Two popular online stock trading platforms Tiger Broker and Futu disclosed their plan to expand into the cryptocurrencies business, allowing users to trade Bitcoin on their platforms. In order to bypass the regulations of the Chinese government, both of them will only provide services to non-China users, and will start competing with Robinhood and eToro in the second half of 2021. “We’re in the process of applying for digital currency-related licences in the US, Singapore and Hong Kong,” said Robin Li Xu, senior vice-president, during Futu’s earning conference call held last month.
CEO of Tiger Brocker Tianhua Wu told CNBC last week that the listing of Coinbase brings lots of new users to get into crypto space. Yesterday, Coinbase announced their Visa card now supports Apple Pay and Google Pay, US users are able to spend crypto or stablecoin USDC at merchants that support Visa network, and earn a maximum of 4% crypto rebate in each transaction.
Additionally, Justin Sun, the founder of Tron, said in an interview with Bloomberg that the Chinese government would be unable to crackdown crypto market, because of its decentralized features and economic opportunities. Crypto industry in China popped up, the suppression will lead to the increase of unemployment rate, which the consequence could be dissatisfied the Chinese government.