Huobi Technology Providing Custody For Over $1 Billion Virtual Assets

Cryptocurrency exchange Huobi Ventures on Thursday announced the virtual assets holding of Huobi Trust Hong Kong. Exceeds 1 billion
Cryptocurrency exchange Huobi Ventures on Thursday announced the virtual assets holding of Huobi Trust Hong Kong. Exceeds 1 billion

Cryptocurrency exchange, Huobi Ventures stated on Thursday that Huobi Trust Hong Kong ended the month of August with over $1 billion in virtual assets.

The Chinese-based trust is licensed and operates in Hong Kong. It provides custody services for cryptocurrency assets. The company was registered in April as a Hong Kong trust company. Now, it has a full license under the Hong Kong Trust and Company Service Provider (TCSP) license.

Taking Advantage of the Market Direction

In a press release on Thursday, the company announced it is “actively developing its trust and custodian business.” This is even as it looks to expand its reach in the assets market. Since 2021, there has been a growing interest of retail and individual investors in digital assets. Additionally,  there has been an increased adoption of digital assets by investors.

Even as adoption increases, many countries are beginning to put in place strict regulations. The regulations are aimed at curtailing the excesses of the exchanges and protecting the citizens’ interests. Also, there has also been an increase in the number of cryptocurrency frauds. This has further raised the concern of investors and regulators over the security of crypto assets.

Huobi’s asset custodian role steps in as a solution to these challenges. The company is positioning as a custodian of these assets for large institutional investors. Huobi aims to become the prime virtual asset trust and custodian service provider globally.

Operating under relevant Hong Kong regulations, and the AML/CTF requirements, the company provides compliant digital asset custody services. Clients who need compliant and secure custody of their assets can enjoy the same. Currently, the trust’s clients include hedge funds, digital banks, licensed lenders, market makers, and virtual asset exchanges.

About Huobi Tech and Virtual Assets

Huobi Technology Holdings Limited was listed in November 2016. Huobi Tech’s goal is to become the top virtual asset service platform in Asia and has been actively developing competence in the same. Huobi Trust Hong Kong is registered as a subsidiary of Huobi Tech and provides custodial services for virtual assets and traditional assets custody to clients.