Hong Kong’s ZA Bank Launches Retail Crypto Trading for Bitcoin and Ether

In a significant milestone, Hong Kong’s largest digital bank, ZA Bank, has launched crypto trading services for retail customers. According to a statement, users can seamlessly trade leading cryptocurrencies like Bitcoin and Ethereum in Hong Kong dollars (HKD) and U.S. dollars (USD) directly within the ZA Bank app.

“Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD — all within a single platform, with no need to switch between apps or platforms,” the bank stated.

First Asian Bank to Offer Retail Crypto Trading Services

ZA bank’s crypto retail service comes in response to the growing crypto demand in the region. According to a recent survey by the Hong Kong Association of Banks, nearly 70% of respondents said that buying and selling virtual assets would be more convenient if banks offered trading services. They also believe that this move could help popularise cryptocurrency trading.

According to the bank, users can start trading with a minimum deposit of $70, with zero commission offered for the first three months. To ensure a secure and compliant trading environment, ZA Bank added that it has partnered with HashKey, a leading licensed virtual asset exchange.

“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities. As a bank, we prioritise security and compliance, which is why we’ve partnered with HashKey, a global-leading licensed virtual asset exchange, to meet regulatory standards and deliver bank-grade security in virtual assets trading – our key competitive advantage in the Asian market.” Calvin Ng, Alternate Chief Executive of ZA Bank, said.

As the first bank in Asia to offer retail crypto services, ZA Bank demonstrates its strong leadership and pioneering spirit in digital wealth management. Beyond cryptocurrency trading, the bank provides access to funds and U.S. stocks.

Global Adoption

The bank’s decision to offer crypto trading services coincides with the surging global demand for cryptocurrencies. Mid-2024 saw users reaching 560 million, representing a 30% year-over-year increase.

Furthermore, following the US presidential election, the crypto market has experienced significant growth, with Bitcoin hitting record highs. This was particularly driven by increasing institutional adoption and expectations of crypto-friendly policies from the new Congress.