Since the Chinese government announced tougher measures against crypto, local brokerage companies have decided to explore the potential that the global crypto trading market is offering. Tiger Brokers and Futu, the two biggest online brokerage firms in China, are two of them.
With their international release, they would go head to head with the likes of eToro and Robinhood. The two companies have applied for local licenses in Singapore and the US and confirmed that they would only focus on customers outside the People’s Republic of China.
“We notice cryptocurrencies such as bitcoin have become more acceptable by mainstream investors since last year and are emerging as an asset class. Tiger’s mission is to make investing more efficient and enjoyable for investors,” declared the chief executive of Tiger Brokers, Wu Tianhua.
The aforementioned companies have gained more than 100,000 paying clients in Singapore in only three months, with Futu highlighting the fact that about one-fourth of the new paying clients in Q1 2021 are located in the US and Singapore.
The senior vice-president of Futu, Robin Li Xu, declared: “We’re in the process of applying for digital currency-related licenses in the US, Singapore, and Hong Kong.”