Gaorong Ventures, a leading venture capital firm based in China known for supporting major internet companies, has invested $30 million in HashKey Group, operator of Hong Kong’s largest licensed crypto exchange, as reported by Bloomberg.

• The investment came at a pre-money valuation exceeding $1 billion, leading to a post-money valuation near $1.5 billion for HashKey.
• HashKey Group, founded in 2018, runs two regulated cryptocurrency exchanges in Hong Kong.

Despite the Chinese government’s ban on cryptocurrencies, which has been enforced multiple times, investors from China are continuing to engage with the cryptocurrency sector. Recently, companies like Tencent Holdings have made notable investments in crypto-related ventures.

Last year, HashKey Group successfully raised $100 million in a Series A funding round, achieving a $1.2 billion post-money valuation. HashKey, headquartered in Hong Kong, has been a significant player since establishing the region’s first licensed cryptocurrency exchanges and delving into venture funding and asset management.