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Key Takeaways:

Mox, a Hong Kong-based virtual bank under Standard Chartered, launches crypto ETF trading, the first in the banking sector.
The service offers direct trading of spot Bitcoin and Ether ETFs, aiming for cost-effectiveness with low transaction fees.
Despite Mox’s innovative approach, Hong Kong’s spot ETF market has seen no flows in August and has $236.3 million in assets under management.

Mox, a Hong Kong-based virtual bank and a subsidiary of Standard Chartered, has launched a crypto exchange-traded fund (ETF) trading service, marking a first in the banking sector.

Announced on August 7, Mox offers direct trading of spot Bitcoin and Ether ETFs, with plans to expand into spot trading markets through a licensed exchange partnership.

🇭🇰#MoxBank, a virtual bank in Hong Kong and a subsidiary of Standard Chartered, has introduced ETF trading.

It is the first bank of its kind to offer spot Bitcoin and Ether ETF trading.

Mox plans to expand its crypto services to include direct crypto asset trading through a…
— Satoshi Talks (@Satoshi_Talks) August 7, 2024

The bank aims to be cost-effective, charging 0.12% of transaction volume for Hong Kong-listed ETFs and 0.01% per share for US-listed derivatives ETFs.

Since launching in September 2020, Mox has seen 28% of its customers invest in crypto, with 18% actively trading.

MOX BANK LEVELS UP CRYPTO TRADING IN HONG KONG

Mox Bank just became Hong Kong’s first virtual bank to offer crypto ETF trading, including Bitcoin and Ethereum.

Launched today, this move comes as a third of Hong Kong’s residents are into crypto, and many want banks that get it.… pic.twitter.com/lyQvoEiPpe
— IBC Group Official (@ibcgroupio) August 7, 2024

CEO Barbaros Uygun emphasizes innovation and market responsiveness, while Chief Product Officer Jayant Bhatia hints at further crypto offerings.

Despite these developments, Hong Kong’s spot ETF market has struggled, with zero flows in August and combined assets under management of $236.3 million.

About The Author

Written by

Fleming Airunugba

News Reporter

Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.

With a knack for engaging storytelling and strategic content creation, Fleming is dedicated to educating and inspiring his audience with insightful analysis on cryptocurrencies, NFTs, and the future of digital finance.

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