Gaorong Ventures, a prominent Chinese venture capital firm known for its early backing of internet giants in the country, has invested $30 million into 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.

China has banned cryptocurrencies a number of times. Its latest crackdown came in 2021 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.

Early last year, HashKey Group raised a $100 million Series A at a $1.2 billion post-money valuation.

The Hong Kong-based HashKey, established in 2018, operates the region’s first two licensed cryptocurrency exchanges and engages in venture funding and asset management.