Hong Kong-based virtual bank Mox has introduced crypto exchange-traded funds (ETFs) trading for its clients and is considering a future expansion of spot trading markets.
On August 7, Mox, a subsidiary of Standard Chartered, announced the launch of a crypto ETF service, becoming the first bank to offer direct trading of spot Bitcoin and Ethereum ETFs on its platform.
The bank plans to expand its crypto offerings by enabling direct purchases and trading of crypto assets through a partnership with a licensed exchange.
Mox aims to be a cost-effective option for trading crypto ETFs, charging 0.12% of transaction volume with a minimum fee of $3.85 (HK$30) for spot and derivative ETFs listed in Hong Kong, and 0.01% per share with a minimum fee of $5 for derivative ETFs listed in the US.
Hong Kong approved spot crypto ETFs and began trading them on April 30 as part of the country’s initiative to establish itself as a crypto hub in the Far East.
According to Mox, 28% of its clients are already invested in cryptocurrencies, with 18% of them active traders.
Jayant Bhatia, Mox’s chief product officer, pointed out that the launch of the crypto ETF is just the beginning of Mox’s plans in crypto investing, although he did not specify when additional cryptocurrency trading services will be launched.
Mox’s move highlights the growing interest in integrating traditional banking with cryptocurrency investments, potentially paving the way for more widespread adoption and innovation in the financial sector.
The SEC has sought a four-month extension in its investigation related to Coinbase, pushing the deadline to February 2024, just after the US presidential election.
DZ Bank, Germany’s second-largest financial institution, has teamed up with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks.
Charles Hoskinson, founder of Cardano, will meet with Argentina’s President Javier Milei in October to discuss blockchain’s role in shaping future economies.
Binance has seen a sharp rise in interest from institutional and corporate investors, with a 40% increase in participation this year, according to CEO Richard Teng.