- Digital bank Mox, a subsidiary of Standard Chartered, has started offering crypto exchange-traded funds (ETFs) to its customers.
- It is also planning on offering direct crypto investments in the future.
- Mox is one of several banks offering crypto ETFs in Hong Kong, differentiating itself by charging a lower fee.
According to reports from the South China Morning Post, the bank intends to facilitate cryptocurrency investments directly on its platform by partnering with a legitimately licensed exchange. Currently, only HashKey and OSL, two exchanges that have been authorized to provide cryptocurrency trading within Hong Kong, are involved in such partnerships.
As a researcher, I would rephrase the given sentence as follows: “As a platform user, you’ll now be able to tap into cutting-edge crypto asset classes with peace of mind, thanks to the inclusion of Crypto ETFs on Mox Invest. This allows you to delve into innovative crypto investment possibilities within a regulated and dependable setting, all made easy and secure through the user-friendly Mox app, according to CEO Barbaros Uygun’s statement.”
On other trading platforms, crypto ETFs are accessible to investors. However, what sets Mox apart is its lower fee structure: 0.12% of transaction volume (minimum HK$30 for Hong Kong-listed ETFs and $5 for U.S.-listed ETFs), making it the most affordable option among banks in the region, according to Henry Lau, head of investment at Mox. This was shared with the South China Morning Post.
Since their debut earlier this year, exchange-traded funds (ETFs) for U.S.-listed spot bitcoin and ether have garnered significant attention. Specifically, the bitcoin ETFs have attracted inflows totaling more than $17 billion since January. However, the newly launched spot ether ETFs, starting operations in July, have experienced outflows of approximately $364 million due to investors withdrawing their funds from Grayscale’s Ethereum Trust, as reported by Farside Investors.
Apart from seven other investment funds, BlackRock’s iShares Ethereum Trust is nearing the $1 billion milestone, having reached $870 million so far.
Although their counterparts based in Hong Kong have experienced decreased demand, the three entities, Bosera HashKey, ChinaAMC, and Harvest Global, have yet to receive any inflows during this current month as per data from Coinglass.
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2024-08-07 18:44