Standard Chartered’s Subsidiary Mox Introduces Crypto ETF Services

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Mox, a Hong Kong-based virtual bank backed by Standard Chartered, has recently introduced a cryptocurrency Exchange-Traded Fund (ETF) service for its customers. This move comes months after launching the Mox Invest platform, expanding its range of offerings.

Mox Offers Direct Spot BTC and ETH Trading 

According to the announcement, Mox is breaking new ground by becoming the first virtual bank offering direct trading of spot Bitcoin (BTC) and Ether (ETH) ETFs on its platform. Interestingly, this new service was rolled out a few days ago, positioning Mox as a comprehensive investment and banking platform tailored for retail investors. 

The virtual bank’s decision to offer trading in Bitcoin and Ether ETFs aligns with the increasing demand for digital assets among retail investors. These ETFs, launched in Hong Kong earlier this year, provide a regulated and accessible way for investors to gain exposure to the two leading cryptocurrencies without purchasing and storing the assets themselves.

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By offering a one-stop shop for traditional and digital investments, Mox is well-positioned to attract a new wave of retail investors seeking diversified and accessible financial solutions.

According to Jayant Bhatia, the bank’s chief product officer, the cryptocurrency ETFs introduction is just the beginning of Mox’s plans for the cryptocurrency investment sector. Bhatia stated in an interview, “We aim to provide customers with a secure method to diversify their investments in this asset class.”

Standard Chartered Adopt Digital Asset Trading

In June, the international bank announced its plan to launch a cryptocurrency trading desk, targeting Bitcoin and Ethereum. This move signifies the bank’s commitment to integrating digital assets into its portfolio and responding to the growing demand for cryptocurrency investment from institutional clients.

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Standard Chartered’s decision comes amid a global surge in cryptocurrency adoption, with BTC and ETH leading the market. By setting up a trading desk for these digital assets, Standard Chartered became one of the first global banks to adopt a crypto strategy through spot digital asset trading. Meanwhile, the debut of the trading desk will be supported under the bank’s foreign exchange trading unit.

Companies See Massive Potential in the Crypto Industry

Beyond Standard Chartered, Itau Unibanco, the largest bank in Brazil has announced cryptocurrency trading expansion services to all its users. This significant development enables customers to purchase BTC and ETH through Ion, the bank’s investment platform. Notably, the move will enhance customer retention and attract new clients keen on exploring digital assets.

Likewise, in 2022, financial technology and payment firm Mastercard introduced a program dubbed Crypto Source to help financial institutions offer secure crypto trading services to their clients. In the long run, Mastercard’s crypto trading offerings to banks and fintech firms will include technology and partnership support for buying, holding, and selling digital assets.

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