Singapore-based Coinhako cryptocurrency exchange, one of a handful to have a full license to operate in the city-state, has launched “Coinhako Treasures” to offer more products that suit the needs of institutional clients, like corporates and family offices, as it seeks to grow its institutional user base.
See related article: How a market slump may be helping Singapore’s stance against retail crypto
Fast facts
- “We have been using this crypto down-time as an opportunity to build on Coinhako’s institutional services. We are seeing increased interest in this vertical,” Yusho Liu, Coinhako’s co-founder and chief executive officer, said in a press release emailed to Forkast.
- In the first half of 2022, Coinhako’s institutional investors’ trading volume was up by 300% compared to the first half of last year, the company said in the statement.
- Coinhako said it recorded a 50% increase in the average trade amount from institutional investors between January 2022 and June 2022, despite volatility in financial and crypto markets.
- Coinhako’s institutional focus aligns with the Monetary Authority of Singapore’s warnings to retail traders about the risk in cryptocurrency trading. The central bank has consistently advised the public to steer clear of cryptocurrencies and has restricted crypto advertising in public areas.
- Operated by Hako Technology Pte., Coinhako’s client base is about 80% retail traders, Collin Cheong, director for corporate development at the exchange, had told Forkast in August.
See related article: Singapore’s MAS says needs to do better job explaining crypto policy
