HKbitEX, a Hong Kong-based virtual asset exchange, subsidiary holding of Edvance International Holdings and Hanwha Asset Management announced it has raised US$10 million in a Series A2 round according a press statement released today by the firm.
According to the statement, the round of financing was led by Axion Global Investment with participation from existing investors Draper Dragon Innovation Fund III and QBN Capital. Aside, the lead investor, other new investors include Lenovo Capital and Incubator Group, Lingfeng Capital Partners and Algo Capital Master Fund (Algorand).
The statement also noted that the 2019-launched exchange was working on products for the Security Token Offering (STO) market. To this end, the Series A2 funding will enable the company to enhance its technology and compliance capabilities, as well as drive market growth, it said.
“We are excited to be leading this funding round, and continue supporting the innovative technology platform being built at HKbitEX,” CEO of Hanwha Asset Management, Yong Hyun Kim said in the statement.
“This is one of the first companies in Hong Kong applying for licensing to build an enterprise solution for the [Security Token Offering] market that will ultimately help power this already existing ecosystem. We’re excited to be a part of the growth of the company,” he added.
“As the industry grows and regulation comes into play our mission and hope is to continue fostering Hong Kong’s strength as a global financial hub, embracing a new asset class that could bring new investors, fund flow, and talent to the Greater Bay Area,” CEO of HKbitEX Gao Han said in the statement.
“We are grateful to our investors for their continued support and commitment to our vision, our offering is well-timed with the rapidly increasing acceptance and upcoming regulations regarding the digital asset market. There is a great opportunity for us to innovate with a massive new customer base,” Gao also said.