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Coinhako launches crypto platform for institutions and HNWIs

Singapore-based crypto trading platform Coinhako has launched “Coinhako Privé,” a digital assets platform for high net worth individuals (HNWIs) and institutions, according to a company announcement today.

Fast facts

  • The Coinhako Privé platform will provide members with institutional grade digital asset services and white glove services, such as a dedicated relationship manager, personalized support from industry experts, API trading and zero trading fees. Coinhako says Privé is one of its initiatives “to instil crypto confidence in a wider demographic through channels that appeal to institutional and individual interests.”
  • Customers will need to qualify as accredited investors with a minimum of S$300,000 (US$223,000) in annual income or S$2 million (US$1.49 million) in net personal assets, or S$1 million (US$743,000) in net financial assets. Institutional investors will need to have S$100,000 (US$74,000) or above in annual trading volume
  • “Other exchanges in Singapore have focused on retail solutions; we saw the opportunity to provide services for institutional clients,” said Yusho Liu, Coinhako co-founder and CEO, in a statement. “Not only that, institutions and HNWIs in Singapore are very interested to trade in crypto, but many lack the understanding to do so. We have developed Coinhako Privé to provide a more personalized hi-touch service to best serve this customer base.”
  • Launched in 2014, Coinhako is backed by investors such as Tim Draper and Boost VC. Coinhako is currently operating in Singapore as an exempted entity as part of transitional arrangements under the city state’s Payment Services Act, which allows it to provide services while its license application is being processed.
  • Coinhako, which currently supports 0ver 40 digital assets, has seen a 1,000% increase in trading volume for the first eight months of 2021, with over 300,000 registered users in Singapore and an average of 150,000 monthly active users. According to Coinhako’s projection, its trading volume could cross the US$7.4 billion mark by the end of the year, driven by growing interest for cryptocurrencies in Singapore and Southeast Asia.
  • Southeast Asia has emerged as one of the fastest-growing regions for cryptocurrency adoption, according to blockchain data provider Chainalysis. Vietnam topped the Chainalysis’ 2021 Global Crypto Adoption Index, with Thailand (12th), Malaysia (23th) and Indonesia (25th) ranked in the top 50. Singapore was in 80th place.

   

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