China’s crypto market is gaining traction. For the first time, Gaorong Ventures, a major Chinese investment firm, has put $30 million into HashKey Group, a company that runs Hong Kong’s largest approved crypto exchange.

HashKey crypto exchange raised $30 million from China’s Gaorong Ventures at a $1.5 billion valuation amid Hong Kong’s evolving crypto regulations.

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.