HashKey Leads $40M SignalPlus Round as Demand for Crypto Derivatives Grows

By Lidia Yadlos

Institutional investors are increasingly looking beyond simple crypto exposure and toward the infrastructure that supports professional trading strategies.

HashKey Holdings announced Wednesday that a fund managed by HashKey Capital has led a $40 million Series B+ investment in crypto derivatives platform SignalPlus. HashKey Group contributed $20 million to the round and has entered into a broader strategic partnership with the company.

The deal strengthens a relationship that began years ago, with HashKey previously leading SignalPlus' seed round and participating in subsequent funding rounds. The latest investment signals continued confidence in the growth of institutional crypto derivatives markets, particularly across Asia.

SignalPlus provides infrastructure for options trading, automated market making, and structured products—areas that are becoming increasingly important as institutional participation in digital assets matures beyond spot trading.

Beyond Spot Trading

For years, much of institutional crypto adoption focused on gaining exposure to digital assets through spot markets.

Today, the conversation is shifting.

Professional investors increasingly want the same tools available in traditional financial markets: options, structured products, yield strategies, volatility trading, and portfolio protection mechanisms.

SignalPlus has built its business around that demand.

The company provides institutional-grade infrastructure for crypto derivatives trading, including options trading systems, automated market-making technology, and structured product solutions. Its platform has become deeply integrated into major crypto options markets and has established a significant presence across Asia's growing derivatives ecosystem.

HashKey has been an early supporter of the company, leading SignalPlus' seed round and participating in subsequent financing rounds before deepening its commitment through the latest investment.

Why Hong Kong Matters

The investment also arrives as Hong Kong continues its push to become one of the world's leading regulated digital asset hubs.

Regulators have spent the past several years building a framework for virtual assets while exploring how more sophisticated products—including derivatives trading for professional investors—could fit within a regulated market structure.

As the region's digital asset ecosystem matures, infrastructure supporting institutional trading activity is becoming increasingly important.

Rather than simply competing on exchange access, firms are increasingly focused on the financial tools and market infrastructure required by professional investors.

Building Crypto's Institutional Infrastructure

According to Xiao Feng, the investment reflects growing demand for institutional-grade derivatives infrastructure.

"We are very pleased to further deepen our capital commitment and strategic cooperation with SignalPlus," Feng said. "Global institutional capital is accelerating into crypto derivatives, and demand for compliant, robust, and highly professional infrastructure is becoming increasingly apparent."

The partnership will combine HashKey's digital asset ecosystem with SignalPlus' derivatives technology stack to expand services for institutional clients and explore new product opportunities.

The Infrastructure Behind the Next Market Cycle

The significance of the investment extends beyond a single funding round.

While much of the industry's attention remains focused on ETFs, stablecoins, and tokenization, another transformation is quietly underway: the buildout of the infrastructure needed to support institutional-scale trading activity.

As crypto markets mature, institutions are demanding the same capabilities they rely on elsewhere in global finance—tools for managing risk, generating yield, expressing market views, and navigating volatility.

The firms building that infrastructure may become some of the biggest beneficiaries of crypto's next growth phase.

Published on Blockster

HashKey Leads $40M SignalPlus Round as Demand for Crypto Derivatives Grows