Gaorong Ventures Invests in HashKey Group
Gaorong Ventures, a notable venture capital firm based in China, has made a significant investment of $30 million into HashKey Group, the operator of Hong Kong’s largest licensed cryptocurrency exchange. This investment marks a substantial milestone for the company, as it comes at a pre-money valuation exceeding $1 billion. According to reports from Bloomberg, a representative from HashKey indicated that the post-money valuation is approaching $1.5 billion.
Despite the Chinese government’s repeated bans on cryptocurrencies, including its most recent crackdown in 2021—which prompted many crypto platforms to exit the country—Chinese investors continue to show increased interest in the cryptocurrency market. For instance, tech giant Tencent Holdings has recently entered the space by investing in the crypto market maker Wintermute, further highlighting the ongoing engagement of Chinese firms in the sector.
Earlier in 2022, HashKey Group had successfully raised $100 million in a Series A funding round, which valued the company at $1.2 billion post-money. Established in 2018, HashKey Group not only operates the region’s first two licensed cryptocurrency exchanges but also engages in venture funding and asset management, positioning itself as a key player in the evolving landscape of digital finance.
