Gaorong Capital invests US$30 million in Hong Kong licensed crypto exchange HashKey Group

PANews reported on February 14 that Gaorong Ventures has invested $30 million in Hong Kong's largest licensed crypto exchange operator, a rare case of the venture capital giant's entry into the digital asset field, according to Bloomberg. Gaorong Capital, an early supporter of Chinese Internet companies such as Meituan and PDD Holdings, invested in HashKey Group after its pre-investment valuation of more than $1 billion, according to people familiar with the matter. There is little change from when HashKey Group raised $100 million and entered the ranks of unicorns a year ago. A HashKey Group spokesman said Gaorong Capital's $30 million investment was conducted at a post-investment valuation of nearly $1.5 billion.