Standard Chartered’s Subsidiary Mox Bank Launches Crypto ETF Trading

Jimmy Aki
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On August 7, Hong Kong-based virtual bank Mox launched a crypto ETF trading service for its customers. This is coming shortly after it launched its Mox Invest platform, motivated by Hong Kong’s desire to remodel its city into a hotspot for digital assets.

Mox Becomes the First Virtual Bank in Hong Kong to Offer Crypto ETF Trading

According to the statement released by Mox, the virtual bank will offer direct trading of spot Bitcoin and Ethereum ETFs to its customers.

The bank also intends to assert itself as the dominant banking force for retail investors with plans to allow its customers to make direct purchases and engage in crypto trading once it finalizes its partnership with a licensed exchange in the near future.

Mox Bank plans to offer low and affordable fees to crypto traders who wish to venture into crypto ETF trading. For example, it charges 0.12% as commission for the Hong Kong stock trading with a minimum of $3.85 (30 Hong Kong Dollars).

It also charges 0.01% per share of the US stock trading with a minimum of $5, and $1 fixed trading commission for a US fractional share trade (less than 1 share).

Jayant Bhatia, the bank’s chief product officer, in an interview on Monday stated that Mox is simply just scratching the surface in terms of what it plans to offer in the crypto investment space.
He stated that Mox also wants to provide safety to customers so they can see crypto assets as an additional investment pool, giving them even more diversified investments.

This is not the first time crypto ETF trading will be approved in Hong Kong.

Recall that spot Bitcoin and Ethereum ETF trading was approved and began trading in the country on April 30, much before the US Securities and Exchange Commission (SEC) approved spot Ethereum ETFs for trading.

How Mox Intends to Handle Crypto Price Swings Inline With its Services

Mox is entering the crypto service market when cryptocurrencies face a rough patch after performing well during the first half of the year.

For example, data from CoinGecko revealed that after reaching a high of $73,098 on March 13, Bitcoin fell by as much as 16% on Monday due to low confidence among investors, prompting them to sell off their crypto assets.

However, Barbaros Uygun, CEO of Mox, believes that this is where Mox needs to step in and educate customers willing to trade on the existence of volatility and the risks involved.

He also confirmed that the bank will, in its capacity, advise customers to have diversified asset classes to manage their investments and believes that starting with ETFs is the first step in the right direction.

Mox is also working to create professional-level trading features for retail investors, with each product tailored to the attributes and risk tolerance of the individual.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.