ZA Bank unveils retail crypto trading services
In news from the world of business and finance, ZA Bank, the first and largest digital bank in Hong Kong, has announced that it is now the first bank in Asia to offer crypto trading services directly to retail users. Customers can now trade the two currently supported cryptocurrencies, Bitcoin and Ethereum, in both HKD and USD through the ZA Bank app.
With rising global interest in cryptocurrencies, the number of users has climbed to 560 million by mid-2024, reflecting a 30% year-on-year growth. Market capitalization has also surpassed USD 2.3 trillion. A survey conducted by the Hong Kong Association of Banks reveals that nearly 70% of respondents believe bank-supported virtual asset trading services would enhance convenience and popularize cryptocurrency trading. ZA Bank says that it has introduced its new trading service In response to this growing market demand.
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities,” said ZA Bank alternate chief executive Calvin Ng in a press release.
Emphasizing his bank’s focus on security and compliance, Ng added, “As a bank, we prioritize 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.”
HashKey Exchange CEO Livio Weng echoed this sentiment, saying, “We are privileged to partner with ZA Bank in advancing innovation in digital banking services across Asia. As Hong Kong’s largest licensed virtual asset exchange, HashKey Exchange is dedicated to providing users with fully compliant and secure digital asset trading solutions. ZA Bank, as the first bank in Asia to offer such service, has demonstrated its strong leadership and a pioneering spirit in fintech integration.”
Weng added, “Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards. Looking ahead, HashKey Exchange will continue to work closely with ZA Bank to drive the development of the Web3 ecosystem, while delivering more diversified financial services to our users. Together, we aim to usher in a new era of wealth management.”
The new service by ZA Bank allows users to start trading crypto with a minimum investment of USD 70 or HKD 600. The bank offers 0% commission for the first three months following the activation of the service.
Featured image via press release
