Hong Kong-based Mox Bank, a subsidiary of Standard Chartered, has taken a significant step in the digital finance world by introducing cryptocurrency exchange-traded fund (ETF) trading on August 7. This move marks Mox as the first virtual bank to offer direct trading of spot Bitcoin and Ether ETFs, positioning itself as a pioneer in the crypto investment space.
Mox’s new service allows customers to trade Bitcoin and Ether ETFs with competitive fees. The bank charges a transaction fee of 0.12% for Hong Kong-listed spot and derivatives ETFs, with a minimum of $3.85, and 0.01% per share with a minimum of $5 for US-listed derivatives ETFs. This pricing structure is designed to be cost-effective compared to traditional brokerages.
The launch aligns with Hong Kong’s broader strategy to become a leading crypto hub. Spot crypto ETFs were approved and began trading in Hong Kong on April 30, supporting the city’s push to establish itself as a virtual asset center in Asia.
CEO Barbaros Uygun expressed enthusiasm about the new offering, stating, “Adding Crypto ETFs to the Mox Invest platform empowers our customers to gain access to emerging asset classes with confidence.” The bank’s chief product officer, Jayant Bhatia, highlighted that this development is just the beginning, with plans to expand further into the crypto investing space.
Since its launch in September 2020, Mox has reported that 28% of its customers are involved in crypto investments, with 18% actively trading. The bank’s entry into crypto ETF trading is expected to drive competition among other financial institutions, potentially leading to broader availability of digital asset products.
Mox’s move follows a pattern of increased interest and investment in cryptocurrency assets, reflecting a growing trend towards mainstream adoption. The introduction of crypto ETFs by Mox not only caters to existing crypto enthusiasts but also positions the bank as a key player in the evolving landscape of digital finance.
