Yat Siu: Hong Kong is expected to launch the staking function of Ethereum spot ETF this year

This site (120btC.coM): Following the U.S. Securities and Exchange Commission (SEC) approving multiple Bitcoin spot ETFs in early January this year, the Hong Kong Securities Regulatory Commission also In the middle of the year, applications for a total of 6 Bitcoin and Ethereum spot ETFs from the three major funds Boshi, Huaxia and Harvest were simultaneously approved.

However, compared with the United States, Hong Kong’s Bitcoin and Ethereum spot ETFs have not performed well since their listing. The trading volume on the first day was only HK$87.58 million, which was less than the 4.6 billion on the day the US Bitcoin spot ETF was launched. 1% of USD trading volume. In addition, the SEC approved the preliminary application for the Ethereum spot ETF last month, further reducing the market’s expectations for Hong Kong’s cryptocurrency ETF...

Yat Siu: Hong Kong is expected to launch the staking function of the Ethereum spot ETF this year

But just yesterday (7th), Yat Siu (Xiao Yi), chairman of Animoca Brands, a blockchain gaming company giant headquartered in Hong Kong, said that Hong Kong’s Ethereum spot ETF issuers are currently working hard Incorporating staking functions into Ethereum spot ETFs is expected to be approved by the authorities this year: Hong Kong is currently discussing a plan to incorporate staking into Ethereum spot ETFs, prior to the United States, and the probability of approval is almost certain. As for speed, I'm optimistic this will happen within a year.

In addition, Livio Weng, CEO of HashKey, a licensed exchange in Hong Kong, also admitted: We have formulated a plan to earn more returns without increasing risks. We hope to be compliant and controllable way to advance this plan.

At the same time, Glenn Woo, Asia Pacific sales director of blockchain infrastructure provider Blockdaemon, also revealed that they are currently in discussions with ETF issuers and custodians in Hong Kong to explore the possibility of providing staking services for ETFs: Based on my discussions with issuers, custodians, etc. this week and last week, we are all positive about the launch of staking services for Ethereum spot ETFs. Industry players are hoping for approval as soon as possible this year, as this is the biggest missing piece and everyone has reached a consensus.

Can staking bring about a turnaround for Hong Kong ETFs?

According to data from The Block, in this week’s trading, the Hong Kong Bitcoin Spot ETF accumulated a total trading volume of US$10.28 million from Tuesday to Thursday, but the United States gained 14.2 million US dollars on Thursday. With a transaction volume of US$100 million, the gap between the two is still very large.

Hong Kong Bitcoin Spot ETF Transaction Data

In response to this situation, Yat Siu said that introducing the pledge function into the Ethereum spot ETF may provide a new platform for Hong Kong’s The ETF market brings more funds to change its sluggish status quo: the possibility of staking rewards may become a competitive advantage for Hong Kong Ethereum spot ETFs over US ETFs, because the US SEC has made it clear, at least for now, that it will not support this One feature, staking may be the biggest differentiator between Hong Kong and other places.

Glenn Woo also holds the same view on this, believing that the lack of staking function has hindered many potential Ethereum spot ETF buyers from entering, which still represents a great opportunity for Hong Kong.

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