Futu and Tiger Securities apply for a cryptocurrency trading license overseas


2021-06-01: [Article Link] [Compilation/Observer Network Lu Dong Editor/Zhou Yuanfang] Two Chinese competitors of the US securities trading platform "Robin Hood" are suspected of carrying out illegal financial activities in China, cryptocurrencies are being sought as a way to compete overseas. May 31, according to the US financial media CNBC report, Futu Holdings (Futu) and Tiger Securities (Tiger Brokers) two companies in last month's performance conference call, they are applying for licenses in Singapore and the United States to allow local customers to trade digital currencies. The report pointed out that as cryptocurrencies such as Bitcoin and Ethereum have become the focus of market attention in recent months, Chinese regulators have stepped up efforts to restrict market speculation. In the past few weeks, authorities have issued the latest warnings against digital currency trading and crackdown on Bitcoin mining, a computing process that consumes a lot of electricity that allows participants to earn bitcoin. But in the field of overseas financial transactions, the call for cryptocurrencies remains high. Recently, the price of Bitcoin soared to 60,000 USD (about 380,000 yuan) above the record after fell sharply to USD 35,000 (about 223,000 yuan) all the year through. 2018, at the beginning of the securities trading platform established on Alibaba Cloud market Robin Hood (Robinhood) in the United States launched a bitcoin and ethereum trading this year its cryptocurrency business each month clients that have 3 million. April this year United States cryptocurrency trading site Coinbase listed on the Nasdaq, a cryptocurrency exchange first demonstration. The company revealed that the quarter revenues rose as high as 847%, incoming 1.8 billion dollars. "We do hear a lot of interest in cryptocurrencies from users around the world. We have listened to these opinions, "Arthur Chen, chief financial officer of Futu, told CNBC last week that the company hopes to launch cryptocurrency-related products as early as the end of this year. The CNBC report pointed out that the entrepreneurial teams of Fortune Securities and Tiger Securities included Chinese employees of large technology companies such as Alibaba and Baidu. Because these companies are listed in the United States, this has aroused the interest of their employees to trade stocks overseas. Chen Yu, rich way Mar early launched in Singapore related services since less than 3 months of time attracted 100,000 paying customers, in the first quarter of the overall new paid users about 1/4 from Singapore and the United States. The Observer Network combed and found that Futu Securities, a strategic investment by Tencent, was established in Hong Kong in 2012, and its parent company, Futu Holdings, was listed on the US stock market in March 2019. The company's digital financial services platform Futu Niu Niu, provide market data, information, social and other services for individual investors. Tiger Securities was founded in 2014. The company's founder and CEO Wu Tianhua graduated from the Department of Computer Science at Tsinghua University. The company has obtained securities company licenses or licenses in the United States, New Zealand, Australia, Singapore and other places, xiaomi Group and American Internet brokerage Yingtu Securities are the main shareholders of Tiger Securities. The team members include Internet and technical experts from Baidu, NetEase, Tencent, Xiaomi and other first-class companies. In the international retail trading market, the two companies, Futu Securities and Tiger Securities, face competition not only from Robin Hood, but also from traditional players such as Yingtou Securities, CNBC reported. Both Futu and Tiger try to attract customers through in-app social networks, where users can exchange trading ideas and watch investor education courses. Futu revealed that as of the end of March, its trading accounts had assets of clients reached 789652, more than three times that of a year ago; Tiger Securities said that in the first quarter of this year, has deposits of the number of customers over the same period last year has more than doubled, to 376,000. Tiger Securities founder and CEO Wu Tianhua told CNBC last week that customers are very interested in cryptocurrencies and that Coinbase's stock listing has attracted new users. But he added that overall user interest in initial public offerings has cooled from last year. Although at the time of IPO boom may lead to the value 1 billion in United States dollars or more orders, but now IPO attract the much lower. Last week, both futu and Tiger securities were included in the MSCI stock index, which is tracked by trillions of dollars of global investment.


Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.







