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[Kuala Lumpur, Malaysia – 1:35 PM · Oct 22, 2024] – Hata Digital Sdn Bhd (Hata), a dual-licensed digital asset exchange in Malaysia, today announced it has secured $4.2 million in seed funding. The investment will fuel Hata's expansion into new product offerings and accelerate user acquisition across the rapidly growing Asian digital asset market.
The funding round was led by prominent US-based institutional investors Castle Island Ventures and Cadenza Ventures, both of whom will join Hata's Board of Directors. The round also saw participation from global crypto exchange Bybit, Singapore-based diversified investment firm AP Capital, American venture capital firm Plug and Play Tech Center, and crypto accelerator Alliance.xyz. This follows a previous pre-seed round of MYR 3 million from angel investors, including 1337 Ventures and Raja Hamzah.
Hata is uniquely positioned as the only dual-licensed digital asset exchange in Malaysia, regulated by both the Securities Commission Malaysia and the Labuan Financial Services Authority. This dual licensing allows Hata to serve both Malaysian residents and international investors, tapping into a significant market opportunity. Malaysia boasts over 840,000 digital asset investors and sees more than RM21 billion in annual trading volume on local exchanges.
"We are thrilled to have the backing of such esteemed institutional investors," said David Low, CEO of Hata. "With their support and our innovative offerings, we are committed to creating a robust platform that empowers users in Malaysia and the broader Asia region to navigate the digital asset market with confidence."
Hata distinguishes itself by offering a user-friendly platform for both retail and institutional investors, focusing on fiat currency trading pairs like MYR and USD. This approach simplifies access to digital assets for users who prefer transacting in traditional currencies. The exchange also boasts the lowest trading fees and the widest selection of digital assets in Malaysia, further enhancing its accessibility. A unique affiliate program, rewarding users with a 30% share of trading fees generated from referrals, further incentivizes community growth and engagement.
About the Investors:
Castle Island Ventures: A digital asset firm founded by Fidelity alums Nic Carter and Matt Walsh, focusing on investments in the monetary network, financial services, internet architecture, and Web3. Their portfolio includes Yellowcard, BlockFi, Matrixport, River Financial, Talos, Bitwise, Casa, and Pintu (Indonesia's third-largest digital asset exchange). Nic Carter stated, "Malaysia and the broader SE Asia region is the global epicenter of blockchain adoption, and we are excited to support the talented team at Hata."
Cadenza Ventures: Led by managing partners Kumar Dandapani (former data science head at Norwest Venture Partners) and Max Shapiro (veteran of Blue Line Advisors), Cadenza Ventures focuses on transformative and decentralized technologies. They have a $50 million blockchain and fintech-focused venture fund and have invested in CoinDCX (India), VALR (South Africa), Rain (Middle East), FalconX, and Lemon (Latin America). Max Shapiro commented, "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."
About Hata:
Hata is a dual-licensed digital asset exchange in Malaysia, regulated by the Securities Commission Malaysia and the Labuan Financial Services Authority. The platform provides a user-friendly interface for buying, selling, and trading digital assets with fiat currencies (MYR and USD). Hata is committed to making digital assets more accessible and cost-effective for all users.
Compiled by CMO Intern team
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