Mox, the virtual bank under Standard Chartered, has announced the launch of bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) for its clients, following the recent debut of its investment platform in Hong Kong, the company revealed on Wednesday.
In addition to the ETF offerings, Mox intends to provide direct cryptocurrency investments through a partnership with a licensed exchange. Currently, HashKey and OSL are the only exchanges in Hong Kong authorized for crypto trading, as reported by the South China Morning Post.
CEO Barbaros Uygun highlighted the benefits of the new crypto ETFs, stating, “Adding Crypto ETFs to the Mox Invest platform empowers our customers to gain access to emerging asset classes with confidence. It allows them to explore new investment opportunities within the evolving crypto ecosystem in a regulated and trusted environment through the Mox app.”
Mox offers competitive fees for its ETFs, charging just 0.12% of transaction volume with a minimum fee of HK$30 ($3.85) for Hong Kong-listed ETFs, and 0.01% with a minimum fee of $5 for U.S.-listed ETFs, according to Henry Lau, Mox’s head of investment. This positions Mox as the lowest-cost provider among banks in the region.
In the U.S., spot bitcoin and ether ETFs have gained popularity since their launch earlier this year. Bitcoin ETFs have attracted over $17 billion in inflows since January, while spot ether ETFs, which began in July, have experienced a net outflow of $364 million, largely due to withdrawals from Grayscale’s Ethereum Trust, according to Farside Investors.
Conversely, Hong Kong-based ETFs have not met with the same level of success. The three local issuers—Bosera HashKey, ChinaAMC, and Harvest Global—have not reported any inflows this month, as per Coinglass data.
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