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Futu and Tiger Securities apply for a cryptocurrency trading license overseas


2021-06-01: [Article Link] [Compilation/Observer Network Lu Dong Editor/Zhou Yuanfang] Two Chinese competitors of the US securities trading platform "Robin Hood" are suspected of carrying out illegal financial activities in China, cryptocurrencies are being sought as a way to compete overseas. May 31, according to the US financial media CNBC report, Futu Holdings (Futu) and Tiger Securities (Tiger Brokers) two companies in last month's performance conference call, they are applying for licenses in Singapore and the United States to allow local customers to trade digital currencies. The report pointed out that as cryptocurrencies such as Bitcoin and Ethereum have become the focus of market attention in recent months, Chinese regulators have stepped up efforts to restrict market speculation. In the past few weeks, authorities have issued the latest warnings against digital currency trading and crackdown on Bitcoin mining, a computing process that consumes a lot of electricity that allows participants to earn bitcoin. But in the field of overseas financial transactions, the call for cryptocurrencies remains high. Recently, the price of Bitcoin soared to 60,000 USD (about 380,000 yuan) above the record after fell sharply to USD 35,000 (about 223,000 yuan) all the year through. 2018, at the beginning of the securities trading platform established on Alibaba Cloud market Robin Hood (Robinhood) in the United States launched a bitcoin and ethereum trading this year its cryptocurrency business each month clients that have 3 million. April this year United States cryptocurrency trading site Coinbase listed on the Nasdaq, a cryptocurrency exchange first demonstration. The company revealed that the quarter revenues rose as high as 847%, incoming 1.8 billion dollars. "We do hear a lot of interest in cryptocurrencies from users around the world. We have listened to these opinions, "Arthur Chen, chief financial officer of Futu, told CNBC last week that the company hopes to launch cryptocurrency-related products as early as the end of this year. The CNBC report pointed out that the entrepreneurial teams of Fortune Securities and Tiger Securities included Chinese employees of large technology companies such as Alibaba and Baidu. Because these companies are listed in the United States, this has aroused the interest of their employees to trade stocks overseas. Chen Yu, rich way Mar early launched in Singapore related services since less than 3 months of time attracted 100,000 paying customers, in the first quarter of the overall new paid users about 1/4 from Singapore and the United States. The Observer Network combed and found that Futu Securities, a strategic investment by Tencent, was established in Hong Kong in 2012, and its parent company, Futu Holdings, was listed on the US stock market in March 2019. The company's digital financial services platform Futu Niu Niu, provide market data, information, social and other services for individual investors. Tiger Securities was founded in 2014. The company's founder and CEO Wu Tianhua graduated from the Department of Computer Science at Tsinghua University. The company has obtained securities company licenses or licenses in the United States, New Zealand, Australia, Singapore and other places, xiaomi Group and American Internet brokerage Yingtu Securities are the main shareholders of Tiger Securities. The team members include Internet and technical experts from Baidu, NetEase, Tencent, Xiaomi and other first-class companies. In the international retail trading market, the two companies, Futu Securities and Tiger Securities, face competition not only from Robin Hood, but also from traditional players such as Yingtou Securities, CNBC reported. Both Futu and Tiger try to attract customers through in-app social networks, where users can exchange trading ideas and watch investor education courses. Futu revealed that as of the end of March, its trading accounts had assets of clients reached 789652, more than three times that of a year ago; Tiger Securities said that in the first quarter of this year, has deposits of the number of customers over the same period last year has more than doubled, to 376,000. Tiger Securities founder and CEO Wu Tianhua told CNBC last week that customers are very interested in cryptocurrencies and that Coinbase's stock listing has attracted new users. But he added that overall user interest in initial public offerings has cooled from last year. Although at the time of IPO boom may lead to the value 1 billion in United States dollars or more orders, but now IPO attract the much lower. Last week, both futu and Tiger securities were included in the MSCI stock index, which is tracked by trillions of dollars of global investment.


Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.