Mox Debuts Bitcoin and Crypto ETFs
As a subsidiary of Standard Chartered, Mox enjoys the advantages of resources and the reputation of a significant global banking institution. The launch of its Bitcoin and crypto ETFs might compel competitors to broaden their offerings as well.
JUST IN: 🇭🇰 Standard Chartered’s subsidiary Mox begins offering #Bitcoin ETFs on its platform.
Thanks to its streamlined virtual bank framework, Mox can provide lower transaction fees on Bitcoin ETFs compared to conventional brokerages. The bank levies a fee of 0.12% on transaction volume for Hong Kong ETFs and 0.01% per share for US ETFs.
This development is especially noteworthy for Australian investors. Mox’s competitive edge, characterized by its reduced fee model, could serve as a benchmark for both virtual and traditional banks in Australia. With the local market already exhibiting an increasing appetite for cryptocurrency investments, Mox’s approach might motivate Australian banks to consider similar products.
This initiative follows successful introductions of Bitcoin ETFs in both the US and Hong Kong, driven by increasing retail interest. It facilitates access to Bitcoin ETFs for Hong Kong investors and underscores Bitcoin’s growing mainstream acceptance.
Market Edge and Influence
Additionally, the incorporation of Bitcoin and crypto ETFs into a virtual bank’s offerings emphasizes the rising recognition and acceptance of digital assets. This could potentially expedite regulatory dialogues and encourage more crypto-friendly regulations in Australia.
Mox, the virtual banking arm of Standard Chartered, has launched trading of Bitcoin and cryptocurrency exchange-traded funds (ETFs) on its investment platform. This positions Mox as the pioneering virtual bank in Hong Kong to offer Bitcoin and crypto investment products.
Mox unveiled ETFs tracking Bitcoin on August 7th, which include spot Bitcoin and crypto ETFs within Hong Kong and derivative Bitcoin ETFs in the US. The bank referenced a recent study indicating that approximately one-third of Hong Kong’s population interacts with Bitcoin and cryptocurrencies, with a similar proportion willing to switch banks for these services.
Source: bitcoinmagazine.com
In summary, Mox’s entry into Bitcoin and crypto ETFs not only consolidates its position in the market but also heralds a significant transformation in the financial sector. As additional banks and financial entities acknowledge the importance of digital assets, Australian investors may anticipate a broader and more accessible investment landscape.
CEO Barbaros Uygun stated that incorporating Bitcoin and crypto ETFs “equips our clients to access burgeoning asset classes.”
