Mox: Standard Charteredhas introduced trading of Bitcoin and crypto exchange-traded funds (ETFs) on its investment platform, making Mox the first crypto bank in Hong Kong to offer Bitcoin and crypto-related investment products.
Latest Update: ðŸ‡ðŸ‡°Standard Chartered Bank subsidiary Mox launches #Bitcoin You can trade ETFs on the company’s platform. pic.twitter.com/OCzGh75FKc
— Bitcoin Magazine (@BitcoinMagazine) August 7, 2024
Moxx launched an ETF tracking Bitcoin on Aug. 7, which includes a Hong Kong spot Bitcoin and cryptocurrency ETF and derivatives. Bitcoin ETFs Citing a recent survey, the bank said about a third of Hong Kong residents use bitcoin or cryptocurrencies and that a similar proportion would switch banks for such services.
By leveraging its efficient crypto-banking infrastructure, Mox is able to offer Bitcoin ETFs with lower fees than traditional brokerages, which charge 0.12% of trading volume. Hong Kong For ETFs, it is 0.01% per share, and for US ETFs, it is 0.01% per share.
CEO Barbaros Uygán said the addition of Bitcoin and cryptocurrency ETFs will “give our clients access to an emerging asset class.”
A subsidiary of Standard Chartered, Mox benefits from the resources and credibility of a major global bank, and its launch of a bitcoin and cryptocurrency ETF may put pressure on competitors to expand similar services.
The move comes following the successful debut of Bitcoin ETFs in the United States and Hong Kong amid growing demand from retail investors. The move makes Bitcoin ETFs more accessible to Hong Kong investors and highlights Bitcoin’s mainstream adoption.
