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Hong Kong's Futu Launches Bitcoin, Ether Trading, Offers Alibaba, Nvidia Shares as Rewards: Report
For the moment, only bitcoin and ether can be traded, while the company works on "expanding our crypto offerings in the near future."
Updated Aug 2, 2024, 8:44 a.m. Published Aug 2, 2024, 8:41 a.m.
- Hong Kong's Futu Securities has launched crypto trading of the two largest cryptocurrencies.
- Futu is offering these services through a partnership with a Hong Kong licensed cryptocurrency exchange, HashKey Exchange.
Futu Securities International, an online stock broker based in Hong Kong, has introduced bitcoin and ether trading, offering shares of Chinese e-trading giant Alibaba Group (BABA) and AI chipmaker Nvidia (NVDA) as rewards to clients who open accounts and deposit specific amounts of money, according to the South China Morning Post.
The company, which calls itself Hong Kong’s largest tech broker, is working on "expanding our crypto offerings in the near future," the report said. Commission fees have been waived for the time being. Futu had 22.5 million registered users as of March 31, and 1.9 million paying clients, the company says on its website.
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Hong Kong investors who open accounts in August and deposit HK$10,000 ($1,280) in the next 60 days can receive either bitcoin worth HK$600, a HK$400 supermarket voucher or a single Alibaba share. Investors depositing $80,000 can choose either HK$1,000 in bitcoin or an Nvidia share, the report said.
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Futu is offering the crypto trading services through a partnership with cryptocurrency exchange HashKey Exchange, one of only two licensed in Hong Kong.
It is also seeking a license to offer the same services for its subsidiary Panthertrade. The entity is currently deemed-to-be-licensed by Hong Kong's regulator, the Securities and Futures Commission, which allows it to offer crypto services while it awaits full approval.
The move comes as Hong Kong continues to show its support for the crypto industry in an attempt to become a global crypto hub. Recently, spot crypto exchange-traded products were approved for trading.
Read More: No, Hong Kong's Crypto ETFs Aren't Available in Mainland China
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