Crypto Biz: Mox Bank Launches Crypto ETF Trading, Morgan Stanley Advisers Can Pitch Bitcoin ETFs

This week's Crypto Biz also examines Hong Kong's crypto exchange-traded fund market, Morgan Stanley's green light for Bitcoin funds, Xapo Bank's license in the United Kingdom, and Core Scientific's billionaire deal with CoreWeave.

Major crypto exchange Binance recorded a net inflow of over $1.2 billion in 24 hours on Aug. 5 as traders reacted to a sharp drop in cryptocurrency prices.

Centralized exchanges (CEXs) saw massive inflows on Aug. 5 as the market downturn led to a 10% plunge in Bitcoin’s price in less than two hours. Binance’s net inflows reached a high of $1.2 billion within 24 hours, according to data from DefiLlama’s CEX Transparency dashboard. The exchange’s net inflows continued to hover around $800 million as of Aug. 6 morning.

Meanwhile, other top crypto exchanges also saw significant inflows. Bybit recorded an inflow of $301.4 million, followed by Crypto.com at $107.8 million and OKX at $97.7 million.

These inflows could be attributed to traders moving their funds from external wallets, fiat deposits or CEX internal trading activity, among other factors. Binance CEO Richard Teng highlighted the positive flow amid market stress, crediting it to “strong investor confidence.”

In other news, Ripple Labs was found liable to pay a $125 million civil penalty for violating United States securities laws in a case brought by the Securities and Exchange Commission (SEC) in 2020. The SEC had previously argued that the firm should pay a maximum civil settlement of $2 billion. However, a judge in the Southern District of New York ruled that the SEC’s calculation was “unwieldy” and that the penalty should be reduced. Ripple CEO Brad Garlinghouse suggested the ruling was a “victory” for the company.

This week’s Crypto Biz also examines Hong Kong’s crypto exchange-traded fund market, Morgan Stanley’s green light for Bitcoin BTC $60,558 funds, Xapo Bank’s license in the United Kingdom, and Core Scientific’s billionaire deal with CoreWeave.

BTC

$60,558

Hong Kong virtual bank Mox launches crypto ETF trading

Hong Kong’s Mox Bank, a virtual bank under Standard Chartered, has launched a crypto ETF trading service, allowing customers to directly trade spot Bitcoin and Ether ETH $2,604 ETFs. The virtual bank also plans to expand its crypto offerings, including allowing direct purchases and trading of crypto assets through a partnership with a licensed exchange. Spot crypto ETFs were approved and began trading in Hong Kong on April 30 as part of the country’s efforts to position itself as a crypto hub for the Far East.

ETH

$2,604

Morgan Stanley advisers can now pitch Bitcoin ETFs

Morgan Stanley, the largest wealth manager in the US, has now permitted its 15,000 financial advisers to recommend Bitcoin ETFs to clients. Initially, advisers will suggest Bitcoin ETFs from BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. Until now, the largest financial advisory firms, known as wirehouses, have been hesitant to embrace spot Bitcoin ETFs. Continued uptake by leading advisory platforms could spur a surge of inflows from advisers into spot BTC ETFs, Matthew Sigel, VanEck's head of digital assets research, told Cointelegraph.

Xapo Bank debuts interest-bearing Bitcoin, fiat accounts in the UK

Xapo Bank has officially entered the United Kingdom market after successfully obtaining a banking license. According to Xapo Bank, it is now the only licensed bank in the UK that offers a combined interest-bearing United States dollar and Bitcoin banking account. Customers of Xapo can send funds of up to 1 million British pounds ($1.28 million) and make payments to UK-based wallets and bank accounts. The Bitcoin account yields 1% without staking, lending or locking up assets.

Core Scientific shares climb 12% after CoreWeave expands GPU hosting deal

Core Scientific’s stock price jumped over 12% in the first hours of trading on Aug. 6, following the expansion of a billion-dollar deal with artificial intelligence cloud provider CoreWeave. According to an announcement, CoreWeave is increasing its hosting deal with Core Scientific and seeking additional resources for its Nvidia graphics processing units (GPUs). Bitcoin miner Core Scientific will modify its infrastructure to supply approximately 112 incremental megawatts to CoreWeave’s GPUs. The deal expansion comes nearly 60 days after Core declined a buyout offer from CoreWeave.

Before you go: A recent survey from law firm Barnes & Thornburg revealed that 84% of US investors believe private investment in cryptocurrency will rise over the next 12 months, and more than half (59%) said they are more likely to invest in crypto funds than a year ago.

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