Mox, a virtual bank under Standard Chartered in Hong Kong, has launched a crypto exchange-traded fund (ETF) trading service. This makes it the first bank of its kind to offer direct trading of spot Bitcoin and Ether ETFs on its platform.
Mox also plans to expand its crypto offerings. The bank aims to allow direct purchases and trading of crypto assets in the future through a partnership with a licensed exchange.
Mox’s Competitive Fees
Mox is positioning itself as a cost-effective option for crypto ETF trading. The bank charges 0.12% of the transaction volume with a minimum fee of 30 Hong Kong dollars ($3.85) for Hong Kong-listed spot and derivatives ETFs. For US-listed derivatives ETFs, the fee is 0.01% per share with a minimum of $5.
Spot crypto ETFs were approved and began trading in Hong Kong on April 30. This is part of Hong Kong’s efforts to establish itself as a crypto hub in the Far East.
Since its launch in September 2020, Mox reports that 28% of its customers are already invested in crypto. Of these, 18% are active crypto traders.
Mox CEO, Barbaros Uygun, stated that the digital bank aims to build a global benchmark from Hong Kong by being innovative and responsive to changing markets. “Adding Crypto ETFs to the Mox Invest platform empowers our customers to gain access to emerging asset classes with confidence,” he said.
Jayant Bhatia, the bank’s chief product officer, mentioned that the crypto ETF launch is just the beginning of what Mox plans to offer in the crypto investing space. However, he did not specify when additional crypto trading services would be available.
Market Challenges
The three Hong Kong spot ETF issuers, Bosera HashKey, ChinaAMC, and Harvest Global, have faced challenges since their products launched three months ago. According to CoinGlass, there have been no flows for the three ETFs in August, with total assets under management at just $236.3 million.
