A Hong Kong-based cryptocurrency payments company has officially entered unicorn territory after securing $47 million in fresh capital from a group of high-profile investors led by HongShan, the venture firm formerly known as Sequoia China.

The funding round marks one of the most notable crypto-fintech deals in Asia this year and highlights growing investor interest in blockchain infrastructure companies that focus on real commercial applications rather than speculation or trading.

A Payments-Focused Approach to Crypto

Unlike exchanges or trading platforms, the startup—whose name was not publicly disclosed in the initial report—specializes in infrastructure that enables businesses to accept and process cryptocurrency transactions while settling them in stable fiat currencies.

Its core product allows merchants to collect payments in digital assets such as Bitcoin, Ether, or stablecoins, while instantly converting the funds into U.S. dollars or Hong Kong dollars. This eliminates volatility risk for businesses and makes crypto-based commerce more practical for mainstream adoption.

The company reportedly processes billions of dollars in annual transaction volume across thousands of merchants, ranging from e-commerce platforms to digital services firms.

Backing From HongShan Signals Institutional Confidence

HongShan’s participation in the round carries symbolic importance. Formerly part of the global Sequoia Capital network before its rebrand and split in 2023, HongShan remains one of China’s most influential tech investors.

Its portfolio includes giants such as ByteDance, Meituan, and DJI — making its support a strong vote of confidence in the future of crypto-enabled finance. Other investors in the deal include regional hedge funds and family offices from Southeast Asia and the Middle East, reflecting global enthusiasm for Asian-led fintech innovation.

Regulatory Tailwinds in Hong Kong

The startup’s rise comes at a time when Hong Kong is actively positioning itself as a regulated hub for digital asset development. The city introduced licensing frameworks for crypto exchanges and tokenized products in 2023, encouraging mainstream institutional participation while distancing itself from the more chaotic, unregulated crypto boom of past cycles.

Rather than catering to speculative trading, companies like this one are gaining favor by offering compliant, utility-driven services that traditional payment providers have struggled to deliver.

Plans for Expansion

With the new capital, the company reportedly plans to expand beyond Asia into Europe and the Middle East. It also aims to introduce developer tools that allow third-party apps to build crypto settlement features directly into their platforms — effectively turning its infrastructure into a financial backbone for the next generation of global commerce.

Industry analysts note that while many crypto companies are still battling regulatory uncertainty, payment-focused firms with compliance-first strategies are emerging as long-term winners.