Benzinga - One of Hong Kong's largest banks HSBC Holdings (NYSE: HSBC), reportedly ventured into cryptocurrency services, marking its first local foray into this sector.
Local journalist Colin Wu reported that on June 26, HSBC made it possible for its clientele to purchase and sell exchange-traded funds (ETFs) based on Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
The article further elaborated that HSBC would provide its customers access to cryptocurrency ETFs listed on the Stock Exchange of Hong Kong.
Currently, the exchange features three such crypto ETFs, namely the CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF.
This initiative is aimed at broadening the exposure of local users in Hong Kong to cryptocurrencies.
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Online data indicated that as of March 2022, HSBC Hong Kong had a user base of 1.7 million active mobile customers.
It is also reported approximately 95% of all HSBC's retail transactions in Hong Kong are conducted online.
Alongside the introduction of these new services, HSBC is also reportedly launching the Virtual Asset Investor Education Center.
This initiative is intended to safeguard investors from potential risks associated with cryptocurrency, mandating them to review and acknowledge educational materials and risks before making investments.
The education center is reportedly accessible on HSBC's virtual asset-related products such as the HSBC HK Easy Invest app, HSB CHK Mobile Banking app and online banking.
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