China-based trading apps Futu and Tiger Brokers have announced plans to move into cryptocurrencies in order to compete outside China with apps such as Robinhood and eToro.
Fast Facts:
- The move comes amid Chinese warnings of further restrictions on cryptocurrency use and mining, meaning that the two apps will be offering only trading services to customers outside mainland China.
- The two companies are applying for licenses in the U.S., Singapore and Hong Kong. Futu had already attracted 100,000 paying clients in the three months since launching in Singapore. Tiger Brokers reports it has 376,000 customers ready to trade.
- Robinhood, recently valued at US$11.7 billion, has allowed trading of BTC and ETH since 2018, and has added 3 million customers every month this year.