ZA Bank, Hong Kong’s largest and pioneering digital bank, has taken a significant step by becoming the first bank in Asia to offer cryptocurrency trading services directly to retail customers. Through its user-friendly app, ZA Bank now enables individuals to trade major cryptocurrencies—Bitcoin and Ethereum—using both Hong Kong dollars and US dollars.
This groundbreaking service consolidates the cryptocurrency trading experience within a single platform, eliminating the need for users to navigate between different apps or services. By integrating crypto trading into its digital banking platform, ZA Bank aims to simplify the investment process for retail investors, further solidifying its leadership in the digital wealth management space.
The launch of crypto trading comes at a time of soaring global demand for digital assets. By mid-2024, the global number of cryptocurrency users reached 560 million, marking a 30 percent year-on-year increase. Additionally, the total market capitalization of cryptocurrencies surged nearly 90 percent, surpassing $2.3 trillion, driven by bullish market conditions and anticipation of crypto-friendly policies in the U.S.
In Hong Kong, a recent survey by the Hong Kong Association of Banks found that nearly 70 percent of respondents believe that if banks offered virtual asset trading services, it would not only simplify transactions but also boost cryptocurrency adoption.
In response to this demand, ZA Bank has partnered with HashKey, a licensed global virtual asset exchange, to provide secure and compliant cryptocurrency trading. Calvin Ng, Alternate Chief Executive of ZA Bank, emphasized the importance of security and regulatory compliance in this new service, calling it a critical competitive advantage in Asia’s fast-growing digital asset market.
“We’re committed to offering more diverse investment opportunities while prioritizing safety and compliance,” said Ng. “Our partnership with HashKey ensures that our users can trade virtual assets with the same level of security they expect from traditional banking.”
Livio Weng, CEO of HashKey Exchange, lauded the collaboration as a milestone in fintech innovation. “ZA Bank’s leadership in integrating crypto trading services reflects our shared commitment to advancing the Web3 ecosystem and maintaining the highest regulatory standards,” Weng stated.
As the only bank in Asia offering access to funds, U.S. stocks, and digital asset trading, ZA Bank is positioning itself as a key player in the evolving Web3 landscape. The bank is focused on aligning its offerings with regulatory policies while pushing boundaries in financial services. With this latest move, ZA Bank is reshaping the future of wealth management, driving deeper integration between finance and technology.
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