Gaorong Ventures Invests $30M in Hong Kong's HashKey Group

Gaorong Ventures has invested $30 million in HashKey Group, a leading licensed crypto exchange in Hong Kong, at a pre-money valuation exceeding $1 billion, raising its post-money valuation to approximately $1.5 billion. This investment marks a significant move by a Chinese firm in the crypto sector, despite China's previous crackdowns on cryptocurrencies. HashKey, which achieved unicorn status earlier this year, operates under several licenses and has expanded its regulatory presence in jurisdictions including Singapore and Japan. The funding follows HashKey Capital's recent approval from Hong Kong's Securities and Futures Commission to manage cryptocurrencies for high-net-worth clients. As the crypto market sees a slight rebound in venture capital funding, HashKey continues to establish itself as a pivotal player in the region's regulated crypto landscape. Chinese investments in crypto are on the rise, indicating a growing interest despite regulatory challenges.