Hong Kong has emerged as a key hub for Web3 innovation, drawing global attention with its progressive regulatory framework and growing ecosystem of blockchain startups, investment firms, and infrastructure builders. As the city advances its virtual asset policies — including licensing for crypto exchanges and opening retail access to major digital assets like Bitcoin and Ethereum — investor interest in Hong Kong crypto projects is surging.
While rumors about full retail legalization on June 1 sparked a wave of speculation and price rallies across so-called “Hong Kong concept coins,” the reality is more nuanced. Still, the momentum is real. From CeFi platforms to DeFi protocols, NFT marketplaces, and metaverse ventures, Hong Kong’s homegrown crypto scene is both diverse and deeply integrated into the global blockchain economy.
This guide explores 20 prominent Hong Kong-based crypto projects and funds, offering insights into their business models, funding history, and market impact — all while highlighting the broader trends shaping Asia’s most dynamic digital asset ecosystem.
Centralized Finance (CeFi) Projects
1. Amber Group
Founded in 2017, Amber Group is one of Asia’s largest digital asset platforms, providing institutional-grade trading, lending, and investment services. It serves over 1,000 institutions and high-net-worth individuals worldwide.
With $628 million raised across four funding rounds, Amber Group has attracted backing from top-tier investors including Tiger Global, Coinbase Ventures, Pantera Capital, and Sequoia China. Its flagship product suite includes Whalebot (a crypto trading automation tool) and institutional OTC desks.
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2. Babel Finance
Launched in 2018, Babel Finance operates as a crypto-focused private bank, offering lending, asset management, and prime brokerage services to institutional clients.
The firm raised $120 million from notable investors like Dragonfly Capital, Redpoint China, and Circle Ventures. Though it faced challenges during the 2022 market downturn, Babel remains a significant player in cross-border crypto finance.
3. BitMEX (Token: BMEX)
Established in 2014, BitMEX pioneered the perpetual futures contract — a cornerstone of modern crypto derivatives trading. Known for its deep liquidity and advanced trading interface, BitMEX once dominated Bitcoin futures volume globally.
Despite regulatory scrutiny in the U.S., the platform continues to serve international users. The BMEX token aims to enhance user benefits and governance within the ecosystem.
4. Hex Trust
As a licensed and insured digital asset custodian, Hex Trust offers bank-grade security for institutions and enterprises. Its proprietary platform, Hex Safe, supports custody, DeFi integration, and financing solutions.
With $94 million in funding from Animoca Brands, HashKey Capital, and Protocol Labs, Hex Trust operates in Hong Kong, Singapore, Dubai, and beyond — positioning itself as a critical infrastructure provider in Asia.
5. CoinFLEX (Token: FLEX)
CoinFLEX, launched in 2019, combines spot trading with innovative yield products like flexUSD — an interest-bearing stablecoin — and AMM+, an efficient automated market maker model.
It also runs SmartBCH, a Tendermint-based sidechain for Bitcoin Cash. With $11.25 million raised, CoinFLEX targets both retail and institutional investors seeking capital-efficient exposure to crypto markets.
6. HashKey Group
HashKey Group is a comprehensive digital asset金融服务集团 (financial services group), offering everything from venture capital (HashKey Capital) to regulated trading (HashKey Exchange) and self-custody wallets (HashKey Me).
Its ecosystem includes Web3 identity tools like HashKey DID and focuses on compliance-first innovation. While specific funding details are undisclosed, it’s backed by SNZ Capital and UVA.
7. New Huo Tech (1611.HK)
Formerly Huobi Tech, New Huo Tech is a publicly listed company on the Hong Kong Stock Exchange. Led by Huobi co-founder Du Jun, it focuses on building compliant virtual asset infrastructure, including custody solutions and blockchain-powered financial services.
As a public entity, it provides transparency rare in the crypto space — making it a trusted bridge between traditional finance and Web3.
8. Skynet Trading
Founded in 2017, Skynet Trading is a digital asset trading firm with strategic investments in privacy-focused chains like Secret Network and zkLink. Though less visible to retail users, its portfolio activity signals strong conviction in next-gen DeFi and zero-knowledge technologies.
No public funding data is available, but its investment footprint suggests deep industry connections.
Decentralized Finance (DeFi)
9. Linear Finance (Token: LINA)
Built on BNB Chain, Linear Finance is a cross-chain synthetic asset protocol allowing users to gain exposure to cryptocurrencies, commodities, and indices without owning the underlying assets.
With $1.8 million raised from Huobi Ventures and NGC Capital, LINA powers the platform’s staking and governance mechanics.
10. MANTRA (Token: OM)
MANTRA is a compliance-oriented blockchain ecosystem featuring MANTRA Chain (a Cosmos-based chain for regulated assets), MANTRA Nodes (staking infrastructure), and MANTRA Finance (a regulated DeFi platform).
