Fusang Investment office to launch crypto custody service

The Fusang Investment Office, an Asia-based fund management firm focusing on family offices, is planning to launch a crypto-custody service in Hong Kong, local news outlet the South China Morning Post reports Sunday, July 22.

The custody service, Fusang Vault, will hold digital assets for clients as well as provide periodic audits, according to the company’s CEO Henry Chong. The service’s launch is planned for the fourth quarter of 2018.

Comparing digital assets to financial bonds, Chong noted the increasing need to provide an independent third party that would hold clients’ crypto assets, just like a demand for custodian bank services in conventional finance.

Chong stressed that since holding digital assets lacks the registration of ownership data, a crypto-custodial service is of “paramount importance”

Fusang' CEO added that the firm is already working with insurance companies to safeguard clients' digital assets.