Fusang Investment Office, an Asian fund management firm focused on family businesses, is seeking to launch a crypto-custody service in Hong Kong, South China Morning Post reported.

Chief Executive Officer Henry Chong said that an independent third party is required in the crypto industry to hold assets on behalf of the clients and conduct periodical audits on these assets.

“Digital assets are akin to bearer bonds, whereby whoever that is holding the security is presumed to be the owner and there is no registration of ownership information of the security. Hence, the way we keep digital asset secured is of paramount importance,” he said.

The service, Fusang Vault, is expected to launch in the fourth quarter. Chong also said that the company was working with insurers to provide cybersecurity insurance coverage for clients’ digital assets.

According to the official website, the service is being developed by a team of white-hat hackers, and offers layers of bio-metric and physical security.

“Fusang Vault provides fully-secured, audited, insured and compliant digital asset custody services.
Trust that your digital assets are secure,” the description reads.

Founded in 2015, Fusang has its offices in Hong Kong, Singapore, and Malaysia. Fusang Investment Office is a Registered Fund Management Company regulated by the Monetary Authority of Singapore (MAS). It is also licensed by the Hong Kong Securities and Futures Commission to carry on Type 9 (Asset Management) activities.

Earlier this month, Coinbase’s custodian service for institutional investors went live. It currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).