- Alchemy Pay announces collaboration with Victory Services to boost HK Spot ETF access
- Hong Kong Spot ETFs struggle to bring in capital influx
Alchemy Pay, announced its collaboration with Victory Securities on May 16. The Singaporean payment gateway, connecting cryptocurrency with fiat currencies, provides services in 173 countries. The collaboration is aimed at enabling investors to access Bitcoin and Ethereum Spot ETFs through the platform, stated Alchemy Pay’s press release.
Victory Securities, the first STF approved firm, provides trading and advisory services for investors. The firm recently announced the launch of its virtual asset trading app, VictoryX, through which investors will be able to access Spot ETFs.
Alchemy Pay & Victory Services Strive for Enhanced User Experience
The Web3 services platform has been working towards enhancing user experience by improving interoperability through collaborations. In March, it announced a partnership with Polyhedra Network to integrate Polyhedra Network’s Web3 infrastructure. It aims to increase the interoperability in its global payment system.
Moreover, its collaboration with Victory Services will give Alchemy Pay an opportunity to focus on improving accessibility to HK Spot ETFs. The SFC approved Hong Kong Bitcoin and Ethereum Spot ETFs in April. With increasing attention on the Spot ETFs,the payment gateway has stepped up its game to attract more users to Alchemy Pay.
Moreover, the collaboration exalts VictoryX’s utility with users being able to access the Hong Kong Spot ETFs. By providing access to the newly approved HK Spot ETFs, the app increases in market relevance and yields to current investor needs. Furthermore, it is one of the leading firms in Singapore holding a STF licence.
Hong Kong Spot ETFs
Hong Kong Bitcoin and Ether Spot ETFs, the First Asian ETF made their debut in the market in April. Issued by three Chinese firms, the Spot ETFs were approved by SFC on April 30. The crypto market had been anticipating the launch and the Spot ETFs were expected to bring in a huge influx of Asian capital.
However, the ETFs showed initial struggles reporting consequent outflows. On May 14, HK BTC Spot ETFs had a net inflow of 67.85 BTC. Ether Spot ETFs remained neutral according to SosoValue data.