Retail users can now trade Bitcoin and Ethereum directly from the bank’s mobile application with the introduction of the ZA Bank crypto service.
In partnership with HashKey, the ZA Bank crypto service enables users to trade Bitcoin and Ethereum through a mobile application that the bank provides.
Users have the option to conduct transactions in either Hong Kong dollars or US dollars as of today. As per CEO Wu Zhonghao, this initiative aligns ZA Bank with conventional banking services, thereby increasing its competitiveness and stimulating revenue growth.
Customers may only utilize the service after completing ZA Bank’s investment account registration and risk assessment. The platform charges a 1.5% commission on each transaction, with a minimum fee of US$1.99 or HK$15, in addition to an entrance fee of US$70 or HK$600 for all transactions. Nevertheless, the bank is providing a promotional discount that will drop platform fees to 0.8% until the end of June of the following year.
The ZA Bank crypto service has been in development for nearly a year and is in compliance with local regulations. It also provides transaction capabilities that are available 24 hours a day. According to Zhonghao, user education would constitute a substantial portion of the bank’s market promotion as a result of the substantial risk associated with cryptocurrency.
In the immediate future, the bank will expand its cryptocurrency list to include two additional cryptocurrencies. Zhonghao posits that this action is what positions digital institutions, such as ZA Bank, on a par with conventional ones and integrates them into the new financial environment.
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