Several nations across the globe have been embracing the cryptocurrency market. Hong Kong’s largest digital bank, ZA Bank, has jumped onto the cryptocurrency boat with its latest addition. According to the latest reports, the bank has rolled out a brand new service that allows retail customers to buy and sell assets such as Bitcoin and Ethereum directly with fiat.
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Here’s Why Hong Kong’s Top Bank Has Entered The Crypto Scene
The bank’s statement revealed that Hong Kong citizens must have an account with the bank in order to utilize this service. They are required to complete a risk assessment before using the new cryptocurrency service linked to the bank’s app. Currently, the bank has only two cryptocurrencies, Bitcoin and Ethereum, under this wing.
While this may seem like a shock to the bank’s users, it was reportedly done in partnership with HashKey, a prominent cryptocurrency exchange. Speaking about the latest addition. Calvin Ng, alternate chief executive of the Hong Kong bank, said,
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities. 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.”
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ZA Bank’s Interest In Cryptocurrency
ZA Bank’s recent decision to launch cryptocurrency trading implies that more Hong Kong citizens are interested in investing in the market. It should be noted that ZA Bank combines a cryptocurrency trading platform into its banking services. This further combines regulated bank accounts with a crypto trading experience for its customers. In addition, the Hong Kong bank has a total of 800,000 users. This makes it one of the largest banks in the region.
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