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Chinese Venture Capital Firm Invests $30 Million in Hong Kong’s Largest Licensed Crypto Exchange
Early Backing of Internet Giants in China
Gaorong Ventures, a prominent Chinese venture capital firm known for its early backing of internet giants in China, has invested $30 million in the operator of Hong Kong’s largest licensed crypto exchange, HashKey Group, according to a Bloomberg report.
The backing came at a pre-money valuation of over $1 billion, according to the report. A HashKey spokesperson reportedly said that the post-money valuation was close to $1.5 billion.
Recent Developments in China’s Crypto Space
China has banned cryptocurrencies a number of times. Its latest crackdown came in 2021, which saw various crypto platforms leave the country. Yet, Chinese investors are upping their bets on the cryptocurrency space. Tencent Holdings, for example, has recently invested in crypto market maker Wintermute, the outlet reports.
HashKey Group’s Previous Funding Rounds
Early last year, HashKey Group raised a $100 million Series A at a $1.2 billion post-money valuation.
HashKey, established in 2018, operates the region’s first two licensed cryptocurrency exchanges and engages in venture funding and asset management.
Conclusion
The investment by Gaorong Ventures in HashKey Group is a significant milestone in the development of the cryptocurrency space. As Chinese investors continue to back cryptocurrency-related businesses, it will be interesting to see how this trend evolves in the coming years.
FAQs
Q: What is Gaorong Ventures?
A: Gaorong Ventures is a Chinese venture capital firm that has backed several internet giants in China.
Q: What is HashKey Group?
A: HashKey Group is the operator of Hong Kong’s largest licensed crypto exchange and engages in venture funding and asset management.
Q: How much did Gaorong Ventures invest in HashKey Group?
A: Gaorong Ventures invested $30 million in HashKey Group, according to a Bloomberg report.
Q: What was the pre-money valuation of HashKey Group at the time of the investment?
A: The pre-money valuation of HashKey Group was over $1 billion at the time of the investment, according to the report.
Q: What is the post-money valuation of HashKey Group?
A: The post-money valuation of HashKey Group is close to $1.5 billion, according to a HashKey spokesperson.
Q: What are the implications of this investment for the cryptocurrency space?
A: The investment by Gaorong Ventures in HashKey Group is a significant milestone in the development of the cryptocurrency space. As Chinese investors continue to back cryptocurrency-related businesses, it will be interesting to see how this trend evolves in the coming years.
