Two china based retail trading apps, rival of the more popular Robinhood stocks trading platform, are making plans to offer of their cryptocurrency trading as part of their intentions to go global.
According to the exchange platforms, Tiger Brokers and Futu, the moves are a direct result of consumer demand for digital assets trading – likely fueled by the retail traders taking notice of the current volatility in the cryptocurrency markets.
“We do hear a lot of interest from our users across the world in terms of crypto. We have listened to that,” as Futu’s chief financial officer,Arthur Chen, explained to CNBC.
This may well be exactly what they and many retail traders were looking for – especially new entrants to the digital assets market, who might not trust crypto only exchanges. A second benefit for them could come from Robinhood’s own policy towards non-US residents. Another point they could capitalise on is Robinhood not allow direct withdrawal of cryptocurrency, however, beating Robinhood’s 3 million users per month standard growth since adding digital assets trading will not be easy to do.
Interestingly, these revelations that came during the two company’s earnings calls last month, are playing out in an environment where their own government is actively working to put a damper on crypto related speculation – forcing them to look to Singapore. Furthermore, the Biden administration has also opened up a discussion about tighter regulations on crypto trading.
