Synertone to Build JV for Operating Virtual Asset Trading Platform in HK

Expecting market demand for virtual asset-related products and services in Hong Kong to increase significantly over coming years, Synertone Communication Corporation (Synertone) has entered into binding documentation to set up a joint venture, Jade Power Lab Technology Group Limited (Jade Power), for the purpose of operating a virtual asset trading platform in Hong Kong.

The new crypto trading platform will be operated by a direct wholly-owned subsidiary of Jade Power, which has been operating a virtual asset trading platform in Hong Kong since 2023 May. Jade Power has cooked up plans to apply for the requisite licenses from the Hong Kong Securities and Futures Commission.

Through its direct wholly-owned unit, Synertone will hold 51% of the shares in Jade Power. Besides, blockchain technology services for the establishment and continued operation and maintenance of the virtual asset trading platform will be offered by JPEX Holdings Limited (JPEX), a technology company wholly owned by one of the parties to the joint venture. JPEX will leverage its technology offering and market experience in operating virtual asset exchanges.