Hong Kong's largest bank, HSBC, announced today that it will allow its customers to buy and sell Bitcoin (BTC) and Ethereum (ETH) ETFs listed on the Hong Kong exchange, also becoming the first bank in Hong Kong to do so.
HSBC, Hong Kong's Largest Bank, Becomes First Bank to Allow ETFs
This move by HSBC will expand the exposure of local users in Hong Kong to cryptocurrencies.
Cryptocurrency ETFs currently listed in Hong Kong include the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF.
At the same time, HSBC launched the Virtual Asset Investor Education Center.
Investors are required to read and approve the training materials and risk disclosures in the Virtual Asset Investor Education Center before investing in any Virtual Asset related product through the HSBC HK Easy Invest app, the HSB CHK Mobile Banking app and online banking.
HSBC has recently filed additional trademark applications regarding cryptocurrencies with the United States Patent and Trademark Office (USPTO).
Also in December last year, HSBC filed a trademark application for its name and logo, which covers a wide range of crypto-related services.
In March, the bank joined the metaverse by partnering with blockchain virtual gaming platform The Sandbox. However, Noel Quinn, CEO of HSBC Group, said in September that cryptocurrencies are not in the future of the bank.
*Not investment advice.