Hong Kong-based cryptocurrency exchange HashKey’s shares have gone live in Hong Kong via an IPO that saw lukewarm performance on its first day, as per a Reuters report.
Founded in 2018, HashKey offers digital assets for trading purposes and is considered one of Asia’s largest licensed cryptocurrency exchanges and the largest licensed exchange in Hong Kong. HashKey also has a presence in Singapore and MENA.
The update comes after a strong liquidation wave wiped out billions from the cryptocurrency market in November after hitting an all-time high in October. At the time of writing, the price of Bitcoin was $86.6k.
While demand from institutional and retail investors was huge, trading behaviour on the first day was lukewarm. The company raised a total of $206 million from its trading debut. Shares closed on the day at HK$6.67, down from the offer price of HK$6.68.
Apart from trading, HashKey also offers OTC services, staking, tokenisation, and asset management solutions for institutional and retail customers.
The company’s prospectus states that it aims to use the funds for technology infrastructure, market expansion, partnerships, operational and risk management.