MyEG and Zetrix in MoU with HK’s MaiCapital to launch virtual asset fund

PETALING JAYA: Zetrix Foundation and MY E.G. Services Bhd (MyEG) have signed a memorandum of understanding (MoU) with MaiCapital Ltd, 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 Hong Kong Securities and Futures Commission-approved ETF, which will consist of a basket of cryptocurrencies.

The 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 Hong Kong commission has begun granting approvals to several asset managers to launch the first spot bitcoin and ethereum ETFs.

MyEG managing director TS Wong said this partnership marks another milestone in integrating digital assets into mainstream finance.

He added that the collaboration aims to provide investors with additional avenues for diversification across multiple cryptocurrencies, thereby helping to mitigate risks and volatility associated with owning a single cryptocurrency.

MaiCapital managing partner Marco Lim said the 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.