Key Points: ZA Bank's cryptocurrency service has been launched to help retail users trade bitcoin and Efirium directly on the bank's mobile app.
Customers can trade through the app using Hong Kong dollars or euros after completing registration and risk assessment, and the platform's fees will be reduced by 0.8% until 2025-2026.
According to local news, Hong Kong-based digital bank ZA Bank has become the first financial institution in Asia to offer #cryptocurrency trading to retail customers.
ZA Bank's crypto service, launched in partnership with HASHKEY, will allow users to trade #bitcoin and #Etherium through a mobile app provided by the bank.
Starting today, users can trade in Hong Kong dollars or US dollars. According to CEO Wu Zhonghao, this initiative will enable ZA Bank to adapt to traditional banking services, enhance competitiveness and contribute to revenue growth.
Customers can only access the Service after registering an investment account and ZA Bank's risk assessment. All transactions are accompanied by an entry fee of US$70 or HK$600, the platform charges 1.5% for each transaction and the minimum fee is US$1.99 or HK$15. However, by the end of the 6th month of next year, the bank is offering a promotional discount that reduces the platform's fee to 0.8%.
ZA Bank's crypto service has been in development for almost 1 year and complies with local laws. It also offers the ability to make transactions 24/7. Zhonghao said that due to the high risks associated with cryptocurrency, user education is a major part of the bank's market promotion.
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