Hong Kong’s ZA Bank Launches Crypto Trading for Retail Clients
ZA Bank, a digital bank based in Hong Kong, has now introduced cryptocurrency trading services specifically for retail users. Through the ZA Bank app, users can now trade Bitcoin and Ethereum in both HKD and USD.
The app currently supports trading for these two cryptocurrencies exclusively. This move comes at a time when the global demand for cryptocurrencies is on the rise. According to ZA Bank’s data from Henley & Partners’ Crypto Wealth Report 2024, the number of cryptocurrency users had reached 560 million as of mid-2024, showing a 30% increase compared to the previous year.
The market capitalisation of cryptocurrencies has also soared, surpassing US$2.3 trillion. A recent survey conducted by the Hong Kong Association of Banks showed that around 70% of respondents believe that if banks were to offer virtual asset trading services, it would make buying and selling cryptocurrencies more convenient and could boost its popularity.
Taking note of this growing market demand, ZA Bank stated that they have decided to launch their own cryptocurrency trading service.