Available on Ethereum, BNB Chain, and Polygon, OM enables participation in lending, staking, and governance.
11. Wombat Exchange (Token: WOM)
Wombat Exchange is a multi-chain stableswap platform known for low slippage and single-sided liquidity provisioning. Backed by Jump Crypto and Shima Capital with $5.2 million, Wombat simplifies yield generation for stablecoin holders across networks.
NFT Platforms
12. Ucollex
Ucollex is an NFT platform focused on art and pop culture collectibles. It removes barriers to entry by not requiring users to own wallets and enhances engagement with VR experiences and artist interviews.
Backed by Animoca Brands and MCP Asset Management with $10 million, Ucollex bridges physical creativity with digital ownership.
13. BNV.ME
Targeting the fashion industry, BNV.ME helps designers launch wearable NFTs and enter the metaverse through 3D modeling and virtual try-ons. With $4 million raised, it partners with global brands to redefine digital fashion.
14. MADworld (Token: UMAD)
MADworld offers an NFT minting platform and marketplace focused on live events, music, sports, and creative IP. Artists retain full control over royalties and distribution.
Backed by Animoca Brands with $6 million, UMAD fuels creator economies in Web3.
Gaming & Metaverse
15. Animoca Brands
A powerhouse in blockchain gaming, Animoca Brands was founded in 2014 and has invested in over 380 projects. It champions digital ownership through games like The Sandbox and Farming Simulator.
With $758 million raised, its backers include Liberty City Ventures and Coinbase Ventures.
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16. The Sandbox (Token: SAND)
Originally launched in 2012, The Sandbox evolved into a decentralized gaming metaverse where creators build voxel-based games on Ethereum. Backed by SoftBank and Samsung Next with $95.1 million, SAND is used for land purchases, governance, and transactions.
17. MOBOX (Token: MBOX)
On BNB Chain, MOBOX blends DeFi yield farming with NFT gaming in its "MOMOverse" universe. Players earn rewards through gameplay and staking.
Supported by Binance Labs and Animoca Brands, MBOX drives engagement in GameFi.
18. Kingdomverse (Token: KING)
Built on Immutable X, Kingdomverse is a mobile-first metaverse combining RPG elements with guild-building and land conquest mechanics. With $3.6 million raised, it targets mass-market mobile gamers.
Infrastructure & Tools
19. DTTD
DTTD is a social wallet designed for NFT management — ideal for both beginners and experts. With $2 million from Animoca Brands, it streamlines access to NFT collections across chains.
20. Sprout
Sprout offers equity and token management software for startups managing ESOPs, fundraising, and blockchain investments. Its Folium product tracks wallet activities across chains.
With $3 million from Sequoia India, Sprout bridges corporate governance with Web3 transparency.
Active Hong Kong Web3 Investment Firms
Beyond individual projects, Hong Kong hosts influential venture capital players:
- HashKey Capital: Over 200 investments including Celestia and Mina; among the most active Web3 VCs.
- Spartan Group: Focused on DeFi and infrastructure; backed Polygon and Sui.
- Alliance DAO: Early investor in Ribbon Finance and STEPN.
These firms reinforce Hong Kong’s role as a launchpad for global blockchain innovation.
Frequently Asked Questions (FAQ)
Q: Are Hong Kong crypto projects safe to invest in?
A: While many are well-funded and regulated (like Amber Group or Hex Trust), due diligence is essential. Regulatory clarity in Hong Kong improves safety compared to unregulated jurisdictions.
Q: What defines a “Hong Kong crypto project”?
A: Typically, it refers to projects with core teams based in Hong Kong or those primarily operating under Hong Kong’s regulatory framework.
Q: Is the “Hong Kong concept coin” rally sustainable?
A: Short-term hype can drive prices, but long-term value depends on adoption, utility, and compliance — factors strong local projects are actively building.
Q: Can retail investors use Hong Kong crypto exchanges?
A: Yes — under new rules, licensed platforms may offer Bitcoin and Ethereum to retail users after rigorous risk assessments.
Q: Which Hong Kong project has the most funding?
A: Amber Group, with $628 million raised, leads in total funding among native projects.
Q: How does Hong Kong compare to Singapore in Web3 adoption?
A: Both are pro-innovation hubs, but Hong Kong emphasizes integration with mainland China’s digital yuan initiatives and traditional finance links.
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Hong Kong’s blend of financial sophistication, regulatory clarity, and technological ambition makes it a cornerstone of the global Web3 movement. Whether you're an investor, developer, or creator, the city’s evolving landscape offers compelling opportunities — grounded in real innovation rather than speculation alone.