Hong Kong virtual bank Mox starts bitcoin, ether ETF trading, plans direct crypto trading

Mox says it is the first virtual bank to offer spot cryptocurrency ETFs as part of an effort to offer a holistic banking and investing solution to customers

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Hong Kong-based virtual bank Mox is expanding with its first crypto-related service offering ETFs. Photo: Handout

Published: 11:00am, 7 Aug 2024

Hong Kong-based virtual bank Mox has launched a cryptocurrency exchange-traded fund (ETF) service for customers, as it ramps up service offerings months after launching its Mox Invest platform amid Hong Kong’s push to transform the city into a virtual asset hub.

The Standard Chartered subsidiary started the service on Monday, becoming the first virtual bank to offer trading directly on its platform of the spot bitcoin and ether ETFs that launched in Hong Kong earlier this year, as the company positions itself as a one-stop-shop investment and banking platform for retail investors.

“The launch of crypto ETFs is just the start of what Mox intends to offer in the crypto investing space,” Jayant Bhatia, the bank’s chief product officer, told the Post in an interview on Monday. “We want to offer a safer way to an asset class for customers to diversify investments.”

Mox Bank chief product officer Jayant Bhatia, seen here at the company’s Hong Kong office in Quarry Bay, says the virtual bank is just getting started in offering crypto services. Photo: Mox Bank

The ETFs that invest directly into the world’s two largest cryptocurrencies join other ETF products available through Mox Invest, which launched in February. US crypto futures are also available, the company said, but not US spot crypto ETFs.

Further down the line, Mox plans to allow its users to directly purchase cryptocurrencies on its platform, something that has proven to be an appealing option for financial service providers. Digital brokerages Tiger Brokers and Futu recently launched crypto trading services.