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.
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