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A virtual bank based in Hong Kong has launched crypto exchange-traded fund trading for its customers and is eyeing potential expansion into spot trading markets.
On Aug. 7, Mox, a virtual bank subsidiary of Standard Chartered, <a href="https://mox.com/media/mox-breaks-new-ground-as-first-virtual-bank-in-hong-kong-to-open-crypto-investing-for-customers/" target="_blank" rel="noopener nofollow">announced</a> the launch of a crypto ETF service, becoming the first bank of its kind to offer direct trading of spot Bitcoin and <a href="https://cointelegraph.com/explained/what-are-etf-fund-flows-and-why-do-they-matter">Ether ETFs</a> on its platform.
The bank also plans to expand its crypto offerings, including allowing direct purchases and trading of crypto assets in the future through a partnership with a licensed exchange.
Mox is positioning itself as a cost-effective option for crypto ETF trading, charging 0.12% of transaction volume with a minimum of&nbsp; 30 Hong Kong dollars ($3.85) for <a href="https://cointelegraph.com/news/hong-kong-bitcoin-ether-etfs-start-trading-april-30">Hong Kong-listed</a> spot and derivatives ETFs and 0.01% per share with a minimum of $5 for US-listed <a href="https://cointelegraph.com/explained/what-are-ether-futures-etfs-and-how-do-they-work">derivatives ETFs</a>.
Spot crypto ETFs were approved and <a href="https://cointelegraph.com/news/hong-kong-spot-crypto-etfs-debut-6-things">began trading</a> in Hong Kong on April 30 as part of the country’s efforts to position itself as a crypto hub for the Far East. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/ec3d6ae7-5a2e-46d3-aa8d-cb7229e0913f.jpg" alt="Hong Kong virtual bank Mox Bank launches crypto ETF trading">
 <figcaption style="text-align: center;">
 Crypto ETF announcement. Source: Mox
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Additionally, the digital bank, which launched in September 2020, reports that 28% of its customers are already invested in crypto, with 18% of those being active crypto traders.
Mox CEO, Barbaros Uygun, said that the digital bank has a vision of building a global benchmark from Hong Kong by “staying ahead of the competition by being innovative and responsive to changing markets,” before adding: 
<blockquote data-ct-non-breakable="true">
 “Adding Crypto ETFs to the Mox Invest platform empowers our customers to gain access to emerging asset classes with confidence,”
</blockquote>
Meanwhile, Jayant Bhatia, the bank’s chief product officer, <a href="https://www.scmp.com/tech/tech-trends/article/3273430/hong-kong-virtual-bank-mox-starts-bitcoin-ether-etf-trading-plans-direct-crypto-trading" target="_blank" rel="noopener nofollow">told</a> the South China Morning Post that the crypto ETF launch “is just the start of what Mox intends to offer in the crypto investing space,” but did not elaborate on when crypto trading services would be launched. 
Cointelegraph contacted Mox for more details but did not receive an immediate response. 
Related: <a href="https://cointelegraph.com/news/hong-kong-launches-asia-first-inverse-bitcoin-etf">Hong Kong to launch Asia’s first inverse Bitcoin ETF</a>
The three Hong Kong spot ETF issuers, Bosera HashKey, ChinaAMC, and Harvest Global, have <a href="https://cointelegraph.com/news/hong-kong-spot-bitcoin-ether-etfs-struggle-gain-traction">struggled</a> to gain traction for their products since launching three months ago.
<a href="https://www.coinglass.com/hk-etf" target="_blank" rel="noopener nofollow">According</a> to data from CoinGlass, there have been zero flows for the three ETFs in August, and the total assets under management combined is just $236.3 million to date. 
Magazine: <a href="https://cointelegraph.com/magazine/5-ways-crypto-bots-are-ruining-crypto-including-auto-memecoin-rug-pulls/">How crypto bots are ruining crypto — including auto memecoin rug pulls</a>

Hong Kong virtual bank Mox Bank launches crypto ETF trading

Cointelegraph

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