📌 MAROKO133 Breaking crypto: HashKey Said To Target Upper-End Pricing For Its Hong
HashKey, operator of Hong Kong’s largest licensed crypto exchange, is set to price its initial public offering near the top of the range, raising about HK$1.6B ($206M) in a key test of demand for regulated digital asset platforms in the city.
The company sold 240.6M shares at HK$6.68 each, Bloomberg reported Monday, after marketing the offer in a range of HK$5.95 to HK$6.95. HashKey did not exercise an option to increase the size of the deal.
Investor interest was strong. The top 20 entities in the institutional book took roughly 80% of the shares available in that tranche, excluding stock earmarked for cornerstone buyers, the outlet said. Overall demand ran at several times the number of shares on offer.
HashKey is bidding to become Hong Kong’s first listed crypto exchange, in a transaction that will gauge how much public market appetite remains for compliant digital asset venues after the latest leg of the cycle. The listing also lands in an active year for Hong Kong IPOs, with total proceeds on track for a four year high.
The company had earlier flagged plans to sell about 240.6M shares globally, with around 24.1M reserved for Hong Kong investors and the rest allocated internationally. At the top of the marketed range, the deal would have raised up to HK$1.67B and valued HashKey at about HK$19B, according to its prospectus.
HashKey’s shares are scheduled to start trading on Wednesday in Hong Kong. JPMorgan Chase and Guotai Junan are joint sponsors of the offering.
IPO Will Test Whether Investors Back Hong Kong’s Leading Regulated Crypto Exchange
HashKey was among the first exchanges to secure a licence under Hong Kong’s dedicated digital asset regime, introduced in 2022 as the city sought to pull trading onshore from offshore venues.
Research cited in its filing said HashKey holds more than 75% of Hong Kong’s onshore digital asset trading volume, giving it a dominant share in the regulated segment of the market.
Beyond spot trading, HashKey runs one of Asia’s larger on chain services platforms, offering staking, tokenisation and custodial technology for multiple protocols. It also manages billions in client assets through funds and structured products aimed at institutional and high net worth investors.
Proceeds from the IPO will go toward scaling its technology stack and infrastructure, hiring more staff and strengthening risk management, the company has said. Those investments are meant to position HashKey as a core beneficiary if Hong Kong’s push to become a regional digital asset hub gains further traction.
The timing of the debut is not without challenges. Bitcoin has fallen about 30% from its record high in October, and global risk appetite has softened as traders reassess how much they want to pay for growth and AI related stories.
For crypto-focused investors, HashKey’s first day performance will offer an early read on whether public equity buyers are ready to back regulated exchanges at premium valuations.
The post HashKey Said To Target Upper-End Pricing For Its Hong Kong IPO appeared first on Cryptonews.
🔗 Sumber: cryptonews.com
📌 MAROKO133 Update crypto: Curve Founder Proposes $6.6M CRV Grant for Ecosystem De
Curve Finance founder Michael Egorov has put forward a proposal seeking approval for a 17.45 million CRV token grant aimed at supporting the long-term development of the Curve ecosystem.
Key Takeaways:
- Curve founder Michael Egorov has proposed a $6.6 million CRV grant to fund ecosystem growth.
- The funding would support Swiss Stake AG’s 2026 roadmap, including Llamalend upgrades.
- Swiss Stake AG remains reliant on DAO funding despite building early revenue streams.
At current market prices, the grant is valued at roughly $6.6 million and would be allocated to Swiss Stake AG, the core development company behind Curve.
Curve Founder Seeks Fresh Grant to Fund Development and Security
The proposal, published on the Curve DAO governance forum on Sunday, follows a similar grant approved in late 2024.
Egorov said the funding is intended to cover research, software development, infrastructure, and security work for Curve’s lending protocol, while also sustaining the firm’s contributor base.
“This grant will fund software research and development, infrastructure, security, and ecosystem support, ensuring that the 25-member team at Swiss Stake AG can continue its ongoing contributions to Curve,” Egorov wrote in the proposal.
According to the document, Swiss Stake AG has outlined a broad roadmap for 2026. Planned initiatives include launching and scaling a new version of Curve’s lending product, Llamalend, developing an onchain foreign exchange swap system, and improving the protocol’s user interface.
The proposal also references ongoing work around integrations, crosschain functionality, and governance tooling.
Egorov added that any intellectual property produced using the grant would be released under an open-source license compatible with Curve’s existing software repositories, aligning with the protocol’s open development model.
If the proposal is approved, Swiss Stake AG would be allowed to stake a portion of the CRV received to generate additional yield, though only within the boundaries set out in the proposal.
The firm also committed to publishing biannual reports detailing how the grant funds are spent.
The proposal highlights Swiss Stake AG’s ongoing push toward financial self-sufficiency.
While the firm has developed several revenue streams, including Curve Lite deployments on other networks and fees earned through staking veCRV via protocols such as Convex, StakeDAO, and Yearn, Egorov said these revenues remain insufficient to fully sustain operations.
“All such revenues have been used strictly in line with the purposes outlined in the grant,” Egorov said, adding that the company is still reliant on community support at its current stage.
Vitalik Buterin Says DeFi Is Ready to Compete With Banks
As reported, Ethereum co-founder Vitalik Buterin says decentralized finance has reached a stage where on-chain savings are no longer experimental and are beginning to rival traditional banking.
Speaking at a Dromos Labs event, Buterin said he is encouraged by DeFi’s progress in security, usability, and maturity, adding that more users and institutions could soon treat DeFi as a primary banking alternative.
Buterin argued the sector has shifted away from its early reputation for risky yield farming and frequent exploits.
While acknowledging recent incidents such as the Balancer hack, he said the gap between today’s DeFi ecosystem and the early 2020 era is “night and day,” citing stronger smart contract security and what he called the “walkaway test,” which ensures users can always independently recover their funds.
The post Curve Founder Proposes $6.6M CRV Grant for Ecosystem Development appeared first on Cryptonews.
🔗 Sumber: cryptonews.com
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