Mox Virtual Bank in Hong Kong launches Bitcoin and Ethereum ETF trading
Hong Kong-based virtual bank Mox announced it has expanded its investment options to include cryptocurrency exchange-traded funds (ETFs). This move makes Mox the first virtual bank in Hong Kong to offer crypto-related investment products.
The bank referenced a survey indicating that about one-third of Hong Kong residents have engaged with cryptocurrencies. The survey also revealed that a similar proportion of crypto owners would consider switching to banks that offer crypto-related services.
The bank emphasized its commitment to innovation and customer satisfaction, noting that this initiative aligns with market trends and aims to make accessing cryptocurrencies easier for its customers.
Mox Leverages Virtual Bank Status to Offer Lower-Cost Bitcoin and Ethereum ETFs
The bank Invest, launched in February, now includes ETFs that directly invest in the world’s two largest cryptocurrencies, Bitcoin and Ethereum. The company also offers U.S. crypto futures, though U.S. spot crypto ETFs are currently unavailable.
The bank seeks to differentiate itself by offering competitive fees for its crypto ETFs. While Hong Kong’s spot Bitcoin and Ether ETFs can be purchased through traditional brokerage platforms, Mox leverages its virtual bank status to offer lower costs.
The bank charges a 0.12% transaction fee, with a minimum of HK$30 (US$3.84) for Hong Kong-listed ETFs, and a 0.01% per share fee, with a minimum of US$5 for U.S.-listed ETFs.
Mox to Introduce Direct Crypto Transactions
Looking ahead, The bank plans to enable direct cryptocurrency purchases on its platform, a feature that has piqued the interest of financial service providers.
The bank has entered the crypto financial services industry during a period of market volatility for cryptocurrencies. Bitcoin, which soared to US$73,738 in March, fell over 12% on Monday, reflecting broader economic concerns and asset sell-offs.
