Coinhako launches platform for HNWIs and institutions seeking crypto exposure

EAGER to get a share of the institutional money pouring into the crypto space, Singapore crypto exchange Coinhako has launched a digital assets platform for high-net-worth individuals (HNWIs) and institutions.

Coinhako Privé will offer institutional-grade digital asset services and white glove services, such as a dedicated relationship manager, personalised support from industry experts and zero trading fees, Coinhako said on Tuesday.

The platform will be open to accredited investors with at least S$300,000 in annual income or S$2 million in net personal assets, or S$1 million in net financial assets. Institutions that invest S$100,000 or above in annual crypto trading volume will also be eligible.

Coinhako launched in 2014 and has thus far focused on the retail market.

"Though retail in Singapore remains the driving market force, we have seen a huge increase in interest from institutions and high-net-worth individuals, including our existing customers," said its chief executive and co-founder Liu Yusho.

"Coinhako Privé will serve a wide range of HNWIs and institutional clients, who are looking to gain exposure to cryptocurrencies or manage digital assets on a reputable platform. This will include accredited investors, corporations, or businesses with a Singapore footprint," he added.

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Coinhako said its existing retail platform has seen a 1,000 per cent increase in trading volume over the first 8 months of 2021. It has over 300,000 registered users in Singapore and an average of 150,000 monthly active users, based on year-to-date data.

Coinhako said it expects trading volume to cross the S$10 billion mark by the end of the year, but declined to share its current trade volumes and assets under management.

Coinhako is among a list of digital payment token services providers in Singapore that have been granted a temporary exemption from holding a licence, under the Payment Services Act.