KUALA LUMPUR: Zetrix Foundation has partnered with MY E.G. Services Bhd (MYEG) to launch a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products.
Both parties have entered into a memorandum of understanding (MoU) with MaiCapital, a licensed virtual asset manager in Hong Kong for the collaboration.
The MoU focuses on a collaboration to issue a Securities and Futures Commission of Hong Kong (SFC) approved ETF, which would consist of a basket of cryptocurrencies, such as Bitcoin and Zetrix, and potentially other suitable cryptocurrencies.
MYEG managing director TS Wong said this partnership marks another milestone in integrating digital assets into mainstream finance.
Wong said MYEG is pleased to partner with MaiCapital, a leading provider of virtual asset (VA) fund services in Hong Kong, to expand its offerings of cryptocurrency virtual assets fund or ETF options for investors.
"This collaboration aims to provide investors with additional avenues for diversification across multiple cryptocurrencies, thereby helping to mitigate the risks and volatility associated with owning a single cryptocurrency," he said.
This collaboration follows MYEG-developed Zetrix's announcement of a strategic alliance with Web3Labs Hong Kong, a powerhouse in Web3 development and investment, alongside venture capital firm Summer Capital.
Together, they aim to drive forward Hong Kong's Web3 ambitions and position Zetrix as the preferred blockchain infrastructure for applications aligned with the Hong Kong government's objectives, an initiative launched earlier this year.
Meanwhile, MaiCapital Ltd managing partner Marco Lim said this collaboration is a testament that Hong Kong's embrace of Web3 technologies and positioning itself as a hub for innovation in this space is bearing fruit.
"VAs are a key part of a vibrant Web3 ecosystem, and more and more leading Web3 players are recognising Hong Kong's progressive yet prudent stance on Web3.
"Our latest MoU with Zetrix Foundation/MYEG is yet another testament," he added.
The collaborative effort between MYEG and MaiCapital is timely, coming just as the SFC has begun granting approvals to several asset managers to launch the first spot bitcoin and ethereum ETFs.