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(Kitco News) – Cryptocurrency-related developments in Hong Kong continue to roll out as HashKey Group, a leading virtual asset financial services provider in Asia, has announced the launch of a new wealth management business line and an upgrade to its over-the-counter (OTC) trading business.
According to a press release from the company, these developments are part of HashKey Group’s goal of offering a one-stop virtual asset management solution that covers a variety of areas including fund investment, secondary market trading, compliant liquidity products, and a comprehensive wealth management platform to meet the asset allocation needs for its clients.
The Group recently obtained regulatory licenses in multiple jurisdictions to enable the launch of its new HashKey Wealth service, which will provide international virtual asset investment opportunities for professional investors, family offices, and financial institutions globally.
A 2022 Boston Consulting Group study showed that less than 1% of individual wealth is invested in crypto assets as compared to 25% invested in equity, which signals “potential robust demand for virtual assets in the future,” HashKey said.
HashKey Wealth will offer clients access to a range of user-friendly and professional solutions that both crypto newcomers and Web3 native users can utilize to purchase and manage virtual assets.
The expansion of its OTC offering, which includes plans to expand the number of tokens it offers in the spot market, comes in response to the need for “deep and reliable liquidity” highlighted by the recent challenges in the crypto market, including the bankruptcy of several high-profile firms such as FTX and Genesis.
“We are excited to upgrade our OTC trading business and launch HashKey Wealth, introducing as well as bridging professional investors, family offices, and institutions to the emerging world of virtual assets,” said Deng Chao, Head of HashKey Singapore and CEO of HashKey Capital. “Our aim is to provide deep and reliable liquidity to the market and offer easy-to-use, secure, and professional solutions for qualified investors to capture the growing opportunities of virtual assets.”
To help further expand its suite of services, HashKey Group has also announced plans to launch HashKey PRO, a regulated exchange that is set to launch in Q2.
HashKey PRO has already received regulatory approval from Hong Kong’s Securities and Futures Commission (SFC) to operate as a virtual asset trading platform under a Type 1 license, which means that it can deal in securities, and a Type 7 license, which means that it can provide automated trading services.
Following the concerns raised by the FTX bankruptcy, HashKey PRO has pledged to keep all client funds in segregated accounts that are completely separate from HashKey PRO’s operations, meaning they will be unable to be used for other purposes and will be readily available for withdrawal.
Users of the exchange will be able to access fiat on- and off-ramps to directly transfer USD from their bank accounts to the HashKey PRO fiat wallet through the SWIFT payment system. The exchange will be working with ZA Bank and Bank of Communications (Hong Kong) as settlement banks to facilitate the depositing and withdrawal of fiat currencies.
At launch, users will be able to access BTC/USD, ETH/USD, USDT/USD fiat trading pairs, and the exchange plans to add support for additional tokens in the future once token admission requirements have been established by the SFC. Early access to the exchange has already begun, with users able to trade from 9 am to 5 pm on Hong Kong business days. Once fully launched, HashKey PRO will operate 24/7.
HashKey has been one of the more active organizations in helping to build up the digital assets landscape in Hong Kong as the region looks to become a crypto hub. In December, HashKey Group signed a Memorandum of Understanding (MOU) with Switzerland-based SEBA Bank to become SEBA Bank’s preferred digital asset trading and market development partner in Hong Kong, while SEBA Bank will be the banking partner of choice for HashKey in Switzerland.
In January, HashKey closed a $500 million investment round for its HashKey FinTech Investment Fund III, which is intended to help promote the mass adoption of cryptocurrencies and blockchain technology.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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