With the crypto winter slowing developments within the space, two digital asset-focused companies will work together to accelerate the adoption of digital assets for institutions.
In an announcement sent to Cointelegraph, cryptocurrency-focused firm SEBA Bank said it has formed a partnership with financial services firm HashKey Group to accelerate institutional adoption of digital assets in Hong Kong and Switzerland.
The two firms will aim to create various solutions for institutional investors looking to dive into the crypto ecosystem. Both companies said they are dedicated to compliance and adopt various regulatory frameworks within their jurisdictions.
SEBA Bank CEO Franz Bergmueller said that in terms of licensing for crypto products and services, Hong Kong is a leading jurisdiction. Due to this, SEBA Bank is eager to enter the local ecosystem of digital assets and extend its presence within the country through HashKey.
Michel Lee, an executive at HashKey, stressed that his company is working under a "regulatory-first approach," which means it is focused on compliance. Lee noted that SEBA Bank is operating on the same principles, which makes them excited about the partnership.
HashKey Group recently He received licenses from the Hong Kong Securities and Futures Commission (SFC) to operate within the country. On the other hand, Banco SEBA was the first to be granted a digital asset custody license in Switzerland that allows it to facilitate institutional custody services in 2021.
Related: Institutional Crypto Custody: How Banks Are Hosting Digital Assets
With the recent waves caused by the FTX debacle, regulatory scrutiny will increase within the crypto space according to institutional investors. Key institutional players within the space have recently told Cointelegraph that this is something institutions have been waiting for. According to some of the investors, hedge funds have been preparing digital asset teams but are being held back by a lack of regulatory clarity.
On September 20, the US stock exchange firm Nasdaq began its preparations to offer custody solutions to the institutions. According to a report, the company created a group dedicated to offering institutional Bitcoin (BTC) and ether (ETH) custody services.
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