Crypto unicorn HashKey raises $30M from Chinese VC Gaorong Ventures

HashKey, a licensed crypto exchange in Hong Kong, secured a $30 million investment from China-based VC firm Gaorong Ventures at a $1.5 billion valuation.

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China-based Gaorong Ventures has reportedly invested $30 million in the Hong Kong-registered HashKey crypto exchange.

HashKey bagged a $30 million investment from Chinese venture capitalist firm Gaorong at a pre-money valuation of nearly $1.5 billion, according to a Feb. 14 Bloomberg report. However, the report cited unnamed sources that could not be independently verified.

Gaorong is a private VC company that is comprised of a mix of investors, including Chinese tech giants Tencent, Alibaba and Xiaomi.

HashKey achieved its unicorn status on Jan. 16 after raising nearly $100 million in a Series A funding round at a pre-money valuation of over $1.2 billion.

HashKey’s regulated presence in Hong Kong

Hashkey has been licensed in Hong Kong to deal in Securities and provide automated trading services since Nov. 9, 2022.

*License details of HashKey* *exchange. Source: Securities and Futures Commission of Hong Kong*

According to the public register maintained by the Securities and Futures Commission (SFC) of Hong Kong, HashKey is licensed under the Anti-Money Laundering and Counter-terror Financing Ordinance (AMLO).

The exchange received its license to operate a virtual asset trading platform on May 30, 2024.

*Crypto venture funding recovers in Q4 2024. Source: Bloomberg*

According to PitchBook data, venture capital investments saw a slight increase in Q4 2024 from the previous quarter. However, the $10 billion raised in the last quarter of 2024 was 300 million lower than the previous year despite a bull market.