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On Wednesday, Mox, a virtual bank backed by Standard Chartered in Hong Kong, announced the expansion of its investment offerings to include cryptocurrency exchange-traded funds (ETFs).
This initiative makes Mox the first virtual bank in Hong Kong to provide investment products related to cryptocurrencies.
Mox referenced a survey indicating that approximately one-third of residents in Hong Kong have interacted with cryptocurrencies. The survey also revealed that a similar percentage of cryptocurrency holders would contemplate switching to banks that provide crypto-related services.
The bank emphasized its commitment to innovation and customer satisfaction, noting that this initiative aligns with market trends and facilitates easier access to cryptocurrencies for its clients.
Mox Utilizes Virtual Bank Status to Provide Cost-Effective Bitcoin and Ethereum ETFs
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The ETFs that invest directly in the two largest cryptocurrencies, Bitcoin and Ethereum, are now included in the offerings at Mox Invest, which was launched in February.
Furthermore, the company provides US crypto futures; however, US spot crypto ETFs are not available, as stated by the company.
Mox aims to differentiate itself by offering competitive fees for its crypto ETFs. While traditional brokerage platforms in Hong Kong allow the purchase of spot Bitcoin and Ether ETFs, Mox is using its virtual bank status to provide lower costs.
The bank imposes a transaction fee of 0.12%, with a minimum of HK$30 (US$3.84) for Hong Kong-listed ETFs, and a fee of 0.01% per share, with a minimum of US$5 for US-listed ETFs.
Mox Plans to Enable Direct Crypto Transactions
In the future, Mox plans to allow direct cryptocurrency purchases on its platform, a feature that has garnered interest among financial service providers, according to the South China Morning Post.
Mox has entered the cryptocurrency financial services sector during a time of market volatility for cryptocurrencies. Bitcoin, which reached a peak of US$73,738 in March, fell over 12% on Monday, reflecting broader economic concerns and asset sell-offs.
