JPMorgan Grants HashKey Permission to Establish Client Fund Accounts
The cryptocurrency trading platform HashKey Exchange has obtained authorization from JPMorgan to establish client fund accounts, coming just weeks following its initiation of customer deposit accounts with DBS Bank as part of its Hong Kong market growth strategy.
HashKey Exchange, a cryptocurrency trading platform operating under a Hong Kong license, has secured authorization from JPMorgan Chase to establish a client money account, according to an announcement made by its parent organization on Monday.
The newly approved account will facilitate the segregation of client funds and enable settlement operations through the banking infrastructure provided by JPMorgan, according to a press release issued by HashKey Holdings.
Seven days prior to this announcement, HashKey Holdings merged what were formerly two distinct applications—HashKey Exchange and HashKey Global—into one unified platform.
On June 30, HashKey Exchange initiated operations for a customer funds account with DBS Bank, based in Singapore, which provides capabilities for fiat currency deposits, withdrawals and settlement operations.
According to rankings published by S&P Global Market Intelligence in April, DBS Group Holdings held the position of Singapore's biggest bank with assets totaling $697.77 billion, whereas JPMorgan ranked as the fifth-largest banking institution globally with approximately $4.4 trillion in assets.