Futu Securities International, a leading online stock broker based in Hong Kong, has launched trading for bitcoin (BTC) and ether (ETH), according to the South China Morning Post. As part of the launch, Futu is offering shares of Chinese tech giant Alibaba Group (BABA) and AI chipmaker Nvidia (NVDA) as rewards for new clients who open accounts and deposit specific amounts of money.
Currently, only bitcoin and ether can be traded on the platform, but Futu has plans to expand its cryptocurrency offerings in the near future. To attract new users, the company is waiving commission fees for a limited time. As of March 31, Futu reported having 22.5 million registered users and 1.9 million paying clients.
As part of its promotional campaign, Futu is offering various incentives. Hong Kong investors who open accounts in August and deposit HK$10,000 ($1,280) within 60 days can receive either HK$600 worth of bitcoin, a HK$400 supermarket voucher, or a single share of Alibaba. For those depositing $80,000, the choices are either HK$1,000 in bitcoin or a share of Nvidia.
Futu’s crypto trading services are being offered in partnership with HashKey Exchange, one of only two licensed cryptocurrency exchanges in Hong Kong. The broker is also seeking a license to offer similar services through its subsidiary, Panthertrade. Currently, Panthertrade is deemed-to-be-licensed by Hong Kong’s Securities and Futures Commission, allowing it to offer crypto services while awaiting full regulatory approval.
This move comes amid Hong Kong’s ongoing efforts to position itself as a global hub for the cryptocurrency industry. The region has recently approved spot crypto exchange-traded products for trading, demonstrating its support for the burgeoning sector.
