This will be a first for Bitcoin and Ethereum in Hong Kong, which follows the USA in spot Bitcoin ETFs but precedes the USA in Ethereum ETFs.
Hong Kong-based virtual bank Mox Bank, a subsidiary of Standard Chartered, has launched spot Bitcoin and Ethereum ETF trading services for its customers.
Mox Bank said it is the first bank of its kind to offer Bitcoin and Ethereum ETF services to its customers.
“Mox Bank today allows Mox Invest customers to trade Bitcoin and Ethereum ETFs directly through Mox Invest.
This ETF service offers a convenient way to gain exposure to the crypto market through a regulated and familiar investment platform without the complexities of managing a personal crypto wallet.
This also makes Mox Ban the first virtual bank in Hong Kong to offer crypto-related investment products.”
Mox Bank stated that it offers BTC and ETH ETF service to its customers with low fees and added: “0.12% transaction fee with a minimum of HK$ 30 (US$ 3.84) for ETFs listed in Hong Kong and 0.12% for ETFs listed in the USA.” “There will be a fee of 0.01% per share, with a minimum of US$5.”
Mox CEO Barbaros Uygun said, “As a digital bank from Hong Kong with a vision to create a global benchmark, Mox believes in staying ahead of the competition by being innovative and responsive to changing markets. Adding Crypto ETFs to the Mox Invest platform enables our clients to tap into emerging asset classes.” “It allows them to access new investment opportunities within the evolving crypto ecosystem in a regulated and reliable environment and in a safe and simple way through the Mox app.” said.
Mox Bank also stated that it plans to enable direct cryptocurrency purchases on its platform, which is popular among financial service providers.
Digital bank Mox, which started operating in September 2020, added that 28% of its customers have already invested in cryptocurrencies, and 18% of them are active cryptocurrency investors.
*This is not investment advice.