Hong Kong’s HashKey raises $30m from Chinese venture firm Gaorong Ventures: report

Beijing-based venture capital firm Gaorong Ventures has reportedly backed HashKey Group with $30 million, valuing the operator of Hong Kong’s top crypto exchange at $1.5 billion.

Hong Kong-based HashKey Group has secured a $30 million investment from Beijing’s Gaorong Ventures, making it a rare move by a Chinese firm into the crypto space, Bloomberg has learned, citing people familiar with the matter.

Gaorong Ventures, which has previously backed Chinese internet giants like Meituan and PDD Holdings, invested in HashKey at a pre-money valuation of over $1 billion, a figure that has remained mostly unchanged since the company reached unicorn status in 2024 after raising $100 million. A HashKey spokesperson, in a statement to Bloomberg, confirmed that Gaorong’s $30 million investment puts the post-money valuation at close to $1.5 billion.

The funding comes just a week after HashKey Capital, the investment arm of HashKey Group, received approval from Hong Kong’s Securities and Futures Commission to offer discretionary account management for cryptocurrencies. The approval means HashKey Capital can manage investment products like spot crypto, derivatives, and even over-the-counter trades for wealthy clients.

Founded in 2018, HashKey Group is a Hong Kong-based crypto company offering services like exchange trading, custody, brokerage, venture capital, asset management, and node validation. The company is licensed by several financial regulators, including the British Financial Conduct Authority, and also holds licenses in Hong Kong, Singapore, Japan, and Dubai.