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Hong Kong’s Mox, a Standard-Chartered backed virtual bank, said Wednesday that it expanded its investment options to include cryptocurrency exchange-traded funds (ETFs).  This move positions Mox as the first virtual bank in Hong Kong to offer crypto-related investment products. Mox cited a survey showing that about one-third of Hong Kong residents have engaged with cryptocurrencies. The survey also found that a similar proportion of crypto owners would consider switching to banks that offer crypto-related services. The bank stressed its dedication to innovation and customer satisfaction. It noted that this initiative follows market trends and makes accessing cryptocurrencies easier for customers. Mox Leverages Virtual Bank Status to Offer Lower-Cost Bitcoin and Ethereum ETFs The ETFs that directly invest in the world’s two largest cryptocurrencies, Bitcoin and Ethereum, are now part of the offerings at Mox Invest, launched in February.  Additionally, the company offers US crypto futures. However, US spot crypto ETFs are not available, according to the company. Mox is aiming to stand out by offering competitive fees for its crypto ETFs. While Hong Kong’s spot Bitcoin and Ether ETFs can be bought through traditional brokerage platforms, Mox is leveraging its virtual bank status to offer lower costs. The bank charges a 0.12% transaction fee, with a minimum of HK$30 (US$3.84) for Hong Kong-listed ETFs, and a 0.01% per share fee, with a minimum of US$5 for US-listed ETFs. Mox to Introduce Direct Crypto Transactions Looking ahead, Mox intends to enable direct cryptocurrency purchases on its platform, a feature that has attracted interest among financial service providers, according to the South China Morning Post. Mox has entered the crypto financial services industry during a period of market instability for cryptocurrencies. Bitcoin, which surged to US$73,738 in March, tumbled over 12% on Monday, mirroring broader economic concerns and asset sell-offs. Source: https://bitcoinworld.co.in/hong-kongs-mox-virtual-bank-introduces-bitcoin-and-ether-etfs-trading/

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Filed under: News - @ August 8, 2024 9:28 am