Gaorong Ventures Invests $30M in Hong Kong-Based mostly Crypto Alternate HashKey Group: Report

Gaorong Ventures, a distinguished Chinese language enterprise capital agency identified for its early backing of web giants within the nation, has invested $30 million into the operator of Hong Kong’s largest licensed crypto trade, HashKey Group, in line with a Bloomberg report.

The backing got here at a pre-money valuation of over $1 billion, in line with the report. A HashKey spokesperson reportedly stated that the post-money valuation was near $1.5 billion.

China has banned cryptocurrencies a variety of occasions. Its newest crackdown got here in 2021 noticed numerous crypto platforms depart the nation, but Chinese language buyers are upping their bets on the cryptocurrency house. Tencent Holdings, for instance, has not too long ago invested in crypto market maker Wintermute, the outlet studies.

Early final 12 months, HashKey Group raised a $100 million Sequence A at a $1.2 billion post-money valuation.

The Hong Kong-based HashKey, established in 2018, operates the area’s first two licensed cryptocurrency exchanges and engages in enterprise funding and asset administration.