Mox, a virtual banking subsidiary of Standard CharteredMox Inc. 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: 🇭🇰 Standard Chartered’s subsidiary bank Mox begins offering #Bitcoin ETFs on its platform. photo.twitter.com/OCzGh75FKc
— Bitcoin Magazine (@BitcoinMagazine) August 7, 2024
Mox launched ETFs tracking Bitcoin on August 7, including spot Bitcoin and crypto ETFs in Hong Kong and derivatives Bitcoin ETFs in the US. The bank cited a recent survey that found about a third of Hong Kong residents use Bitcoin and crypto, and a similar proportion would switch banks for such services.
By leveraging its lean virtual banking infrastructure, Mox is able to offer lower fees on Bitcoin ETFs than traditional brokerages. The bank charges 0.12% of transaction volume Hong-Kong ETFs and 0.01% per share for US ETFs.
CEO Barbaros Uygun said adding Bitcoin and crypto ETFs “gives our clients access to emerging asset classes.”
As a subsidiary of Standard Chartered, Mox benefits from the resources and credibility of a major global bank. The launch of Bitcoin and crypto ETFs could put pressure on competitors to expand such offerings as well.
The move follows successful Bitcoin ETF debuts in the US and Hong Kong amid rising retail demand. The move helps Hong Kong investors gain access to Bitcoin ETFs and highlights Bitcoin’s mainstream adoption.