Hong Kong’s largest bank HSBC starts bitcoin trading

Wu Blockchain announced in a Twitter post that HSBC Hong Kong clients can now trade Bitcoin as ETFs. ETFs, which trade as securities, were recently listed on Hong Kong’s largest bank’s app. HSBC is thus the first lender to give its users access to digital assets. These include the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and the Samsung Bitcoin Futures Active ETF.

SCOOP: HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange, and is also the first bank in Hong Kong to allow it. The move will expand local users’ exposure to cryptocurrencies in Hong Kong. pic.twitter.com/vH0LieSVGw

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– Wu Blockchain (@WuBlockchain) June 26, 2023

High demand for derivatives

Decrypt reports that there is robust demand for cryptocurrencies among retail investors in Hong Kong. However, Jeff Feng, co-founder of Sei Labs, states that the demand for derivatives is even greater. ETFs allow companies to offer a connection to cryptocurrencies without exposing themselves to regulatory risk.

“It’s a clear opportunity for HSBC to move forward and offer this one product that isn’t otherwise allowed in Hong Kong,” says Feng, adding that there is a “clear customer need.” The move towards cryptocurrencies comes as no surprise. Because private investors have been allowed to trade Bitcoin, Ethereum and other digital assets since June 1st.

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