Asian asset management firm Fusang Investment Office is set to launch a crypto asset custody service called Fusang Vault in Hong Kong. The service is expected to go live during quarter 4 of 2018. According to reports, they are expanding operations into these areas due to heightened interest in cryptocurrencies from high-net-worth individuals and institutional clients.

According to the company’s CEO Henry 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.

It remains to be seen whether Funang Vaults will position itself as a competitor to Coinbase Custody. In the meantime, not everyone is a fan of the proposed service since cryptocurrences are unregulated in Hong Kong.

 

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