Futu Securities, Hong Kong’s largest on-line brokerage with over 3.5 million prospects, has launched retail Bitcoin buying and selling on its platform. As per South China Morning Put up, customers can now immediately purchase and promote Bitcoin and ether utilizing Hong Kong or US {dollars}.
JUST IN: 🇭🇰 Hong Kong’s largest on-line dealer Futu has launched #Bitcoin and crypto buying and selling. pic.twitter.com/sGDxbx83is
— Bitcoin Journal (@BitcoinMagazine) August 1, 2024
Futu is the primary on-line dealer in Hong Kong to supply direct Bitcoin entry to retail traders. Final month, the corporate obtained approval from town’s Securities and Futures Fee (SFC) to supply digital asset dealing companies.
The transfer comes as Hong Kong authorized a Bitcoin and Ethereum exchange-traded fund earlier this yr. With a brand new licensing regime for exchanges and different coverage initiatives, Hong Kong goals to place itself as a Bitcoin and crypto hub.
By permitting retail Bitcoin buying and selling on its most important app, Futu is leapfrogging rivals. It has additionally utilized for a full Bitcoin and crypto change license for its PantherTrade platform, one in every of 11 “deemed licensed” interim exchanges in Hong Kong awaiting SFC approval.
To draw new Bitcoin and crypto customers, Futu is providing incentives like Alibaba and Nvidia inventory as rewards. Prospects who deposit HK$10,000 for 60 days get HK$600 of Bitcoin or vouchers and shares. Larger depositors can earn extra rewards.
Futu can be waiving Bitcoin buying and selling commissions for now to achieve market share. It’s partnering with licensed change HashKey to allow buying and selling beneath SFC guidelines.
By leveraging its massive consumer base, Futu can uniquely drive vital retail quantity for Bitcoin buying and selling in Hong Kong. Its model identify provides its Bitcoin platform instantaneous credibility and belief.