Hong Kong virtual bank Mox Bank launches crypto ETF trading

The Standard Chartered subsidiary claims to be the first bank to provide clients with spot trading for Bitcoin and Ether ETFs.The Hong Kong-based virtual bank is considering growing into spot trading markets and has introduced cryptocurrency exchange-traded fund trading for its customer base.

Mox which is a Standard Chartered virtual bank subsidiary, became the first bank to offer spot Bitcoin and Ether ETF direct trading on its platform when it announced the opening of a crypto ETF service.

The bank also intends to increase the range of cryptocurrency services it offers, such as enabling direct purchases and trading of virtual currency through collaboration with an authorised exchange.

By charging 0.12% of transaction volume with a minimum of 30 Hong Kong dollars ($3.85) for crypto ETF trading, Mox positions itself as an affordable choice for those looking to trade spot and derivatives ETFs listed in Hong Kong, and 0.01% per share with a minimum of $5 for those listed in the US. To establish Hong Kong as a hub for cryptocurrency in the Far East, the country approved and started trading spot crypto ETFs on April 30. Furthermore, according to the digital bank, which debuted in September 2020, 28% of its clients have already made cryptocurrency investments, with 18% of them being active traders.

Challenges and Ambitions in the Mox Virtual Bank Crypto ETF Expansion

Barbaros Uygun who is the CEO of Mox, wants Hong Kong to become a global benchmark by being creative and adaptable to shifting markets. He went on to say that clients may now confidently access developing asset classes thanks to the addition of Crypto ETFs to the Mox Invest platform.

The bank’s chief product officer, Jayant Bhatia, told the South China Morning Post that the introduction of the cryptocurrency ETF is just the start of what Mox wants to offer in the crypto investing space, but he did not provide further details regarding the launch date of the cryptocurrency trading services.

For further information, Cointelegraph reached out to Mox but did not hear back right away. Since the start of their operations three months ago, the three Hong Kong spot ETF issuers Hawk Global, ChinaAMC, and Bosera HashKey have had difficulty growing their respective product reactions. The three ETFs had no flows in August, according to CoinGlass data, and the total assets under management for the three ETFs as of right now is only $236.3 million.