HashKey Exchange has gained JPMorgan approval for a client money account, adding the world's 5th-largest bank to its growing list of banking partners in Asia.
Crypto Exchange News
JPMorgan Chase has given its approval to HashKey Exchange to open a client money account, HashKey Holdings announced Aug. 3. The account is designed to keep client funds separated from the exchange's own assets and to process settlements through JPMorgan's banking network.
The move adds one of the world's largest financial institutions to HashKey's banking roster. According to S&P Global Market Intelligence's April rankings, JPMorgan held roughly $4.4 trillion in assets, placing it fifth among global banks by that measure.
HashKey's Banking Relationships Expand
HashKey Exchange already holds a similar arrangement with DBS Bank in Singapore. That account went live on June 30 and handles fiat deposits, withdrawals, and settlement services for clients. S&P Global ranked DBS Group Holdings as Singapore's largest bank in April, with $697.77 billion in assets.
The JPMorgan account approval comes as HashKey consolidates its product lineup. One week before the Aug. 3 announcement, HashKey Holdings merged its HashKey Exchange and HashKey Global applications into a single portal, combining what had previously been two separate platforms for retail and international users.
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Context: A Hong Kong-Listed Exchange
HashKey Holdings raised $206 million through its initial public offering on the Hong Kong Stock Exchange in December. The offering was oversubscribed. The exchange holds a license from Hong Kong's Securities and Futures Commission, which permits it to serve retail crypto traders in the city.
The JPMorgan and DBS partnerships give HashKey two major institutional banking connections for client fund management, one routed through Singapore and one through a global bank with operations across dozens of markets.
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