HashKey launches wealth management service, citing ‘significant’ demand

Hong Kong-based digital asset agency HashKey Group has launched a brand new wealth administration platform geared towards skilled and institutional buyers.

In an April 14 announcement, HashKey cited “important demand from buyers to entry digital belongings” as the explanation for its transfer into the wealth administration area.

Deng Chao, the CEO of the group’s enterprise capital arm, HashKey Capital, stated the service permits it to supply options to assist faucet into the “rising alternatives of digital belongings.”

HashKey pointed to a 2022 research from consultancy agency Boston Consulting Group, which discovered 0.3% of particular person wealth is invested in crypto in comparison with the 25% invested in equities.

A screenshot from BSG’s 2022 report highlighting the expansion potential for crypto. Supply: BSG

It claims this alerts there’s “potential sturdy demand for digital belongings sooner or later,” a sentiment that was shared by BSG when it initially revealed the report.

On Sept. 13, HashKey announced that it had been granted a “Kind 9 asset administration license” by Hong Kong’s Securities and Futures Fee, permitting it to handle portfolios that solely include digital belongings and sure paved the best way for its newest providing.

Associated: Hong Kong virtual bank to offer crypto conversions and accounts: Report

Within the newest announcement, HashKey additionally famous that “latest challenges within the crypto market have highlighted the necessity for deep and dependable liquidity.”

In response, HashKey stated it will be increasing its over-the-counter buying and selling service by increasing the variety of tokens in its spot market and rising its liquidity protection to 24/7.

On Jan. 17 HashKey closed a $500 million investment round for a fund that it plans to make use of to assist push for mass adoption of blockchain and crypto applied sciences.

Cointelegraph contacted HashKey for remark however didn’t instantly obtain a response.

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