April 26, 2024 - $MYEG (0138.MY)$ shares rose 12.35% to 0.91RM in trading on Friday. Zetrix Foundation and MY E.G. Services Berhad (“MYEG”) signed a Memorandum of Understanding (MoU) with MaiCapital, a licensed virtual asset manager in Hong Kong, to collaborate on the launch of a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products.
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.
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.
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.
TS Wong, Managing Director of MYEG, says that this partnership marks another milestone in integrating digital assets into mainstream finance.
"MYEG is pleased to partner with MaiCapital, a leading provider of virtual asset (VA) fund services in Hong Kong, to expand our 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."
Managing Partner of MaiCapital Limited, Marco Lim says 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.