Key Notes

Key Notes:

HashKey has raised $30 million in funding at a $1.5 billion capitalization.HashKey Group operates the HashKey exchange with customized services.The crypto exchange is advancing its reach with a series of licenses across the board.

Gaorong Ventures, a Beijing-based venture capital firm, has invested $30 million in HashKey Group. According to Crypto.news, this development has raised the valuation of the Hong Kong crypto exchange to $1.5 billion.

The $30 million investment was placed at a pre-money valuation of over $1 billion, putting HashKey Group at the forefront of the fast-changing crypto industry in Asia. This is an important step for a Chinese firm entering the crypto world, showing growing confidence in the sector.

This is not the first time Gaorong Ventures will financially support a technology-focused firm. In 2019 the firm backed Opay, Opera’s fintech startup.

OPay successfully raised $120 million in a series B round to expand its services to countries like Kenya and Ghana. The Chinese VC also invested in major Chinese tech companies, such as Meituan and PDD Holdings.

However, its investment in HashKey Group marks its foray into the crypto sector. While other Asian regions have embraced cryptocurrencies and blockchain technology, China has been more hesitant due to regulatory holdback.

Recently, a Chinese court ruled against crypto derivatives trading. Coinspeaker reported that the court branded it illegal gambling in a ruling that could reshape the nation’s digital asset landscape. For a country with a history of hostility to crypto, this marks another dead end.

Gaorong Ventures’ investment in HashKey Group shows more interest in the crypto sector. This could change China’s view on crypto, especially as Hong Kong becomes a hub for digital assets.

Founded in 2018, HashKey Group has become one of Hong Kong’s leading crypto exchanges. The company offers trading, custody, brokerage, venture capital, asset management, and node validation services.

As Coinspeaker highlighted, HashKey is licensed by regulators in the UK, Hong Kong, Singapore, Japan, and Dubai. This latest investment comes just a week after HashKey Capital, the investment branch of HashKey Group, secured approval from Hong Kong’s Securities and Futures Commission (SFC).

The approval allows HashKey Capital to manage investment products such as spot crypto and derivatives, further strengthening HashKey Group’s position in Asia’s crypto market.

Last year, HashKey Group partnered with Catizen, a popular Telegram-based crypto game, marking its first major Web3 partnership. The duo aims to create the next generation of GameFi and digital entertainment infrastructure. However, the duo has not unveiled a major product launch since their partnership.

HashKey Group has experienced very fast growth in the crypto sector. In 2024, after raising $100 million, the exchange became a billion-dollar company, and its value has remained above $1 billion.

With this new $30 million investment from Gaorong Ventures, the company’s value has increased to $1.5 billion. Experts consider this valuation boost a sign that investors have strong confidence in HashKey’s future.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

Godfrey Benjamin on X

Julia Sakovich on X