Futu Holdings Ltd., the fast-growing brokerage that is Chinese Robinhood rival, plans to provide cryptocurrency trading to “international customers” later this present year, in accordance with executives.
Speaking on Futu’s Q1 earnings call Wednesday, Senior Vice President Robin Li Xu stated the trading that is tencent-backed has begun applying for “digital currency–related licenses” in the U.S., Singapore and Hong Kong.
The nasdaq-listed Futu, which had not previously disclosed its crypto providing, didn’t elaborate on which the brand new trading service would look like throughout the earnings call. Xu said the function should introduce in the half that is 2nd of. China continues to be a definite zone that is no-go Futu’s crypto trading, but.
“What we all know without a doubt is the fact that we’ll maybe not provide money that is digital services to mainland Asia users,” Xu said. Chinese regulators had reiterated the country’s yearslong crypto ban one prior day.
Crypto trading would include another gun to Futu’s already supercharged services that are monetary, alongside trading and wealth management.
Drawing comparisons to Robinhood, the company tripled its income in Q1 and grew its user base 70%. Futu now has over 14 million users.