Hong Kong’s Mox Bank Offers Bitcoin and Ether ETFs Trading
- The first virtual bank to provide direct trading of spot BTC and Ether ETFs on its platform.
- The digital bank aspires to establish itself as a worldwide standard from its headquarters.
A Hong Kong-based virtual bank is considering expanding into spot trading markets after launching crypto exchange-traded fund trading for clients.
The first virtual bank to provide direct trading of spot Bitcoin ETFs and Ether ETFs on its platform, Mox, a subsidiary of Standard Chartered, made history on August 7 when it announced the introduction of a crypto ETF service.
Moreover, as part of its strategy to diversify its revenue streams, the bank is looking at forming a partnership with a legitimate cryptocurrency exchange that would enable customers to buy and sell cryptocurrency directly.
While US-listed derivatives ETFs charge 0.01% per share with a minimum of $5, Hong Kong-listed spot and derivatives ETFs charge 0.12% of transaction volume with a minimum of 30 Hong Kong dollars ($3.85), and Mox is marketing itself as a cost-effective alternative for crypto ETF trading.
Establishing Itself as a Global Standard
Furthermore, Hong Kong is aiming to become a crypto center for the Far East, and on April 30, spot crypto ETFs were approved and started trading there. The digital bank debuted in September 2020 and claims that 28% of its clients have cryptocurrency holdings, with 18% of those customers engaging in active cryptocurrency trading.
According to Mox CEO Barbaros Uygun, the digital bank aspires to establish itself as a worldwide standard from its headquarters in Hong Kong via constant innovation and a keen awareness of market trends.
In the meanwhile, Mox’s chief product officer Jayant Bhatia told the South China Morning Post that the introduction of the crypto ETF is only the beginning of what the bank plans to provide in the crypto investment arena.
Highlighted Crypto News Today:
Ripple Announces Partnership with UAE’s DIFC Innovation Hub
share
