Hong Kong’s ZA Bank Partners with HashKey Exchange as Settlement Bank for Fiat Deposit and Withdrawal Services

ZA Bank has become the first settlement bank for HashKey Exchange, Hong Kong’s first licensed retail virtual asset exchange. The partnership will allow ZA Bank users to transfer fiat currency to and from HashKey Exchange, as well as conduct virtual asset transactions seamlessly. ZA Bank aims to become the go-to banking partner for the Web3 ecosystem and contribute to the development of a thriving sector for virtual assets. Although ZA Bank currently does not offer retail virtual asset trading services, it is licensed by the Securities and Futures Commission for dealing in securities and providing investment fund services. In related news, HashKey Capital, the investment unit of HashKey Group, plans to launch a secondary crypto market fund that will invest mostly in second-tier cryptocurrencies to outperform Bitcoin. The fund aims to diversify its portfolio and attract high-net-worth individuals and investment companies focusing on affluent Asian families. HashKey Capital expects to secure $100 million for the fund within a year. The Hong Kong government has been supportive of cryptocurrencies and Web3 development, with the city hosting various crypto-focused conferences. HashKey Capital is working on establishing distribution channels with Chinese financial services providers to meet the demand from professional investors seeking above-market returns in crypto. The fund manager believes that the price of crypto-assets is nearing the bottom and expects increased liquidity in the industry due to rising US interest rates and the filing of spot Bitcoin ETFs by large American fund managers.

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