Hong Kong private wealth manager Henyep Group is expanding to Bitcoin (BTC) offerings to meet the increasing demand for cryptocurrencies from affluent investors.
According to The Block, the traditional private wealth management firm, founded in Hong Kong in 1977, has formed Q9 Capital, its new subsidiary to launch crypto prime brokerage-like services, targeting high-net-worth individuals (HNWIs), family offices, wealth managers, and corporates.
“We view it [crypto space] as a life-time opportunity here because it’s very rare where you have a new asset class that is spot,” Aaron Chiu, Q9 Capital’s co-founder, also the executive director of Henyep Group, told The Block. “We see tremendous value in digital assets, which have become a truly global asset class – like gold did 40 years ago.”
“Around 90% of our clients are either completely new to crypto or did one or two investments previously but aren’t actively involved in the space – generally the Bitcoin Class 2021,” James Quinn, managing director of Q9 Capital, told The Block.
Ex-Bitspark CEO Joins Crypto PR Firm
“We have seen a definite uptick [for bitcoin] with a theme around the narrative of hedging for inflation and de-globalization,” he said. “That, combined with the price action, have generated interest for our client set who tried to buy crypto for the first time.”
On another note about Hong Kong’s crypto market, George Harrap, who previously led Hong Kong-based crypto remittance startup Bitspark, has recently joined crypto-focused PR firm YAP Global as the head of DeFi.
YAP Global said the new hire will help bridge the communication gap between the mainstream media and decentralized finance (DeFi). In his new role, Harrap will support in promoting knowledge around DeFi, helping break down the complexity of the DeFi protocols that YAP’s clients are developing.