Bloomberg reports that China’s Gaorong Ventures invested $30 million in Hong Kong’s Hashkey Group, valuing the crypto unicorn near $1.5 billion.
Chinese VC Invests $30 Million in Hong Kong’s Hashkey Group
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Gaorong Ventures Bets on Crypto With $30 Million Investment in Hashkey
Gaorong, an early investor in Chinese internet firms such as Meituan and PDD Holdings Inc., has entered the digital asset arena amid growing interest in crypto startups, Bloomberg reports. The investment underscores a rare move by a Chinese venture capital firm into a market marked by volatility and rapid change.
Hashkey Group operates one of Hong Kong’s first licensed crypto exchanges. The firm, established in 2018, provides crypto trading, venture funding, and asset management services in Hong Kong, Singapore, Japan, and Bermuda. It continues to expand its regional footprint.
The funding comes at a time when crypto venture funding is gradually recovering despite earlier regulatory challenges. Bloomberg noted that Chinese investors are cautiously returning to the asset class despite Beijing’s crypto ban enacted in 2021.
A Hashkey spokesperson confirmed to Bloomberg that Gaorong’s investment came at a post-money valuation close to $1.5 billion, while a Gaorong representative declined to comment. This move follows Hashkey’s previous unicorn status achieved during a $100 million funding round.
Crypto startups raised nearly $10 billion last year, reflecting a modest decline from the previous year as market conditions evolve. Bloomberg’s latest report highlights that strategic investments like this signal a renewed focus on blockchain and crypto assets for investors.
