Zetrix Foundation and MY E.G. Services Berhad (MYEG) have 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 exchange-traded fund (ETF), which would consist of a basket of cryptocurrencies, such as Bitcoin and Zetrix, and potentially other suitable cryptocurrencies, Zetrix and MYEG said in a statement on Wednesday.

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.

According to the statement, 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,” he added.

Meanwhile, MaiCapital Limited 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 recognizing Hong Kong’s progressive yet prudent stance on Web3,

“Our latest MoU with Zetrix Foundation/MYEG is yet another testament,” he added.

Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability.

Its cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.

Developed by MYEG, the cross-border and cross-chain integration with China’s national public blockchain Xinghuo BIF enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as blockchain-based identifiers (BID) and verifiable credentials (VC).

MYEG is a Malaysia-based digital services company. The firm commenced operations in 2000 as an e-government services provider.

The firm provides a variety of commercial offerings of e-government services in the areas including immigration, automotive, healthcare and financial services.

It has operations in key regional markets such as the Philippines and Indonesia.

MaiCapital is a virtual assets investment manager in Hong Kong that is applying institutional investment practices to the cryptocurrency space.

The firm aims to offer crypto-inclined investors with legitimate and compliant products that provide positive returns with maximum protection.

In early 2019, the firm launched its first crypto-themed product, the Blockchain Opportunity Fund.

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