Tiger Brokers Plans to Launch Crypto Trading outside China

Tiger Brokers, a Chinese online broker listed on the US stock exchange, is planning to launch cryptocurrency trading services for its customers outside mainland China.

Addressing the first-quarter earnings call, Tiger Brokers’ Chief Executive, Wu Tianhua, revealed that the move to introduce digital currencies was motivated by the rise in the number of young traders who are very interested in crypto assets.

“We notice Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term such as Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term 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,” Tianhua said.

In addition, the Beijing-based brokerage clarified that the crypto trading services will not be available in mainland China due to the government’s tough stance against them. It is already in the process of applying for ‘relevant licenses’ needed for cryptocurrency trading but did not specify the jurisdictions it is targeting.

Backed by the tech giant, Xiaomi, Tiger Brokers reported a leap in its demand for several quarters. Most recently, the broker reported a year-over-year revenue jump of 255.5 percent in the first quarter of the ongoing year and has earned a profit of $21.1 million.

Chinese Brokers Diving into Crypto

But, Tiger Brokers is not the only Chinese broker to jump into cryptocurrency trading. Earlier, Futu, another Chinese broker based in Shanghai, revealed similar plans to offer cryptocurrency trading, but for clients outside mainland China. The platform is targeting the United States, Singapore and Hong Kong and has initiated licensing applications.

The Chinese government’s repeal of crypto has become strong recently as the government reiterated the illegality of digital currencies in the country, which was believed to have triggered the heavy correction of the crypto market. However, this time the government is going after the massive cryptocurrency mining industry in the country.

Meanwhile, Hong Kong is planning to restrict cryptocurrency trading only to wealthy investors, according to a proposed framework.