Hong Kong firms offers insured custody service for cryptocurrency
While China is not exactly encouraging investors to invest in initial coin offerings (ICOs), and has cracked down on various cryptocurrency exchanges—that apparently doesn’t mean that all is lost in terms of those wishing to invest in cryptocurrencies in the country. Specifically, Branding China Group (BC) is offering cryptocurrency custody services for those interested, Cointelegraph first reported.
The announcement was made by BC in a press release on April 1. The company is a trading and asset management firm that is known for its technology investments, but has been diversifying into the blockchain sector recently. The service will be the first of its kind in the area, and will use UK-based insurers.
BC owns many various blockchain-related companies. Some of the most notable examples include the cryptocurrency trading platform Anxone and OSL, a digital asset brokerage. OSL boasts features such as “access to large pools of liquidity” and that OSL offered a “suite of institutional trading solutions.”
While there are those that have been disheartened by the price action of cryptocurrencies like Bitcoin Core (BTC) since its bull run in 2017, many believe that institutional money will help drive the price higher in the long-term. BC is not the only company that is exploring the idea of cryptocurrency custody services, as many look forward to the launch of Bakkt, a cryptocurrency trading and custody platform that was supposed to debut in late 2018, but has been delayed repeatedly.
However, it appears as though the platform is currently in regulatory limbo, which isn’t surprising considering the fact that the United States has been hesitant to set clear guidelines surrounding the cryptocurrency markets. Regardless, the news is big for China, Asia, and the world in general, considering that the country is the most populous in the world, and the second largest economy (by nominal GDP).
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
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