• 21 November, 2024
Markets News

Mox Bank Offers Bitcoin & Ether ETF Trading in Hong Kong

Mox Bank Offers Bitcoin & Ether ETF Trading in Hong Kong

Mox Bank, a virtual bank in Hong Kong and a subsidiary of Standard Chartered, has launched crypto exchange-traded fund (ETF) trading. This move marks the bank as the first of its kind to offer direct trading of spot Bitcoin and Ether ETFs in the city. The announcement came on August 7, reflecting Mox’s commitment to expanding its crypto offerings.

Besides crypto ETFs, Mox plans to expand its services further. It aims to allow direct purchases and trading of various crypto assets in the future. This will be achieved through a partnership with a licensed exchange. The bank has introduced a cost-effective trading structure. For Hong Kong-listed spot and derivatives ETFs, Mox charges 0.12% of the transaction volume with a minimum fee of $3.85 (30 Hong Kong dollars). For US-listed derivatives ETFs, the fee is 0.01% per share with a minimum of $5.

Spot crypto ETFs received approval and began trading in Hong Kong on April 30. This approval aligns with Hong Kong’s goal to become a leading crypto hub in Asia. Furthermore, Mox Bank’s initiative highlights its innovative approach in the evolving crypto market.

Mox, which launched in September 2020, reports that 28% of its customers are currently invested in cryptocurrencies. Among these, 18% are active traders. Consequently, the new crypto ETF service aims to cater to the growing demand among its customer base.

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Mox CEO, Barbaros Uygun, stated that the bank’s goal is to set a global benchmark from Hong Kong. Uygun emphasized the bank’s dedication to staying ahead of competitors by being both innovative and responsive to market changes. Jayant Bhatia, the bank’s Chief Product Officer, mentioned to the South China Morning Post that the crypto ETF launch is just the beginning. He did not provide specific details about the timing of future crypto trading services but assured that more offerings are planned.

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