Henyep Group, a Hong Kong-headquartered wealth manager, is expanding its traditional private wealth offerings into the crypto space.

The group, founded in Hong Kong during the 1970s, has formed a new subsidiary called Q9 Capital, which officially launched crypto prime brokerage-like services last week targeting high-net-worth individuals and family offices.

The firm aims to meet growing demand from these types of institutionalized capital sources for digital assets by running a full crypto OTC desk to facilitate clients' trades and also offering crypto savings products and custodial services.

Henyep Group started as a gold dealer decades ago and has expanded its businesses into securities, foreign exchange, real estate and proprietary investment.

The average trade tickets from Q9's clients right now are "over a couple of hundred thousand dollars" after they allocate a relatively smaller amount as initial test trades.