Gaorong Ventures has invested US$30 million in HashKey Group, a Hong Kong-based cryptocurrency firm.

This investment values HashKey at nearly US$1.5 billion after the funding, according to a company spokesperson.

HashKey operates one of Hong Kong’s first licensed crypto exchanges and offers services like crypto trading, venture funding, and asset management. Since its founding in 2018, it has expanded to Singapore, Japan, and Bermuda.

The investment reflects growing interest from Chinese investors in crypto despite the 2021 mainland China ban.

Tencent Holdings’ investment in Wintermute Trading and Hongshan’s involvement in the sector further highlight this trend.

In 2024, global funding for crypto startups reached US$10 billion, slightly down from US$10.3 billion in 2023, according to PitchBook.