Fusang Investment Office, an Asian asset management company, is planning to launch a cryptocurrency custody service based in Hong Kong.
According to the report of the South China Morning Post the service, called Fusang Vault, is set to launch in the last quarter of 2018. It will be similar to the “traditional” custodial services offered by banks and other financial institutions. In the words of the chief executive officer of Fusang, Henry Chong, a custodial service for cryptos, to hold and periodically audit digital currencies on behalf of clients, was highly needed.
“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,” Chong told the news outlet.
He did not provide further details about the Fusang Vault, but said the company was already working closely with cyber security specialists and insurers in order to provide security for the client assets.
According to Fusang’s website, the company is a Registered Fund Management Company regulated by the Monetary Authority of Singapore and is licensed by the Hong Kong Securities and Futures Commission to carry on Type 9 (Asset Management) activities.
Fusang offers several types of investment instruments and has an investment office and a family office service.
Earlier this year Coinbase, a major player in the cryptocurrency industry with a wide variety of products and services, launched a crypto custody service for institutional investors. A few weeks ago Coinbase reported it already had 10 institutional investors already using the custody service.
Other companies are offering physical vaults for retail clients. Last week Cryptovest reported that Australia is about to get its first one, but there are other companies such as Xapo and VersaVault who offer vaults or safety deposit boxes.
This article appeared first on Cryptovest
