Blogs & Articles: Subsidiary of Standard Chartered Introduces Bitcoin ETFs Trading 🔗 6 weeks ago

Mox, a virtual bank under Standard Chartered, has launched Bitcoin and cryptocurrency exchange-traded fund (ETF) trading on its investment platform. 

This makes Mox the first virtual bank in Hong Kong to provide Bitcoin and crypto investment products.

On August 7th, Mox introduced ETFs that track Bitcoin, featuring both spot Bitcoin and crypto ETFs in Hong Kong and derivative Bitcoin ETFs in the United States. 

The bank cited a recent survey indicating that approximately one-third of Hong Kong residents are involved with Bitcoin and crypto, and a similar percentage would consider switching banks for access to these services.

Mox's virtual banking model allows it to offer lower fees for Bitcoin ETFs compared to traditional brokerages. 

The bank's fee structure includes 0.12% of the transaction volume for Hong Kong ETFs and 0.01% per share for U.S. ETFs.

CEO Barbaros Uygun stated that the inclusion of Bitcoin and crypto ETFs aims to provide customers access to emerging asset classes.

As a part of Standard Chartered, Mox benefits from the resources and credibility of a major global bank. 

This move may encourage competitors to enhance their offerings in the Bitcoin and crypto space.

This initiative, following Bitcoin ETF launches in the U.S. and Hong Kong due to rising retail demand, enhances access for Hong Kong investors and reflects Bitcoin's growing mainstream acceptance.