 8% to 25%, citing instant liquidity and the ability to use tokenized assets as loan collateral. Mainland investors projected their allocations would climb from 11% to 24%, reportedly viewing tokenized funds as a practical route around capital restrictions. The survey noted that programmable features could support dynamic allocation across Hong Kong products, the onshore use of profits, and smoother cross-border transfers. BCG commented that the survey outcomes align with Hong Kong's measured advance in crypto oversight, pointing to the city’s stablecoin regime that came into force in August. The Hong Kong Monetary Authority (HKMA) has signaled, however, that licensing under that regime will not begin until early next year. The ongoing development of the e-HKD and the prospective regulation of digital-asset treasuries point to Hong Kong’s broader strategy of integrating digital finance into its mainstream economy. Together, these initiatives underscore a cautious yet steady effort to position the city as a global center for digital finance.