Interactive Brokers, a global electronic broker with a valuation of about $340 billion, has announced the launch of cryptocurrency trading in Hong Kong.
The new product allows professional investor clients of Interactive Brokers Hong Kong to trade Bitcoin (BTC) and Ethereum (ETH) alongside other asset classes available through a unified client experience, the broker said in a press release on February 13.
It is worth noting that trading cryptocurrency and other asset classes previously required investors to use multiple trading platforms from different brokers and exchanges. However, Interactive Brokers’ clients can now trade from a single platform.
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Eligible clients must have HKD 8 million ($1 million) in investable assets or institutions with over HKD 40 million ($5 million) residing in Hong Kong. Investors will be exposed to commissions of 0.20% – 0.30% of trade value, depending on monthly volume, with a $2.25 minimum per order, with no added spreads or markups.
Increasing demand of crypto trading
David Friedland, the head of APAC at Interactive Brokers, pointed out that the new product was driving increasing demand for cryptocurrencies in Hong Kong. According to Friedland:
“Investor demand for digital assets continues to grow in Hong Kong and around the world, and we are pleased to introduce cryptocurrency to address the trading objectives of clients in this important market. Eligible clients will benefit from our low costs and the ability to trade crypto alongside many other global products from a single unified platform.”
Elsewhere, Hugh Madden, CEO at BC Group and OSL, expressed excitement about bringing the company’s expertise in the digital asset space.
He believes that the launch of regulated digital asset trading services marks the inception of a transformative process in the digital asset market and anticipates the emergence of additional market alliances that will drive growth and increase market share.
