HashKey gains JPMorgan approval for client money account
HashKey Exchange secured JPMorgan Chase approval to open a client money account for segregation and settlement of customer funds through JPMorgan’s banking systems.
HashKey Exchange, a Hong Kong-licensed cryptocurrency trading platform, received approval from JPMorgan Chase on Monday to open a client money account, HashKey Holdings announced in a press release. The account will enable segregation of customer funds and settlement through JPMorgan’s banking infrastructure.
The account will allow HashKey to hold client funds separately from the firm’s own assets and to process settlements using JPMorgan’s banking systems. HashKey said the approval follows other recent steps to expand its custody and settlement services for fiat and crypto transactions.
A week earlier, HashKey combined the previously separate HashKey Exchange and HashKey Global applications into a single portal to consolidate user access across its trading services. On June 30, HashKey activated a customer funds account with DBS Bank in Singapore to enable fiat deposits, withdrawals and settlement services.
The JPMorgan account adds another major banking partner to HashKey’s operational setup. Recent industry rankings show DBS with about $697.8 billion in assets and JPMorgan with about $4.4 trillion.
HashKey Holdings completed a Hong Kong listing in December, raising $206 million in an oversubscribed initial public offering. According to HashKey Holdings, the IPO proceeds and the banking relationships are intended to support the firm’s trading and custody services for institutional and retail clients in the region.
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