Hong Kong Shakes Up Crypto Market: Introducing Bitcoin-Backed Mortgages (BTC)

  • Companies in Hong Kong that own Bitcoin Spot ETFs are now working on another BTC-based product.
  • The financial hub, known for its status, recently hosted the Bitcoin Asia conference, attracting a significant number of participants from mainland China despite the country’s commercial crypto trading ban.
  • David Bailey, co-founder and CEO of BTC Inc, which also ran the Bitcoin Conference and owns Bitcoin Magazine, stated that the interest in the conference was strong due to the recent launch of spot Bitcoin ETFs and the expected launch of Ethereum ETFs, as well as the increase in layer 2 project developments.

Companies in Hong Kong are developing a new Bitcoin-based product following the successful launch of Bitcoin Spot ETFs, amidst increasing interest in crypto trading and investments.

Bitcoin Asia Conference Attracts Significant Interest

The Bitcoin Asia conference, hosted by Hong Kong, drew significant attention from mainland China, despite the country’s ban on commercial crypto trading. The conference, organized by BTC Inc, the owner of Bitcoin Magazine and the organizer of the Bitcoin Conference, saw approximately 5,500 participants, half of whom are estimated to be from mainland China.

Spot Bitcoin ETFs and Ethereum ETFs Boost Interest

David Bailey, co-founder and CEO of BTC Inc, attributed the strong interest in the conference to the recent launch of spot Bitcoin ETFs and the anticipated launch of Ethereum ETFs. Bailey believes that ETFs are a kind of admission that Bitcoin is here to stay. The new ETFs in Hong Kong, which accept in-kind subscriptions and allow purchases with Bitcoin and ETH, have been positively received by crypto investors.

ETF Shares as Collateral for Loans

According to Bailey, the ability to use ETF shares as collateral for loans is a “very important” feature for crypto investors. Harvest Global and ChinaAMC, the managers of Hong Kong’s crypto ETFs, confirmed that they are working to promote the collateralization of ETF products in the city.

Conclusion

The increasing interest in crypto trading and investments, as evidenced by the successful Bitcoin Asia conference and the launch of Bitcoin and Ethereum ETFs, indicates a positive future for the crypto market in Hong Kong. The development of new Bitcoin-based products and the ability to use ETF shares as collateral for loans further enhance the attractiveness of the crypto market for investors.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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