A subsidiary of Standard Chartered Bank, Mox, has started a new feature for its users, Bitcoin ETFs trading as a means for them to get exposure to the crypto market.
Global banking corporation Standard Chartered (SC) is behind a new initiative regarding Bitcoin ETFs trading in Hong Kong. It concerns their subsidiary, Mox Bank, in Hong Kong. The bank has rolled out a crypto investing feature for its users, becoming the first virtual bank in the region to do so. Meanwhile, SC Bank has been bullish on crypto for a long time.
Publishing a press release, Mox Bank shed light on the details of their new crypto investing feature. However, users will only be able to invest in BTC through the Bitcoin ETFs. The bank cited a survey which notes that one in three people in Hong Kong who are crypto owners, could shift from traditional banking to crypto products.
It stated, “By fostering a culture of innovation in an increasingly dynamic and fast-paced business environment, Mox strategically aligns its services with customer demand and simplifies access for gaining confidence with an emerging asset class.”
The active crypto ETFs in Hong Kong will be available on the Mox platform for trading and investing. It will include both spot and derivative ETFs. The CEO of MOX, sharing words through the press release, was bullish regarding the new feature.
Crypto investment products, now with the ETFs, are a common way of investing in the crypto market. It also offers a sense of similarity and transparency for investors of traditional financial assets. With its recent move, Mox Bank has established an initiative that could help enhance crypto adoption.
Moreover, the bank has mentioned its lower fees for the latest crypto investment product. The fees will be at par with that of the ETFs’ commissions.
Check out the latest crypto updates on Millionero’s blog!