Bybit, a prominent global cryptocurrency exchange with a user base exceeding 70 million, is significantly enhancing its position within Malaysia's digital asset market. The exchange has led an $8 million Series A funding round for Hata, a platform recognized for holding two regulatory licenses, making it the only digital asset platform in Malaysia to do so.
This Series A round, which also drew in funds from family offices targeting Southeast Asian technology and finance, marks the second occasion Bybit has invested in Hata. Previously, Bybit participated in Hata's $4.2 million seed round in October 2024.
The funds will be used to enhance liquidity on Hata's platform, expand its user base, and develop new digital asset products. Given that Hata only launched in May 2023, its growth is noteworthy. The platform surpassed 209,000 registered users and achieved a transaction volume of approximately 1.04 billion Malaysian ringgit, equivalent to about $263 million, in 2025.
Hata's dual approval from the Securities Commission Malaysia and the Labuan Financial Services Authority enables it to offer both trading and custody services in a regulatory environment where authorities have been very selective about licensing.
Ben Zhou, Bybit's co-founder and CEO, emphasized that this partnership aims to bolster the adoption of digital assets and tokenized real-world assets within Malaysia. He cited Malaysia's strategic importance, noting its highly engaged digital population and its strong potential for digital asset adoption as key factors in this investment.
What is the significance of Malaysia's regulatory environment?
Malaysia's regulatory move to foster digital asset innovation is a timely context for investment. In June 2025, the country introduced its Digital Asset Innovation Hub, a sandbox monitored by the central bank. This environment allows fintech companies to experiment with programmable payments, the issuance of ringgit-backed stablecoins, and supply chain financing in a controlled setting.
Initial results from this sandbox have already emerged. A telecom company, linked to the Crown Prince of Johor, utilized this framework to introduce RMJDT, now recognized as JMYR, a stablecoin backed by the Malaysian ringgit, leveraging the Zetrix blockchain.
Furthermore, Bank Negara Malaysia outlined a three-year tokenization roadmap in November 2025, focusing on pilot projects for tokenized deposits and cross-border settlement. Major financial institutions such as Standard Chartered, CIMB Group, and Maybank are actively participating in related sandbox programs, underscoring the collaborative effort to advance digital asset technology in the region.