What if there was a bank that didn’t just keep your money safe, but let you venture into the world of cryptocurrencies? Mox Bank, a virtual bank in Hong Kong and a subsidiary of Standard Chartered, has made waves by launching crypto ETF trading — a major move in the financial sphere.
Mox Bank’s Big Bet on Crypto ETFs
The First of Its Kind
On Aug. 7, Mox Bank became the first virtual bank to offer direct trading of spot Bitcoin and Ether ETFs. This marked an industry-first service among its peers. The move is part of Mox’s wider plan to expand its cryptocurrency offerings; it also plans to do direct crypto asset trading with a licensed exchange at some point down the line.
Trading That Won’t Break the Bank
Indeed, one way that Mox Bank distinguishes itself in the space is through low-cost trading fees:
- 0.12% of transaction volume with a minimum of HK$30 ($3.85) for spot and derivatives ETFs
- $0.01 per share with a minimum of $5 for U.S.-listed ETFs
Undercutting competitors’ pricing is part of what makes Mox stands out as an attractive option for traders across various experience levels.
Customers Curious About Crypto? They’re Not Alone
It’s been less than a year since its September 2020 launch, but already there has been rapid adoption among clients when it comes to dealing in digital assets at Mox Bank.
So much so that this figure now stands at around one-in-four (28%) customers having some form or other exposure towards cryptos while banking with them; furthermore, nearly two-thirds (18%) actively trade these currencies too – which indicates just how hungry people are becoming within this region where appetite has historically always been strong around such things anyway.
Leadership’s Vision and Future Plans
Building for Tomorrow
In the eyes of Mox Bank CEO Barbaros Uygun, this banking enterprise should become nothing less than a global reference point within the financial services sector; therefore, it needs to stay ahead of competitors by being innovative as well as quick at reacting towards market shifts so that its clients can have faith when dealing with emerging asset classes.
Expanding Crypto Services
Jayant Bhatia, Chief Product Officer at Mox said they are just starting their journey into cryptocurrencies through launching crypto ETF trading but did not mention when will they launch direct trading services however he confirmed there is need for them to come up with more offerings.
Conclusion
Mox Bank’s entry into the world of crypto ETFs is a game changer for Hong Kong and beyond. The bank is not only keeping up with the market but setting standards by providing cheap solutions that are also creative. As Mox continues growing its cryptocurrency services, it welcomes experienced investors as well as newbies who want to try their luck in this digital assets sphere.
Are you ready to embrace the future of banking? Trade through Mox Bank now and become part of the crypto revolution.