ZA Bank, the first and largest digital bank in Hong Kong, has become the first bank in Asia to offer crypto trading services directly to retail users. Retail customers can seamlessly trade top cryptocurrencies in HKD and USD through the bank’s app. The platform currently supports trading exclusively for Bitcoin and Ethereum.
Hong Kong’s first and largest virtual bank now enables retail users to buy Bitcoin (BTC) and Ether (ETH) directly using fiat, including HKD and USD. The move makes ZA Bank the first in Asia to offer crypto trading services directly to users.
Retail Users Can Now Trade Bitcoin (BTC) and Ether (ETH)
Hong Kong’s first and largest digital bank, ZA Bank, has become Asia’s first bank to offer cryptocurrency trading services directly to retail users. Through the bank’s app, users can seamlessly trade top crypto in fiat currencies on a single platform. Retail users no longer need to switch between apps or platforms to enjoy this service. In its announcement, ZA Bank said the platform offers “cryptocurrency” trading services but noted it “currently supports trading services exclusively for Bitcoin and Ethereum.” It is still unclear whether the platform will include support for other cryptocurrencies in future.
With the launch of this service, the virtual bank explained it simplifies the entire investment process and “cements its leadership in digital wealth management by merging traditional banking with the future of finance.”
ZA Bank Capitalizes on the Global Surge in Crypto Demand
The global demand for cryptocurrencies and crypto-related services has surged, with users reaching 500 million by mid-2024. According to ZA Bank, this surge represents a 30% year-on-year increase, and the crypto market capitalization has increased nearly 90%, now measuring $2.3 trillion. Moreover, a recent survey by the Hong Kong Association of Banks revealed that almost 70% of respondents believe that if banks offer virtual asset trading services, trading will be more convenient and could aid in adopting and popularising crypto trading.
ZA Bank’s landmark decision to offer crypto trading services places it firmly in the spotlight, and regulators will undoubtedly look at it with increased scrutiny. Calvin Ng, Alternate Chief Executive of ZA Bank, commented on the move and assured it would comply with the necessary regulatory measures. In a statement, Ng said:
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities. 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.”
Last year, Hashkey became the first crypto platform in Hong Kong to upgrade its type 1 and type 7 licenses, allowing it to serve retail customers.
Global Demand for Crypto Skyrockets in Anticipation of Trump Administration’s Pro-Crypto Policies
The recent victory of Donald Trump in the US presidential election has renewed interest and optimism in the crypto market, driven by expected pro-crypto policies under Trump’s incoming administration. Since securing a landmark win over the democratic candidate, Kamala Harris, Bitcoin (BTC) surged to record highs, nearly hitting the $100,000 mark with a high of $99,655. Market sentiment became overwhelmingly bullish following Trump’s win, further encouraged by the announcement of the imminent resignation of Gary Gensler, Chair of the SEC. Since becoming President-elect, Donald Trump has made numerous crypto-friendly moves. The social media company owned by Trump is reportedly in the process of buying crypto trading firm Bakkt, and the President-elect is considering creating the first-ever crypto-specific role in the White House.
News emerged that the incoming administration is also mulling handing over the regulation of crypto exchanges and spot markets for cryptocurrencies deemed commodities to the Commodity Futures Trading Commission (CFTC), likely driven by the SEC’s relentless crusade on the crypto industry under Gensler’s reign.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/11/hong-kongs-za-bank-becomes-asias-first-lender-to-offer-retail-crypto-trading