Standard Chartered Bank’s subsidiary, Mox, has launched Bitcoin and cryptocurrency exchange-traded funds (ETFs) trading on its investment platform. This makes Mox the first virtual bank in Hong Kong to offer Bitcoin and cryptocurrency-linked investment products.
BREAKING: 🇭🇰 Standard Chartered’s Mox Bank starts offering #Bitcoin ETFs on its platform. pic.twitter.com/OCzGh75FKc
— Bitcoin Magazine (@BitcoinMagazine) August 7, 2024
MOX launched bitcoin-tracking ETFs on August 7, including a cryptocurrency and spot bitcoin ETF in Hong Kong and a bitcoin derivatives ETF in the United States. The bank cited a recent survey showing that about a third of Hong Kong residents deal in bitcoin and cryptocurrencies, and that a similar percentage would switch banks for such services.
By leveraging the virtual bank’s infrastructure, Mox can offer lower fees on Bitcoin ETFs than traditional brokerages. The company charges 0.12% of the transaction volume on Hong Kong ETFs and 0.01% per share on U.S. ETFs.
The addition of bitcoin and ETFs “enables our clients to access emerging asset classes,” said CEO Barbaros Oygun.
As a subsidiary of Standard Chartered, Mox benefits from the resources and credibility of a major global bank, and its launch of a cryptocurrency and bitcoin ETF could put pressure on rivals to expand such offerings as well.
The move comes after the successful launch of Bitcoin ETFs in the US and Hong Kong amid high retail demand. The move helps Hong Kong investors gain access to Bitcoin ETFs and highlights the widespread adoption of Bitcoin.
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