Crypto payment solutions provider Alchemy Pay announced a partnership with exchange-traded services company Victory Securities to offer access to Bitcoin and Ethereum spot ETFs in Hong Kong.
The alliance will facilitate access to Bitcoin spot ETFs, as Victory Securities is licensed by the Securities and Futures Commission (SFC) in Hong Kong. Their agreement will act as a link between traditional finance and cryptocurrencies.
Alchemy Pay Collaborates with Victory Securities
Alchemy Pay, known for its on-ramp solutions and crypto cards, expressed interest in entering the Hong Kong market weeks ago. A new partnership allows its users to access the VictoryX app, where they can choose their asset allocation. In addition to ETFs, Victory Securities offers futures contracts, securities, corporate finance advice, and asset management.
Since its launch, ETFs in Hong Kong have attracted the attention of major investors, including Harvest Global, HashKey Capital, and Bosera Asset Management. However, their performance cannot yet be compared to U.S. ETFs. According to Coinglass data, on May 14, Bitcoin ETFs in Hong Kong had an inflow of 60.52 BTC after three days of outflow.
Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach
Despite the modest performance, the number of companies interested in facilitating Bitcoin ETFs in Hong Kong is growing. On May 9, Singapore-based MetaComp and asset manager Bosera International announced the integration of Hong Kong-based Bosera crypto ETFs. These include the Bosera HashKey Bitcoin ETF (BOS HSK BTC/3008.HK) and the Bosera HashKey Ethereum ETF (BOS HSK ETH/3009.HK).
“Crypto ETFs provide a means for investors of all levels to enter the world of digital assets through a regulated, government-backed investment vehicle,” Evgeny Gaevoy, CEO of Wintermute, previously said.
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