Cryptocurrency-focused company Seibbank said it has formed a partnership with financial services firm HashKey Group; To accelerate institutional adoption of digital assets in Hong Kong and Switzerland.

The partnership comes amid slowing developments due to the crypto winter, as the two digital asset-focused companies will work together to accelerate enterprise digital asset adoption.

According to Coin Telegraph, the two companies will aim to create different solutions for institutional investors looking to dive into the cryptocurrency ecosystem.

Seib Bank and HashKey Group have made it clear that they are committed to complying with and embracing the various regulatory frameworks within their respective jurisdictions.

Ciba Bank CEO Franz Bergmueller said that Hong Kong is a leading jurisdiction in terms of providing licensing for cryptocurrency products and services. For this reason, SEBA Bank is keen to enter the local digital asset ecosystem and expand its presence within the country through its hash key.

For his part, Michael Lee, CEO of HashKey, highlighted that his company operates under a regulatory-first approach, which means it focuses on compliance, noting that Ciba Bank works on the same principles, which makes him excited about the partnership.

Hash Key Group recently received licenses from the Securities and Commodities Futures Authority of Hong Kong to operate within the country. Meanwhile, Siba Bank was the first to obtain a digital asset custody license in Switzerland, allowing it to facilitate institutional custody services, in 2021.