Tiger Brokers and Futu Both Unveiled Plans to Launch Crypto Services outside Mainland China

Two Chinese online brokerages, Beijing-based Tiger Brokers, and Shenzhen-based Futu, both announced their plans to launch cryptocurrency trading services for offshore clients outside mainland China, after the recent crackdown on BTC and other cryptocurrencies in mainland China.

The brokers revealed their intentions to dive into the crypto business in the Q1 earnings call, and now their application for necessary licensing is in process in the United States, Singapore and Hong Kong.

"We notice cryptocurrencies such as Bitcoin have become more acceptable by mainstream investors since last year and are emerging as an asset class. Tiger's mission is to make investing more efficient and enjoyable for investors," said Wu Tianhua, the CEO of Tiger Brokers.

"We do hear a lot of interest from our users across the world in terms of crypto. We have listened to that," Arthur Chen, Futu's CFO, said in an interview last week. He added that the company hopes to offer cryptocurrency-related products as soon as the end of this year.

Xiaomi-backed Tiger Brokers reported a YoY revenue jump of 255.5% in the first quarter of the ongoing year and has earned a profit of US$21.1 million.

Tencent-backed Futu reported its first-quarter net profit too, which rose by more than six times YoY to US$149.5 million.