Hong Kong-based Virtual Bank Mox Introduces Crypto ETF Trading

Mox Bank, a Hong Kong-based virtual bank, has launched crypto ETF trading for customers. According to the August 7 announcement, the bank will only allow Bitcoin and Ether ETF trading for now.

This move makes Mox, a Standard Chartered subsidiary, the first Hong Kong virtual bank to offer spot Bitcoin and Ether ETF trading.

Mox Bank Launches Bitcoin and Ether ETF Trading

Recently, Mox Bank disclosed that it is expanding its investment products to include Bitcoin (BTC) and Ether (ETH) ETF trading. This move positions Mox as the first virtual bank to offer crypto-based investment options in Hong Kong.

Further, Mox revealed its plans to broaden its crypto services and increase its commitment to innovations and customer satisfaction. It pointed out that deepening its crypto presence conforms with current market trends.

Also, the bank noted that the move forms part of providing customers with easy access to cryptocurrencies.

Moreover, the Standard Chartered subsidiary indicated that its leap into crypto ETF sprung from a recent survey indicating increased demand for digital assets in Hong Kong. The survey showed that one-third of Hong Kong residents have invested in digital assets.

Also, the survey indicated the same percentage of crypto owners prefer using banks that provide crypto-based services.

The virtual bank noted that crypto-related ETFs are only Hong Kong's spot BTC and ETH ETFs. It stated that US spot crypto ETFs are not included on its platform.

In addition, Mox has laid out competitively lower fees for its ETF services. The virtual bank disclosed a 0.12% fee on transactions with a minimum of HK$30 ($3.84) for Hong Kong-listed spot and derivatives ETFs. Also, it charges a 0.01% fee per share with a minimum of $5 for US-listed derivatives ETFs.

Mox Bank Targets More Expansion with Direct Crypto Transactions

Founded in September 2020, Mox Bank has gained traction as one of the leading virtual banks. It reported that about 28% of its clients have invested in digital assets, with 18% of this number as active crypto traders.

Barbaros Uygun, the CEO of Mox Bank, reacted to the new development. Uygun reiterated the bank's goals of establishing an outstanding global benchmark within the region.

The CEO also noted that Mox plans to surpass its competitors by remaining innovative and responsive to evolving market dynamics.

Uygun further noted that adding Crypto ETFs to the bank's platform boosts customers' confidence, enabling them to access emerging asset classes easily.

Meanwhile, Mox plans to expand its crypto engagement through direct crypto transactions. According to local news outlet South China Morning Post, Mox is preparing to introduce direct purchases of crypto assets on its platform.

The virtual bank plans to establish this move via a partnership with a licensed exchange.

This initiative has boosted several financial service providers by attracting more investors. Some digital brokerages, such as Tiger Brokers and Futu, also recently rolled out crypto trading services.

The post Hong Kong-based Virtual Bank Mox Introduces Crypto ETF Trading appeared first on The Tech Report.