Image Credit: FinSMEs
Hata.io, a cryptocurrency exchange, has secured $4.2 million in initial funding to broaden its crypto offerings and user base in the Asia Pacific region
Castle Island Ventures and Cadenza Ventures have led a pilot funding round for Malaysian crypto exchange Hata, which has secured $4.2 million.
The exchange announced in a press release on Tuesday, Oct. 22, that the capital injection will enable the company to broaden its product offerings and attract new users in the Asia Pacific region.
The exchange is specifically targeting retail and institutional users who “prefer to trade in fiat currencies such as the MYR and USD.”
“We believe that 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 at Cadenza Ventures
The financing was also supported by other investors, such as AP Capital, Bybit, and Plug and Play Tech Centre.
David Low, the CEO of Hata, expressed his enthusiasm for the support, asserting that it will enable users to more confidently navigate the crypto market.
According to the press release, Castle Island Ventures and Cadenza Ventures will be appointed as directors to Hata’s board as part of the funding agreement.
Hata.io is the sole dual-licensed cryptocurrency exchange in Malaysia, and it is subject to the regulations of both the Securities Commission Malaysia and the Labuan Financial Services Authority.
Hata had previously obtained approximately $690,000 in pre-seed funding from a group of angel investors in the fintech community, including Raja Hamzah and 1337 Ventures.
Malaysia has implemented a relatively stringent policy regarding cryptocurrency exchanges that may not adhere to local regulations.
In August 2022, the Securities Commission of Malaysia included crypto exchange Huobi (now known as HTX) in its investor alert list for allegedly operating without proper registration.
A year later, the regulator mandated that Huobi cease all operations in the region.
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