Hata a Malaysian regulated cryptocurrency exchange secures 42m in seed funding to fuel its expansion in Asia
Hata.io, a cryptocurrency exchange based in Malaysia, has successfully raised $4.2 million in seed funding to support its expansion in the Asia Pacific region. Castle Island Ventures and Cadenza Ventures led the funding round, with participation from investors such as Bybit, AP Capital, and Plug and Play Tech Centre. The capital injection will enable Hata.io to enhance its product offerings and attract new users, particularly retail and institutional traders who prefer to trade in fiat currencies like MYR and USD. Hata’s CEO, David Low, expressed excitement about the support received, emphasizing how it will empower users to navigate the crypto market with confidence. As part of the funding agreement, Castle Island Ventures and Cadenza Ventures will join Hata’s board as directors. Hata.io is the only dual-licensed crypto exchange in Malaysia, operating under the regulations of both the Securities Commission Malaysia and the Labuan Financial Services Authority. In the past, the company secured approximately $690,000 in pre-seed funding from angel investors in the fintech community. Malaysia has taken a strict stance on non-compliant crypto exchanges, as demonstrated by its actions against Huobi (now known as HTX) in 2022 when the Securities Commission of Malaysia added the exchange to its investor alert list and later required it to cease operations in the region.
