HashKey launches wealth administration service citing “vital” demand

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

In an April 14 announcement, HashKey cited “vital investor demand for entry to digital belongings” as the explanation for shifting into the wealth administration area.

Dan Chao, CEO of HashKey Capital, the group’s enterprise capital arm, mentioned the service permits it to supply options to assist benefit from “the rising alternatives of digital belongings.”

HashKey pointed to a 2022 examine by consulting agency Boston Consulting Group, which discovered that 0.3% of people’ wealth is invested in crypto, in comparison with 25% invested in shares.

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

It claims this indicators “doubtlessly excessive demand for digital belongings sooner or later”, a sentiment shared by BSG when it initially revealed the report.

On September 13, HashKey introduced that it had acquired a “Sort 9 Asset Administration License” from the Hong Kong Securities and Futures Fee, which permits it to handle portfolios containing solely digital belongings, maybe paving the best way for its newest providing.

Associated to: Hong Kong’s digital financial institution will supply crypto exchanges and accounts

In a latest assertion, HashKey additionally famous that “latest challenges within the crypto market have highlighted the necessity for deep and dependable liquidity.”

In response, HashKey mentioned it would develop its buying and selling service by increasing the variety of tokens in its spot market and growing its liquidity protection to 24/7.

On January 17, HashKey closed a $500 million funding spherical for a fund it plans to make use of to assist mass adoption of blockchain and crypto applied sciences.

Cointelegraph reached out to HashKey for remark, however didn’t instantly hear again.

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