Entering the cryptocurrency business! Futu and Tiger Brokers apply for overseas licenses

Recently, brokerage firms Futu and Tiger Securities revealed in a conference call that they are applying for cryptocurrency trading licenses in the United States and Singapore.

In recent months, many cryptocurrencies other than Bitcoin have become the focus of market attention, and regulatory measures have been frequently introduced in various countries to limit market speculation.

However, the market's enthusiasm for cryptocurrency trading remains hot. The US trading platform Robinhood launched Bitcoin and Ethereum trading in early 2018. This year, its cryptocurrency trading users have increased by an average of 3 million per month. In April this year, the US cryptocurrency trading website Coinbase was also listed on the Nasdaq.

This has caused emerging Internet brokerages to start to get excited.

Futu Chief Financial Officer Arthur Chen said: "We have heard calls for cryptocurrencies from all over the world, and the company hopes to launch cryptocurrency-related products as early as the end of this year."

Arthur Chen also said that since Futu entered the Singapore market in March this year, it has gained more than 100,000 paying users in less than three months, and a quarter of the new paying users in the first quarter came from Singapore and the United States.

Both Futu and Tiger Brokers attract customers through the social functions built into their platforms, and both are new brokerage firms with distinct Internet attributes.

At the same time, Tiger Brokers CEO Wu Tianhua said that overall, customers' enthusiasm for IPOs has cooled significantly compared to last year, and it seems that their attention has shifted to the cryptocurrency market, especially after Coinbase went public.

Last week, both Futu and Tiger Brokers were newly included in the MSCI index.