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News

ZA Bank Crypto Service Now Available to Retail Investors

November 25, 2024 - Around 2 mins mins to read

Key Points:

  • ZA Bank crypto service has been launched for retail users to help them trade Bitcoin and Ethereum right on the bank’s mobile app.
  • Customers can trade via the app using HKD or USD after completing registration and risk assessments, with reduced platform fees of 0.8% until June 2025.
According to local news, Hong Kong-based digital bank ZA Bank has now become the first financial institution in Asia to offer cryptocurrency transactions to retail customers.
ZA Bank Crypto Service Now Available to Retail Investors

Read more: WisdomTree Crypto Services Now Approved to Operate In New York

ZA Bank Crypto Service Supports Bitcoin and Ethereum Transactions On The App

ZA Bank crypto service, launched in collaboration with HashKey, allows users to trade Bitcoin and Ethereum via a mobile app offered by the bank.

From today, users can conduct transactions in Hong Kong dollars or US dollars. According to CEO Wu Zhonghao, such an initiative brings ZA Bank in line with traditional banking services, enhancing its competitiveness and driving revenue growth.

Customers can only gain access to the service after filling out ZA Bank’s investment account registration and risk assessment. All transactions come with an entry fee of US$70 or HK$600, while the platform also charges 1.5% on every transaction, with a minimum fee equivalent to US$1.99 or HK$15. However, the bank is offering a promotional discount, bringing platform fees down to 0.8% until the end of June next year.

ZA Bank Plans Future Expansion in Crypto Offerings

ZA Bank crypto service has been under development for almost a year and is compliant with local regulations. It also offers 24/7 transaction capabilities. Zhonghao said that due to the high risk involved with cryptocurrency, user education would form a large part of the bank’s market promotion.

The bank will increase the number of cryptocurrencies to two more in the near future. According to Zhonghao, this step is what puts digital banks like ZA Bank on par with traditional ones and brings them into this new financial landscape.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin

Crypto Service

Ethereum

hong kong

ZA Bank

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.