HashKey Exchange Gains JPMorgan Approval for Client Money Account

HashKey Exchange has secured approval from JPMorgan Chase to open a client money account, expanding its banking relationships. The new arrangement allows HashKey to keep client funds separate from its own assets and process settlements through JPMorgan's network.

The approval adds one of the world's largest financial institutions to HashKey's roster, following a similar partnership with DBS Bank in Singapore. DBS Group Holdings holds $697.77 billion in assets, making it Singapore's largest bank according to S&P Global Market Intelligence's April rankings.

HashKey Exchange already has a client money account with DBS Bank, which went live on June 30 and handles fiat deposits, withdrawals, and settlement services for clients. The JPMorgan approval comes as HashKey consolidates its product lineup by merging its HashKey Exchange and HashKey Global applications into a single portal.

HashKey Holdings raised $206 million through its initial public offering on the Hong Kong Stock Exchange in December, which was oversubscribed. The exchange holds a license from Hong Kong's Securities and Futures Commission to serve retail crypto traders in the city.