Mox announced the launch of a crypto ETF service, becoming one of the first banks of its kind to offer direct trading of spot Bitcoin and Ether ETFs on its platform. The bank also plans to expand its crypto offerings, including allowing direct purchases and trading of crypto assets in the future through a partnership with a licensed exchange.
Mox is positioning itself as a cost-effective option for crypto ETF trading, charging 0.12% of transaction volume with a minimum of 30 Hong Kong dollars (USD 3.85) for Hong Kong-listed spot and derivatives ETFs and 0.01% per share with a minimum of USD 5 for US-listed derivatives ETFs.
Hong Kong’s push for crypto hub status
Spot crypto ETFs were approved and began trading in Hong Kong on 30 April 2024 as part of the country’s efforts to position itself as a crypto hub for the Far East.
Additionally, Mox Bank, which launched in September 2020, reports that 28% of its customers are already invested in crypto, with 18% of those being active crypto traders.
The virtual bank’s officials said they have a vision of building a global benchmark from Hong Kong by ‘staying ahead of the competition by being innovative and responsive to changing markets.’ Adding Crypto ETFs to their investment platform enables their customers to gain access to emerging asset classes with confidence.