Hong Kong-based digital asset firm HashKey Group has launched a new wealth management platform aimed at professional and institutional investors.
In an April 14 announcement, HashKey aforementioned "significant investor demand for access to virtual assets" as the reason for its move into the wealth management space.
Deng Chao, chief executive of the group's venture capital arm, HashKey Capital, said the service allows him to offer solutions to help seize the "growth opportunities of virtual assets."
HashKey pointed to a 2022 study by consultancy Boston Consulting Group (BSG) that found that 0.3% of individual wealth is invested in crypto compared to the 25% invested in shares.
It claims this indicates there is "robust potential demand for virtual assets going forward," a sentiment BSG shared when it initially published the report.
On September 13, 2022, HashKey Announced that the Hong Kong Securities and Futures Commission (SFC) had granted it a "Type 9 asset management license" that allowed it to manage portfolios containing only virtual assets and likely paved the way for its latest offering.
Related: Hong Kong Virtual Bank to Offer Crypto Accounts and Conversions: Report
In the latest announcement, HashKey also noted that "recent challenges in the crypto market have highlighted the need for deep and reliable liquidity."
In response, HashKey said it would expand its over-the-counter trading service by expanding the number of tokens on its spot market and increasing its liquidity coverage to 24/7.
On January 17, HashKey closed a Investment round of $500 million for a fund that he plans to use to help drive the mass adoption of blockchain and crypto technologies.
We are happy to share that @HashKey_Capital successfully closed its Fund III, having raised a total of $500 million.
The Fund will be deployed to promote the #crypto and #chain of blocks initiatives, focused on building and scaling the #Web3 ecosystem.https://t.co/qjq3ur0N7F
— HashKey Group (@HashKeyGroup) January 17, 2023
Cointelegraph reached out to HashKey for comment but did not immediately receive a response.
Asia Express: Bitcoin Glory on Chinese TikTok, 30M Mainland Chinese Users, Justin Sun Saga
Post navigation
