Gaorong Ventures Invests $30 Million in HashKey Group, Valuation Reaches $1.5 Billion

Gaorong Ventures has invested $30 million in HashKey Group, raising the crypto exchange's valuation to $1.5 billion. This investment occurred at a pre-money valuation of over $1 billion and signals growing confidence in the crypto sector by a Chinese firm.

Investment Details

Gaorong Ventures has previously supported technology firms, including fintech startup OPay.
HashKey Group offers services such as trading, custody, brokerage, venture capital, asset management, and node validation.
HashKey is licensed in multiple jurisdictions including the UK, Hong Kong, Singapore, Japan, and Dubai.
The recent investment follows approval for HashKey Capital to manage investment products related to spot crypto and derivatives.

Market Context

A Chinese court ruled against crypto derivatives trading, labeling it illegal gambling.
This ruling reflects China’s cautious stance toward cryptocurrencies amid regulatory challenges.
Hong Kong is emerging as a digital asset hub, potentially influencing China's overall view on crypto.

HashKey Group has seen rapid growth since its founding in 2018, becoming a billion-dollar company after raising $100 million last year. The new investment reinforces investor confidence in its future prospects.