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

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 KongHashkey has been licensed in Hong Kong to deal in Securities and provide automated trading services since Nov. 9, 2022. 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.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.Crypto licensing drive in Hong KongHong Kong awarded its latest crypto license on Jan. 27 to two Hong Kong-based crypto exchanges — PantherTrade and YAX.To date, 10 crypto exchanges have formally registered in Hong Kong under AMLO since 2020 and are allowed to operate virtual asset trading platforms.The Hong Kong SFC completed the first round of “on-site” reviews for the crypto license applicants. The inspections are focused on safeguarding client assets, Know Your Customer (KYC) processes and cybersecurity.Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express