Malaysia-based digital asset exchange Hata has raised $8 million in a Series A funding round led by cryptocurrency exchange Bybit, alongside several global family offices.

In a release on Monday, Hata said the funding builds on Bybit’s earlier participation in Hata’s $4.2 million seed round and marks an expanded strategic relationship between the two companies. The collaboration is expected to focus on developing Malaysia’s digital asset ecosystem through a combination of local market access and global technology capabilities.

Hata plans to use the new capital to strengthen platform liquidity, expand its user base, and develop new digital asset products tailored to the Malaysian market in partnership with Bybit.

“Malaysia is a strategically important market for Bybit, with one of the most digitally engaged populations in Southeast Asia and strong long-term potential for digital asset adoption,” said Ben Zhou, Co-Founder and CEO of Bybit.

Hata operates as a dual-licensed digital asset exchange in Malaysia, with regulatory approvals from the Securities Commission Malaysia and the Labuan Financial Services Authority. Since launching in May 2023, the platform has grown to more than 209,000 users. In 2025, it processed MYR1.04 billion ($263 million) in transaction volume, with assets under custody reaching RM115 million in September before broader market declines.

Founded in 2018, Bybit is one of the largest cryptocurrency exchanges globally by trading volume, offering services such as spot and derivatives trading, staking, and institutional products.

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