Gaorong Ventures, a leading Chinese venture capital firm, has invested $30 million in HashKey Group, Hong Kong’s largest licensed crypto exchange, achieving a pre-money valuation exceeding $1 billion. The investment brings HashKey’s post-money valuation to approximately $1.5 billion. Despite China’s ongoing cryptocurrency bans, domestic investors are increasingly engaging in the crypto sector, with Tencent also recently investing in a crypto firm. Established in 2018, HashKey operates the region’s first two licensed cryptocurrency exchanges and is involved in venture funding and asset management. Last year, HashKey raised $100 million in a Series A financing round.