Cryptocurrency exchange Hata.io has raised $4.2 million in seed funding to expand its crypto offerings and user base in the Asia Pacific region.
Malaysian crypto exchange Hata has raised $4.2 million in a seed funding round led by Castle Island Ventures and Cadenza Ventures.
The capital injection will help the company expand its product offerings and onboard new users in the Asia Pacific region, specifically targeting retail and institutional users who prefer to trade in fiat currencies, the exchange said in a press release on Tuesday (October 22). Like MYR and USD.”
“We believe Hata’s innovative approach and commitment to user engagement will drive the next wave of growth in Malaysia’s digital asset market.”
Max Shapiro, managing partner of Cadenza Ventures
Other investors, including Bybit, AP Capital, Plug and Play Technology Center, also participated in the financing.
Hata CEO David Low expressed his excitement about the support, stating that their support will enable users to navigate the crypto market more safely. As part of the financing agreement, both Castle Island Ventures and Cadenza Ventures will join Hata’s board of directors as directors, the press release said.
Hata.io, the only dual-licensed crypto exchange in Malaysia, operates under the regulations of both the Malaysian Securities Commission and Labuan Financial Services Authority. Previously, Hata had raised approximately $690,000 in pre-seed financing from a group of angel investors in the fintech community, including 1337 Ventures and Raja Hamzah.
Malaysia has taken a relatively strict approach towards crypto exchanges that may not comply with local regulations. In August 2022, the Malaysian Securities Commission added crypto exchange Huobi (currently known as HTX) to its investor alert list for allegedly operating without proper registration. A year later, the regulator demanded that Huobi completely cease its operations in the region.