September 5, 2024
By Our Correspondent
Mox Bank Limited has become the first virtual bank in Hong Kong to provide opportunities for cryptocurrency investments.
Mox is enhancing the investment experience for Mox Invest customers by allowing them to diversify their portfolios with exchange-traded cryptocurrency funds (Crypto ETFs) directly through the Mox Invest platform. This innovative service facilitates access to the cryptocurrency market via a regulated and user-friendly investment platform, eliminating the need for customers to manage a personal crypto wallet.
As a result, Mox becomes the pioneering virtual bank in Hong Kong to introduce crypto-related investment options. The launch of this service is particularly timely, as recent surveys indicate that nearly one-third of Hong Kong residents have interacted with cryptocurrencies, and one in three crypto holders are inclined to change their primary banking institutions to those that offer crypto-related services.
By promoting a culture of innovation in a rapidly evolving business landscape, Mox effectively aligns its offerings with customer preferences, thereby simplifying the process of engaging with this emerging asset class. The availability of crypto-related investments through the Mox app further reinforces Mox’s reputation as a progressive digital banking institution.
Mox Invest will provide a variety of Crypto ETFs that comply with Hong Kong regulations, including both HK-listed spot and derivative Crypto ETFs, as well as US-listed derivative Crypto ETFs.
The underlying assets available for investment will encompass Bitcoin and Ethereum for spot Crypto ETFs, along with Bitcoin and Ethereum futures for derivative Crypto ETFs.
Barbaros Uygun, the Chief Executive Officer of Mox, stated, “As a digital banking institution aiming to establish a global standard from Hong Kong, Mox is committed to maintaining a competitive edge through innovation and adaptability to market changes. The introduction of Crypto ETFs to the Mox Invest platform enables our clients to confidently access emerging asset classes, facilitating their exploration of new investment avenues within the dynamic crypto landscape in a regulated and trustworthy environment, all through a secure and user-friendly experience via the Mox app.”
Experience competitive trading fees
Customers utilizing a Mox Invest account within the Mox app can effortlessly begin investing in Crypto ETFs, benefiting from the same account. They will also take advantage of Mox Invest’s notably reduced fees. The bank provides attractive trading commissions for both HK-listed and US-listed Crypto ETFs, charging 0.12% of the transaction value (with a minimum of HKD30) for HK-listed ETFs and USD0.01 per share (with a minimum of USD5) for US-listed ETFs. Mox does not levy any custodian or management fees beyond those imposed by the asset management firm overseeing the specific ETF.
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.