Tiger Brokers Plans to Launch Crypto Trading outside China

by Arnab Shome
  • The broker did not specify the countries it will be targeting with crypto services.
Tiger Brokers Plans to Launch Crypto Trading outside China
FM

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 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,” 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.

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 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,” 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.

About the Author: Arnab Shome
Arnab Shome
  • 6300 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6300 Articles
  • 80 Followers

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