Hong Kong’s largest digital bank, ZA Bank, has Announce Launch of retail cryptocurrency trading service. According to the press release, the service allows users to trade cryptocurrencies directly through the ZA Bank app, “simplifying” the trading process by eliminating the need for external platforms.
The move makes ZA Bank the first bank in Asia to offer such services to retail clients, reflecting the region’s growing interest in adopting digital assets.
Details of developing an introduction to cryptocurrency trading
The trading platform is designed to support transactions in Hong Kong Dollars (HKD) and US Dollars (USD), allowing users to trade leading cryptocurrencies.
To provide this functionality, ZA Bank has partnered with HashKey Exchange, one of three licensed cryptocurrency exchanges in Hong Kong.
HashKey’s institutional-grade platform, HashKey Pro, provides application programming interface (API) trading, block trading services, and “enhanced” account management features, ensuring “safe and efficient trading” for users, the release revealed.
Calvin Ng, Alternate CEO of ZA Bank, noted:
The rise of cryptocurrency provides investors with more diversified asset allocation opportunities. As a bank, we prioritize security and compliance, which is why we partnered with HashKey, a world-leading licensed virtual asset exchange, to meet regulatory standards and provide bank-level security in virtual asset trading – our key competitive advantage in the Asian market.
HashKey’s role in the launch
HashKey Exchange plays a crucial role in ZA Bank’s entry into the cryptocurrency sector. ZA Bank revealed in the press release that the collaboration leverages HashKey Pro infrastructure to “seamlessly” integrate cryptocurrency trading into the ZA Bank app.
HashKey Exchange CEO Livio Wong stressed the broader implications of this partnership, noting that the initiative aims to drive the growth of the Web3 ecosystem in Hong Kong.
We are honored to partner with ZA Bank in driving innovation in digital banking across Asia. As the largest licensed virtual asset exchange in Hong Kong, HashKey Exchange is dedicated to providing users with fully compliant and secure digital asset trading solutions. As the first bank in Asia to offer such a service, ZA Bank has demonstrated its strong leadership and pioneering spirit in FinTech integration.
Wong noted that as one of the three licensed exchanges in the region, along with OSL and HKVAX, HashKey is in a position to support the digital asset industry’s compliance with regulatory standards.
Overall, it is worth noting that this collaboration highlights Hong Kong’s efforts to establish itself as a leading center for cryptocurrency and blockchain innovation.
Additionally, collaboration and adoption came as the cryptocurrency market continually saw recognition from major institutions and even countries. Recently, BlackRock launched options trading on its cryptocurrency exchange-traded fund (ETF) product.
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