Hata, a licensed digital asset exchange in Malaysia, has raised US$4.2 million in seed funding to expand its product offerings and acquire more users across Asia.

The funding round was led by U.S.-based institutional investors Castle Island Ventures and Cadenza Ventures, both of whom will join Hata’s Board of Directors.

Other investors include Bybit, AP Capital, Plug and Play Tech Center, and Alliance DAO.

Founded by Darien Ng, KK Chong, and David Low, Hata holds licenses from both the Securities Commission Malaysia and the Labuan Financial Services Authority.

The exchange aims to serve retail and institutional users who prefer to trade in fiat currencies like MYR and USD, broadening accessibility to digital assets.

Hata previously secured RM 3 million in pre-seed funding from angel investors, including 1337 Ventures and Raja Hamzah, Co-Founder of RHL Ventures.

“We are thrilled to have the backing of such esteemed institutional investors.

With their support and our innovative offerings, we are committed to creating a robust platform that empowers users in Malaysia and in the Asia region to navigate the digital asset market with confidence.”

said David Low, CEO of Hata.

Featured image: Hata Founders Darien Ng (left), David Low (centre), KK Chong (right)