A Hong Kong-based investment firm is planning to launch a new crypto-custody service to address the growing interest from institutional clients, and we’ve covered the story in today’s Bitcoin in Brief. Also in The Daily, billionaire Mike Novogratz expects an influx of institutional investors into the crypto space; a new survey claims 30 percent of Brazilians want to invest in cryptocurrency; and an Australian startup shows what to do with excess tokens if the sale did not meet its target; Samsung stores in the Baltic states don’t accept crypto after all, Coppay explains why.
Also read: TCAP Explores Market, Tutanota Accepts Cryptos, Huobi Launches Cloud
Hong Kong Investment Firm to Launch Crypto Vault
Responding to increasing interest in cryptocurrencies from high-net-worth and institutional clients, a Hong Kong-based company is planning to launch a crypto-custody service by the end of this year. Fusang Investment Office is an asset manager focused on Asian private family offices. Its Fusang Vault is expected to open for customers in the fourth quarter of 2018.
“Digital assets are akin to bearer bonds, whereby whoever that is holding the security is presumed to be the owner and there is no registration of ownership information of the security. Hence, the way we keep digital asset secured is of paramount importance,” said CEO Henry Chong, quoted by the South China Morning Post.
Chong did not provide more details about the Fusang Vault’s services. However, he shared that Fusang Investment is already working with insurers to provide cybersecurity insurance coverage for future clients’ digital assets. SCMP’s report also notes that cryptocurrency trading is attracting more and more financial institutions like hedge funds and asset managing firms. This leads to an increasing number of over-the-counter (OTC) transactions and creates the need for
