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Mox, a virtual banking subsidiary of Standard Chartered, has introduced bitcoin and cryptocurrency exchange-traded fund (ETF) trading on its investment platform. This makes Mox the first virtual bank in Hong Kong to offer bitcoin and cryptocurrency-related investment products.
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BREAKING NEWS: Standard Chartered's subsidiary bank, Mox, begins offering twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1821116866783318210?ref_src=twsrc%5Etfw”>August 7, 2024
On August 7, Mox launched ETFs that track bitcoin, including a Hong Kong-based bitcoin and cryptocurrency spot ETF and a U.S.-based bitcoin derivatives ETF. The bank cited a recent survey showing that about one-third of Hong Kong residents interact with bitcoin and cryptocurrencies, and a similar proportion would switch banks to receive such services.
By leveraging its virtual bank infrastructure, Mox is able to offer lower fees on bitcoin ETFs than traditional brokerages. The bank charges 0.12% of trading volume on Hong Kong ETFs and 0.01% per share on U.S. ETFs.
CEO Barbaros Uygun said adding bitcoin and cryptocurrency ETFs “allows our clients to gain access to emerging asset classes.”
As a subsidiary of Standard Chartered, Mox benefits from the resources and credibility of a major global bank. Its launch of bitcoin and cryptocurrency ETFs may put pressure on competitors to expand such offerings as well.
The move comes after the successful debut of bitcoin ETFs in the United States and Hong Kong amid growing retail demand. The move helps Hong Kong investors access bitcoin ETFs and highlights the widespread adoption of bitcoin.
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