EXCLUSIVE: Hong Kong-based Metalpha is rebranding to push its crypto services to the forefront of its business. By egreechee.
Metalpha, which offers asset management and hedging services, is a limited liability company, 49% of which was owned by Bitmain-tied financial services firm Antalpha, and 51% of which was owned by Meta Rich Limited, which in turn was 100% owned by Dragon Victory International.Following the restructuring, Metalpha will become a wholly owned subsidiary of the listed company, which in turn will be renamed to Metalpha Technology Holding Limited .
. Its involvement in Metalpha not only enables it to be an investor in asset management and hedging space, but to use their products, too.Antalpha is also Metalpha’s largest customer, bringing in “over $100 million” in assets, Wang said.Antalpha did not respond to CoinDesk’s request for comment on this report.
Metalpha offers hedging services to institutional clients, about 20%-30% of which are mining firms, and the rest are other institutional investors like family offices, Wang told CoinDesk. The firm doesn’t serve clients in mainland China. “Because of the current market situation,” new entrants to the crypto market are “kind of hesitant,” Wang said; they either start with small trades as a test, or they open an account and wait for their preferred market conditions. So Metalpha is focusing on existing clients, mostly from the crypto space who are “very hungry for hedging solutions because they lost a lot of money [in this bear market].
However, even the cost of hedging can be prohibitive for some firms at the moment. “It's more like saving people that haven’t drowned yet,” said Wang.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
WOW Summit Web3 Conference is Coming to Hong Kong in 2023 | HackerNoonWOW Hong Kong is supported by government institutions - Invest Hong Kong and Hong Kong Tourism Board - web3events techconferences
Leer más »
Hong Kong reopens to China, with anxiety over covid and painkiller accessThe city is considering limiting purchases of cold medicine as pharmacy shelves are cleared by people sending pills to coronavirus-stricken mainland China.
Leer más »
Photos: Loved ones reunite in China, Hong Kong as borders reopen after 3 yearsBeijing began a gradual reopening of its land and sea borders with Hong Kong on Sunday for the first time in almost three years, as part of its move to roll back pandemic restrictions that largely prevented travel into China from overseas and the city.
Leer más »
Asia-Pacific markets rise as China reopens borders with Hong KongAsia-Pacific markets traded higher as Hong Kong and mainland China resumed quarantine-free travel over the weekend.
Leer más »
Hong Kong wants to become crypto hub despite industry crisisThe government of Hong Kong remains committed to crypto development despite the ongoing industry crisis fueled by the FTX collapse, according to financial secretary Paul Chan.
Leer más »
IT services firm to be Qatar's first to use book building for IPOQatari IT services firm MEEZA will be the first company in the country to use book building to carry out an initial public offering, it said in a statement on Sunday, as Qatar aligns itself with international practices.
Leer más »