Summary:
- New Offering: Mox, Standard Chartered’s virtual bank subsidiary, has started offering Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) to its clients.
- Investment Platform: The ETFs are available shortly after Mox launched its investment platform in Hong Kong.
- Direct Investments: The bank plans to offer direct crypto investments through a partnership with a licensed exchange.
- Licensed Exchanges: Only two exchanges, HashKey and OSL, are currently licensed to offer crypto trading in Hong Kong.
- Competitive Fees: Mox charges the lowest fees in the area, with 0.12% of transaction volume for Hong Kong-listed ETFs and 0.01% for U.S.-listed ETFs.
Mox, the virtual bank subsidiary of Standard Chartered, announced on Wednesday that it has started offering Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) to its clients. This new offering comes shortly after the bank launched its investment platform in Hong Kong, expanding its range of financial products.
In addition to the ETF offerings, Mox plans to introduce direct crypto investments on its platform through a partnership with a licensed exchange. Currently, only two exchanges, HashKey and OSL, hold licenses to offer crypto trading in Hong Kong. This partnership will enable Mox to provide its clients with more direct access to the growing cryptocurrency market.
While crypto ETFs are already accessible to investors on other trading platforms, Mox differentiates itself by offering the lowest fees in the region. For Hong Kong-listed ETFs, the bank charges a fee of 0.12% of the transaction volume with a minimum charge of HK$30 ($3.85). For U.S.-listed ETFs, the fee is 0.01% with a minimum of $5. This competitive pricing is the cheapest among banks in the area, according to Henry Lau, Mox’s head of investment, as reported by the South China Morning Post.
Mox’s move to offer Bitcoin and Ether ETFs, coupled with its plans to facilitate direct crypto investments, demonstrates the bank’s commitment to embracing the digital asset space and providing its clients with innovative financial solutions. As the cryptocurrency market continues to evolve, Mox’s proactive approach ensures that its clients can take advantage of new investment opportunities while benefiting from competitive pricing and reliable service.
This announcement underscores the bank’s strategy to integrate cutting-edge financial technologies and cater to the growing demand for digital assets among its client base. As Mox continues to expand its offerings, it remains at the forefront of the financial industry’s digital transformation.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
