Asian asset management firm Fusang Investment Office is set to launch a crypto asset custody service called Fusang Vault in Hong Kong.
The firm, which usually focuses its operations on private family offices in Hong Kong, Singapore and Malaysia, credits heightened interest in cryptocurrencies from high-net-worth individuals and institutional clients for the move.
Crypto Custody Growing Trend
Earlier in July, CCN reported that when Coinbase launched Coinbase Custody, its heavily anticipated crypto custody service, the crypto market immediately responded positively, as institutional investors took it as a means of reducing risk when investing in crypto assets.
The same reasoning seems to be at play with Funang Vaults, as CEO Henry Chong alluded to in comments quoted by the South China Morning Post.
“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.”
According to Chong, the goal is to replicate the role of an independent custodian bank in conventional finance, with the aim of providing a reliable digital asset holding service and carrying out periodic audits of these holdings.
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