Hong Kong-based HashKey Group has launched a new wealth management service platform to target institutional and professional investors.
HashKey announced its entry into the wealth management industry on April 14. The company cited “significant demand from investors to access virtual assets” as the reason for its entry.
Deng Chao, the chief executive officer of the group’s venture capital subsidiary, HashKey Capital, stated that the service enables the firm to offer solutions that assist in capitalizing on the “growing opportunities of virtual assets.”
HashKey referenced a 2022 study by Boston Consulting Group that found 0.3% of individual wealth is invested in cryptocurrencies, compared to 25% in equities.
It asserts that this indicates “potentially robust demand for virtual assets in the future,” a sentiment shared by BSG when the report was initially published.
HashKey announced on September 13 that it had been granted a “Type 9 asset management license” by Hong Kong’s Securities and Futures Commission, allowing it to administer portfolios containing only virtual assets and paving the way for its most recent offering.
HashKey noted in its most recent announcement that “recent market challenges have accentuated the need for deep and reliable liquidity.”
HashKey responded by announcing it would expand its over-the-counter trading service by increasing the number of tokens on its spot market and extending its liquidity coverage to 24 hours a day, seven days a week.
HashKey completed a $500 million investment round on January 17 for a fund that will be used to promote the widespread adoption of blockchain and crypto technologies.
