Crypto Custody Service To Be Launched By Fusang Investment Office

Announcements, News | July 23, 2018 By:

Asian fund management firm Fusang Investment Office is planning to launch a crypto custody service in Hong Kong.

Fusang, which provides consulting services for family office management and investments needs, will be launching Fusang Vault, a custody service that hold cryptocurrencies for clients as well as provide periodic audits. Fusang Vault’s launch is planned for the fourth quarter of 2018.

Henry Chong, chief executive officer of Fusang, said that as with a custodian bank in conventional finance, an independent third party is needed to hold assets on behalf of the clients.

“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,” said Chong. “Hence, the way we keep digital asset secured is of paramount importance.”

Chong added that the company is already working with insurance companies to safeguard clients’ digital assets, but he did not provide details of Fusang Vault’s services.

Founded in 2015, Fusang Investment Office is a registered fund management company regulated by the Monetary Authority of Singapore (MAS). It is also licensed by the Hong Kong Securities and Futures Commission to carry on Type 9 (Asset Management) activities. The company has offices in Hong Kong, Singapore, and Malaysia.

Earlier this month, cryptocurrency exchange Coinbase officially launched its digital assets custodian service for institutional investors. Coinbase Custody is operated through an independent member of the US Financial Industry Regulatory Authority (FINRA) in compliance with the US Security and Exchange Commission (SEC). It currently supports bitcoin, ethereum, Litecoin and Bitcoin Cash.