Hong Kong’s largest online broker, Futu Securities, has officially launched Bitcoin and Ethereum trading for over 22 million users. The decision makes Futu Securities the first brokerage to directly offer Bitcoin and Ether trading to Hong Kong-based retail investors, according to the South China Morning Post.
The online retail broker said last month that it had received a securities license upgrade from the Securities and Futures Commission (SFC), allowing Futu to offer virtual asset dealing services to both professional and retail customers in the city. Futu is offering shares of Alibaba Group Holding and Nvidia as a reward in an attempt to attract investors.
The trading of the two digital assets went live on July 23, and both have already performed well. Bitcoin’s open interest hit a record high of $39.4 billion on July 29, meaning that a price hike may be coming. Ethereum trading also performed well post-launch with Futu Securities.
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In 2024, crypto-based ETFs have dominated the conversation in finance. The arrival of crypto ETFs in the United States has inspired more crypto adoption globally. The digital asset industry is becoming more prominent in economies as a non-fiat alternative. Ethereum and Bitcoin ETFs in the US have both bolstered the prices of their respective coins.
Furthermore, speculation surrounding US elections and BTC integration has driven interest in Bitcoin and cryptocurrencies. Donald Trump recently discussed making BTC a strategic reserve asset for the country. His speech at the 2024 Bitcoin Conference has many looking differently at the asset’s future.
Futu is also pursuing a cryptocurrency exchange license for its new platform PantherTrade. Hong Kong as a whole is likely to approve the move as it is looking to become a hub for cryptocurrencies like Bitcoin and Ethereum, and digital finance altogether.
