Hong Kong and Shanghai Banking Corporation (HSBC) – the largest bank in the region – has reportedly allowed customers to buy and sell Bitcoin and Ethereum ETFs, becoming the first local financial institution to do so.
It also launched an educational program that investors need to read before hopping on the cryptocurrency bandwagon.
As revealed by Wu Blockchain, HSBC will enable users to trade BTC and ETH exchange-traded funds (ETFs) listed on the Hong Kong Exchange.
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
— Wu Blockchain (@WuBlockchain) June 26, 2023
As of the moment, such products include CSOP Bitcoin Futures ETF, CSOP Ethereum Futures, and Samsung Bitcoin Futures Active ETF.
Recall that the first two funds debuted on the stock exchange at the end of 2022. They were also the first of its kind listed in Asia.
For its part, Samsung Bitcoin Futures Active ETF went live in January this year. It provides exposure to BTC price by investing in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME).
Besides the ETF move, HSBC released the Virtual Asset Investor Education Centre – a program directed to investors who are about to join crypto’s ecosystem.
It consists of educational materials and risk disclosures that should be of help of inexperienced individuals.
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