HashKey launches Hong Kong IPO with $215M targeted raise

Singapore has emerged as the leading country in cryptocurrency adoption, surpassing the United States according to Bybit’s World Crypto Rankings. This shift highlights the growing prominence of Asia-Pacific markets, particularly with the rise of real-world assets (RWA), local stablecoins, and crypto payroll systems.

Tempo, a blockchain initiative backed by Stripe and Paradigm, has launched its public testnet, collaborating with major partners including Mastercard, Klarna, UBS, and Kalshi. This development aims to facilitate sub-cent stablecoin payments, positioning Tempo as a significant player in the evolving landscape of mainstream finance.

Fidelity's Bitcoin ETF has recorded a significant net inflow of $199 million, positioning it as a leader among Bitcoin spot ETFs. This influx of capital reflects a growing investor confidence in cryptocurrency exchange-traded funds (ETFs), suggesting a potential shift in market dynamics.

Tempo, a blockchain initiative backed by Stripe and Paradigm, has launched its testnet, focusing on payment solutions and attracting significant institutional partners including Kalshi, Mastercard, and UBS. This marks a pivotal step in the development of a blockchain designed for efficient payment processing.

Hong Kong has initiated a public consultation regarding the adoption of the OECD’s Crypto Account Reporting Framework (CARF) to enhance tax compliance and combat cryptocurrency tax evasion. This move reflects the region's commitment to aligning its tax reporting standards with international norms.

HashKey has initiated its initial public offering (IPO) in Hong Kong, aiming to raise $215 million. This move comes as the company faces a significant cash burn rate, highlighting the urgency of securing funds to sustain its operations in the competitive cryptocurrency market.

HashKey has opened its initial public offering (IPO) subscription in Hong Kong, aiming to raise approximately $214.7 million, which would value the exchange at around $2.5 billion. This move marks a significant step for HashKey as it seeks to solidify its position in the rapidly evolving cryptocurrency market.

Bitcoin's on-chain activity has significantly declined since the launch of spot Bitcoin ETFs in January 2024, with a notable drop in active addresses as institutional inflows into these products have increased. Financial analyst Jacob King highlighted this irony, indicating a shift in market participation away from grassroots engagement.