Hong Kong based digital bank ZA Bank has announced it will offer cryptocurrency trading services directly to its retail users.
The bank claims it is the first in Asia to offer the service, which allow users to trade Bitcoin and Ethereum in Hong Kong dollars and US dollars without leaving the bank’s app.
The new service has been launched in partnership with HashKey, a technology company which offers virtual asset exchange.
ZA Bank said it has launched the service in response to growing demand for cryptocurrencies, adding that the move would enable its customers to take advantage of new investment opportunities.
It cited a survey by the Hong Kong Association of Banks, which found that nearly 70 per cent of respondents believe that if banks offer virtual asset trading services it would make buying and selling virtual assets more convenient or could help popularise cryptocurrency trading.
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” said Calvin Ng, chief executive of ZA Bank. “As a bank, we prioritise security and compliance, which is why we’ve partnered with HashKey, a global-leading licensed virtual asset exchange, to meet regulatory standards and deliver bank-grade security in virtual assets trading - our key competitive advantage in the Asian market.”
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