HKbitEX closes $10m deal with Korean Conglomerate, Hong Kong Listed Company and Fintech VCs
HONG KONG ,Dec. 7 , 2020 -- HKbitEX today announced it has raised $10 million in a Series A2 financing from both existing and new investors. The Series A2 round was led by new investors Axion Global Investment Limited, an indirect wholly-owned subsidiary of Edvance International Holdings Limited (Stock Code: 1410.HK) and Hanwha Asset Management Co.,Ltd with participation from current investors Draper Dragon Innovation Fund III, QBN Capital and other new investors Lenovo Capital and Incubator Group, Lingfeng Capital Partners and Borderless Capital (A VC Fund focused on the Algorand blockchain ecosystem).
Since its launch in 2019, HKbitEX has been working on a variety of products to support the digital ecosystem. Welcoming the recent announcements by the SFC, HKbitEX is developing a suite of products that will be able to power the upcoming Security Token Offering (STO) market. The new regime that was announced in November are in line with the company’s vision to unlock the potential of this market, allowing for previously illiquid assets such as , real estate, IP rights, green financing and private equity funds to be accessible by a broader investor base and improve liquidity. The new investment will provide HKbitEX with resources to advance its technological and compliance capabilities and accelerate the expansion of this new market.
"We are excited to be leading this funding round, and continue supporting the innovative technology platform being built at HKbitEX," said Yong Hyun Kim, CEO of Hanwha Asset Management Co., Ltd "This is one of the first companies in Hong Kong applying for licensing to build an enterprise solution for the STO market that will ultimately help power this already existing ecosystem. We’re excited to be a part of the growth of the company.”
Gao Han, CEO of HKbitEX added, "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. 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.”
Mr. Raymond Liu, Chairman and Group CEO of Edvance International also commented that “HKbitEX’s comprehensive eco-system will vastly contribute to the revolutionary digital asset market. Combining HKbitEX’s strong background in finance and digital asset exchange, and our deep understanding in technology, together we believe this great synergy will elevate the development pace of the eco-system and create more business opportunities.”