Futu integrates Bitcoin and USDT deposits into retail investment app

Hong Kong-based brokerage firm Futu Securities has launched a crypto deposit and trading service. The firm disclosed this in an official announcement, stating that accredited investors can deposit and trade Bitcoin, Ethereum, and Tether USDT. According to Futu, the service is available through its retail trading app NiuNiu, and users can switch between traditional financial products and cryptocurrencies with just a click. Thus, it offers users an opportunity to invest in and manage a variety of diversified assets. The announcement stated: “Investors can play with Crypto+TradFi assets through one App, quickly switch between virtual and traditional asset markets, and choose appropriate investment products to control market fluctuations.” Futu is one of the leading retail brokerage platforms in Hong Kong. According to the company, one in every two adults in the city uses its platform, and it has ranked first for downloads among all retail brokerage apps. The company is also licensed by the Hong Kong Securities Regulatory Commission, which means it is regulatory compliant. Interestingly, the firm is seeking to attract more crypto investors to use its platform and is now offering new users up to HK$1,600 in Bitcoin rewards. According to the firm, this is a limited offer with terms and conditions. Futu wants to bridge TradFi with crypto Meanwhile, the firm intends for its app to offer an easy way to connect TradFi with crypto. It stated that most traditional crypto exchanges only offer a single asset, and most TradFi institutions do not have the crypto infrastructure, reducing the opportunity to invest for most users. In order to achieve this, Futu’s platform offers a comprehensive account where users can manage diverse assets from one portfolio and access all investment options through a one-stop platform. Interestingly, it appears Futu does not take custody of crypto assets deposited on its platform. The announcement stated that customers’ crypto assets are deposited on licensed crypto exchanges for safekeeping. Speaking of the new product, the firm’s managing director, Xie Zhijian, noted that the company has the technical ability and capital strength to provide crypto trading services to qualified investors. He said: “As a technology broker, we hope to build a bridge between emerging assets such as virtual assets and traditional assets, and also hope to promote the activity and participation of these two markets at the same time.” The firm is planning to offer deposits and trading for more cryptocurrencies. It is noted that it already offers Crypto ETF trading, simulation trading, and other functions. Thus, improving interoperability between crypto and TradFi assets for investors is its core goal. Hong Kong ranks second among the most-friendly cities for crypto Meanwhile, Futu’s efforts highlight the growth of the digital assets market in Hong Kong. The city has become one of the leading crypto hubs globally due to regulatory clarity and local institutions embracing blockchain technology. Over the past few years, it has passed several laws enabling crypto firms to become regulatory compliant. The Hong Kong Monetary Authority (HKMA) has also embraced blockchain technology with a pilot program for digital currency e-HKD, currently in Phase 2. Unsurprisingly, it is ranked as the second most friendly city for crypto globally, ahead of Singapore, Abu Dhabi, and Zurich. According to the migration platform Multipolitan, only the capital of Slovenia, Ljubljana, ranks ahead of Hong Kong. Multipolitan ranked the cities based on factors such as tax regime, regulations, wealth, and digital infrastructure, and Hong Kong scored high on most of the criteria. However, its push to become a global crypto hub could be under threat as pro-crypto moves in the US increase its appeal for crypto companies. KEY Difference Wire helps crypto brands break through and dominate headlines fast Source: https://www.cryptopolitan.com/futu-bitcoin-usdt-deposits-retail-app/