HSBC Hong Kong To Offer BTC, ETH Based ETFs
By Laxmikant Khanvilkar
Big financial institutions, banks are wasting no opportunity to engage customers, particularly in the U.S. It doesn’t matter whether these institutions have to offer products based on Bitcoin or Ethereum. The race seems to have just begun, to serve customers with access to digital asset Exchanged Traded Funds (ETFs) in the Asian continent as well.
Taking a cue from BlackRock, Invesco and WisdomTree, who have approached the U.S. markets regulator for launching spot Bitcoin based ETF, the Hong Kong-based banking giant HSBC, has come out in support of digital currency backed investment products.
According to reports, HSBC – a subsidiary of one of the world’s largest banking and financial services organizations, has recently evinced interest in similar products while extending support for BTC and ETH ETFs.
HSBC move will result in providing access to digital asset derivatives in the flourishing Asian crypto hub. Experts believe that such products will help first-time investors, since ETFs deliver “simplicity and convenience” to the crypto space.
As of Monday, HSBC Hong Kong customers are now able to trade ETFs that offer exposure to Bitcoin and Ethereum futures based on derivative contracts listed on commodity exchanges. These ETFs, treated as securities, were listed on HSBC Hong Kong’s mobile app “Easy Invest.”
HSBC Hong Kong offerings are CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. HSBC is the first lender in Asia to grant its customers access to digital asset ETFs.
Including ETFs on HSBC Hong Kong investment platform enables investors to access derivative products, which until now was available on unregulated exchanges. This new offering represents a clear opportunity for the bank to take the lead and fulfill a clearly identified customer need.
The CSOP Bitcoin Futures ETF and CSOP Ethereum Futures ETF are managed by CSOP Asset Management. This firm listed the two products on the Hong Kong Stock Exchange in December of last year, marking the first time ETFs in Asia had tracked digital asset futures.
You need to login in order to Like
