ZA Bank Meets Cryptocurrencies Demand Launching New Crypto Trading Service For Retail Users

The demand for cryptocurrencies worldwide is soaring. In fact, the number of global users has increased by 30 per cent year over year and shows no signs of slowing down. To meet this demand, Hong Kong digital bank ZA Bank is now offering cryptocurrency trading services directly to its retail users. Through the ZA Bank app, users can now trade crypto in HKD and USD (currently, it exclusively supports trading services for Bitcoin and Ethereum). This new offering is the next step in the company’s goal of merging the world of traditional banking with new digital offerings. Furthermore, this move reduces the need to switch between apps or platforms for different financial services, which according to the Hong Kong Association of Banks, is something 70 per cent of consumers want. Additionally, respondents said it would result in more crypto buying and selling, and in turn, more crypto popularity. The global crypto market has surged nearly 90 per cent surpassing $2.3trillion, with global crypto users also reaching 560 million by mid-2024. Although there are many factors which have impacted this, the results of the US presidential election have definitely played their part as many users expect crypto-friendly policies from the new Congress. Additionally, Bitcoin hit a new record following the results.

Collaborating for more stronger security in virtual assets trading

Calvin Ng, alternate chief executive of ZA Bank said: “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.” Livio Weng, CEO of HashKey Exchange said: “We are privileged to partner with ZA Bank in advancing innovation in digital banking services across Asia. As Hong Kong’s largest licensed virtual asset exchange, HashKey Exchange is dedicated to providing users with fully compliant and secure digital asset trading solutions. ZA Bank, as the first bank in Asia to offer such service, has demonstrated its strong leadership and a pioneering spirit in fintech integration. “Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards. Looking ahead, HashKey Exchange will continue to work closely with ZA Bank to drive the development of the Web3 ecosystem, while delivering more diversified financial services to our users. Together, we aim to usher in a new era of wealth management.”