14-02-2025
China's Gaorong Ventures Invests $30 Million in Crypto Unicorn
Gaorong Ventures has invested $30 million in the operator of Hong Kong's biggest licensed crypto exchange, a rare example of a Chinese venture powerhouse dabbling into the $3 trillion digital asset arena.
Gaorong — the early backer of Chinese internet firms including Meituan and PDD Holdings Inc. — invested in HashKey Group at a pre-money valuation above $1 billion, according to people familiar with the matter. The valuation remains little changed from a year ago, when Hashkey raised $100 million and reached unicorn status, the people said, asking not to be identified discussing private information.
