Mox, a virtual bank subsidiary of Standard Chartered, has introduced Bitcoin and crypto exchange-traded fund (ETF) trading on its investment platform. This makes Mox the first virtual bank in Hong Kong to offer Bitcoin and crypto-related investment products.
JUST IN: ðŸ‡ðŸ‡° Standard Chartered’s subsidiary bank Mox starts offering #Bitcoin ETFs on its platform. pic.twitter.com/OCzGh75FKc
— Bitcoin Magazine (@BitcoinMagazine) August 7, 2024
Mox launched ETFs tracking Bitcoin on August 7th, including spot Bitcoin and crypto ETFs in Hong Kong and derivative Bitcoin ETFs in the US. The bank cited a recent survey showing about one-third of Hong Kong residents engage with Bitcoin and crypto, and a similar portion would switch banks for such services.
By leveraging its lean virtual bank infrastructure, Mox can offer lower fees on Bitcoin ETFs than traditional brokerages. The bank charges 0.12% of transaction volume on Hong Kong ETFs and 0.01% per share for US ETFs.
CEO Barbaros Uygun said adding Bitcoin and crypto ETFs "empowers our customers to gain access to emerging asset classes."
As a Standard Chartered subsidiary, Mox benefits from the resources and credibility of a major global bank. Its Bitcoin and crypto ETF launch may pressure competitors to expand such offerings as well.
The move comes after successful Bitcoin ETF debuts in the US and Hong Kong amid rising retail demand. The move helps Hong Kong investors access Bitcoin ETFs and highlights Bitcoin's mainstream adoption.
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Vivek Sen
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