Quick Facts:
- HashKey Group secured $30 million from Gaorong Ventures, valuing the company at $1.5 billion.
- HashKey offers regulated digital asset services, including trading, asset management, and custody solutions.
- Gaorong Ventures, known for investing in Xiaomi and Pinduoduo, made its first major blockchain investment with HashKey.
- HashKey previously raised nearly $100 million in its Series A round in January 2024, achieving unicorn status.
“Despite China’s crypto crackdown, investors are finding new ways to back blockchain innovation—HashKey just secured a major investment. Hong Kong-based HashKey Group has secured a $30 million investment from Beijing-based venture capital firm Gaorong Ventures, boosting its valuation to $1.5 billion. The investment marks a significant milestone for HashKey, a regulated digital asset financial services provider offering trading, asset management, custody, and blockchain solutions.
HashKey Group has solidified its position as a leading blockchain and crypto financial services provider in Asia. The company, which previously raised nearly $100 million in its Series A financing round in January 2024, achieved unicorn status with a pre-money valuation exceeding $1.2 billion. Although the investors from that round were not disclosed at the time, the latest $30 million funding from Gaorong Ventures was made at a similar pre-money valuation, pushing HashKey’s post-money valuation closer to $1.5 billion.
HashKey Group’s Rise as a Leading Digital Asset Financial Provider
HashKey Group has cemented its position as a premier digital asset financial services provider in Asia, with operations spanning Hong Kong, Singapore, Japan, and Bermuda. Since its inception in 2018, the firm has built a robust Web3 ecosystem under stringent regulatory frameworks, making it a trusted name in the digital asset industry. HashKey’s portfolio includes HashKey Exchange, Hong Kong’s largest licensed virtual asset exchange; HashKey Global, its international digital asset exchange; HashKey Capital, a global blockchain and digital asset investment firm; HashKey OTC, a compliant over-the-counter trading platform; HashKey Cloud, a leading Web3 infrastructure provider; and HashKey Tokenisation, which offers tokenization services for digital assets.
Additionally, HashKey has developed its own Ethereum Layer 2 network, HashKey Chain, and launched its platform token, HSK. The company’s vision is to drive the mass adoption of blockchain technology and provide reliable digital asset services to one billion users worldwide. The recent $30 million investment from Gaorong Ventures not only strengthens HashKey’s financial standing but also enhances its capacity to innovate, expand, and set new standards in the global blockchain and digital asset markets.
Future Plans and Industry Impact
HashKey Group’s latest funding comes at a time when Chinese investors are quietly increasing their exposure to cryptocurrencies despite Beijing’s 2021 ban on digital assets. The investment from Gaorong Ventures—a rare move by a Chinese venture capital firm into the volatile crypto sector—reflects a growing willingness among Chinese investors to explore blockchain opportunities. This is further strengthened by Tencent’s recent investment in crypto market maker Wintermute Trading and Hongshan’s (formerly Sequoia China) backing of Web3 companies like Animoca Brands.
With $10 billion raised by crypto startups in 2024, slightly down from $10.3 billion in 2023 according to Bloomberg, venture capitalists have maintained a cautious yet persistent presence in the market.
