JPMorgan gives HashKey the keys 🏦 — now even TradFi giants want a seat at the crypto table

Hong Kong-licensed cryptocurrency exchange HashKey Exchange received approval from JPMorgan Chase to open a client money account, its parent company HashKey Holdings announced Monday. The account will support client fund segregation and settlement through JPMorgan's banking infrastructure, according to a press release from HashKey Holdings.

The move adds one of the world's largest banks to HashKey's fiat rail network. In S&P Global Market Intelligence's April rankings, JPMorgan was the world's fifth-largest bank with about $4.4 trillion in assets. The new account is intended to bolster custody and settlement capabilities for HashKey Exchange clients operating under Hong Kong's regulated framework.

One week prior, HashKey Holdings merged the previously separate HashKey Exchange and HashKey Global applications into a single unified portal. In a parallel development, HashKey Exchange activated a customer funds account with Singapore's DBS Bank on June 30, enabling fiat deposits, withdrawals and settlement services. S&P Global's April rankings placed DBS Group Holdings as Singapore's largest bank with $697.77 billion in assets.

HashKey Holdings listed in Hong Kong in December following an oversubscribed initial public offering that raised $206 million. The combination of the unified portal, the DBS account and the newly approved JPMorgan relationship marks a coordinated expansion of the group's banking partnerships across Asia and beyond.