PETALING JAYA: Zetrix Foundation and MY E.G. Services Bhd (MyEG) have signed a memorandum of understanding (MoU) with MaiCapital Ltd, a licensed virtual asset supervisor in Hong Kong, to collaborate on the launch of a virtual asset fund or Hong Kong virtual property exchange-traded fund (ETF) merchandise.
The MoU focuses on a collaboration to problem a Hong Kong Securities and Futures Commission-approved ETF, which is able to encompass a basket of cryptocurrencies.
The collaboration follows MyEG-developed Zetrix’s announcement of a strategic alliance with Web3Labs Hong Kong, a powerhouse in Web3 growth and funding, alongside enterprise capital agency Summer Capital. Together, they goal to drive ahead Hong Kong’s Web3 ambitions and place Zetrix as the popular blockchain infrastructure for functions aligned with the Hong Kong authorities’s goals, an initiative launched earlier this 12 months.
The collaborative effort between MyEG and MaiCapital is well timed, coming simply because the Hong Kong fee has begun granting approvals to a number of asset managers to launch the primary spot bitcoin and ethereum ETFs.
MyEG managing director TS Wong stated this partnership marks one other milestone in integrating digital property into mainstream finance.
He added that the collaboration goals to present buyers with further avenues for diversification throughout a number of cryptocurrencies, thereby serving to to mitigate dangers and volatility related with proudly owning a single cryptocurrency.
MaiCapital managing associate Marco Lim stated the collaboration is a testomony that Hong Kong’s embrace of Web3 applied sciences and positioning itself as a hub for innovation in this area is bearing fruit.
“VAs are a key a part of a vibrant Web3 ecosystem, and extra and extra main Web3 gamers are recognising Hong Kong’s progressive but prudent stance on Web3. Our newest MoU with Zetrix Foundation/MYEG is yet one more testomony,” he added.
