ZA Bank, Hong Kong’s biggest virtual bank, has produced a revolutionary feature that lets users trade BTC and ETH directly on the company’s platform. The action plan is seen as the next step to integrate the adapter that sits at the intersection of the established banking system and the emerging crypto space.
Retail consumers require an account with ZA Bank and have to clear a risk assessment check as per an announcement made on November 25. At present, there are only Bitcoin and Ethereum available in the trading platform with no words on adding more options to the list of cryptocurrencies.
This service was created with the help of HashKey Exchange which is one of the three licensed cryptocurrency exchanges of Hong Kong. Calvin Ng, an alternate chief executive of ZA Bank, stated that the service complies with regulation, as well as meets the increasing need for cryptocurrency investments.
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” Ng stated.
Livio Weng, CEO of HashKey Exchange, also said that HashKey will continue to strengthen its cooperation with ZA Bank to deepen the strategic value of Web3 and provide diverse financial services.
Hong Kong began retail cryptocurrency trading in August of 2023. At the moment, only OSL, Hashkey and Hong Kong Virtual Asset Exchange (HKVAX) are authorized by the Licensing Department of the Securities Futures Commission (SFC). But the SFC has indicated that it could issue more licenses by the end of 2024, and this might help increase the use of cryptocurrencies in the area.
The provision of ZA Bank has been at the forefront of small banking in the digital market since it was granted a license by the Hong Kong Monetary Authority in 2019. Which has over 800k users now – and can confidently be referred to as Hong Kong’s largest digital bank.
Such recent action from ZA Bank to start cryptocurrency trading indicates that more residents of Hong Kong are interested in investing in cryptocurrencies. As one of the pioneer Chinese digital banks, ZA Bank incorporates a crypto trading platform into banking services to combine the regulated bank account with crypto trading experience for its users.
Since cryptocurrency is on the rise internationally and legislation is being developed in Hong Kong, this launch may open the door for other advancements in Hong Kong’s financial industry.