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HSBC will now allow its customers to buy and sell Bitcoin and Ethereum exchange-traded funds (ETFs) listed on the Hong Kong exchange, crypto journalist Colin Wu’s Wu Blockchain reported.
The bank has recently listed crypto ETFs on its Easy Invest mobile app, allowing traders to access Bitcoin and Ethereum futures. These ETFs operate as securities and are based on derivative contracts that are traded on commodity exchanges.
However, CoinDesk said the feature was available since December and customers can now also access these ETFs from the bank’s investment platform.
HSBC has also launched the Virtual Asset Investor Education Center, which contains educational materials and risk disclosures that investors will have to read and confirm before investing in any virtual asset-related products through the bank’s platforms.
The new feature reflects the growing interest in cryptocurrencies in the city. Julia Leung, CEO of the Securities and Futures Commission of Hong Kong, recently said that trading crypto plays an integral part in the market’s virtual asset ecosystem.
See also: How an SG regtech firm won over StanChart and HSBC with ‘ChatGPT for banks’
Last year, HSBC joined the metaverse frenzy by teaming up with The Sandbox, a decentralized gaming virtual platform. Its metaverse foray aims to engage and connect with sports, esports, and gaming enthusiasts.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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