Hata Secures $4.2M in Seed Funding for Expansion in Asia

This capital will allow Hata to expand its product offerings and attract both retail and institutional clients across the Asia Pacific region, particularly focusing on users trading in fiat currencies such as the Malaysian Ringgit (MYR) and USD.

In a press release, Max Shapiro, managing partner at Cadenza Ventures, expressed optimism about Hata’s growth potential, crediting the exchange’s innovative strategies and commitment to user engagement as key drivers for the next phase of growth in Malaysia’s digital asset market.

Alongside Castle Island Ventures and Cadenza Ventures, other investors in the round included Bybit, AP Capital, and Plug and Play Tech Centre.

Hata’s CEO, David Low, highlighted the significance of the support, noting that it will help users navigate the volatile crypto market with greater confidence. Additionally, as part of the agreement, representatives from both Castle Island and Cadenza Ventures will join Hata’s board as directors.

This seed funding comes amid a busy year for crypto startups raising capital. For instance, BitFi, a DeFi platform, recently secured $50 million in its own funding round, attracting investors like IBC Group Ventures, Fundamental Labs, Citizen Journalism Network Accelerator (CJNA), and TyreGate Capital Group. Eric Yang, Managing Partner at Fundamental Labs, praised BitFi’s potential to revolutionize the Bitcoin CeDeFi sector.

Similarly, Humanity Protocol, a decentralized identity solution, achieved unicorn status with a valuation of $1 billion after raising $30 million in a seed round. The funds are intended to boost its product development ahead of a public testnet launch in the latter half of 2024.

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