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- The net income of the brokerage almost grew by 6.5 times to $149.5 million in Q1 2021
- The service would be ready to be launched by the second quarter of 2021
- Futu has no plan of offering digital currency services to users from China
Futu Holdings Limited is a China-based advanced technology company that aims to modernize investment strategies using its digital brokerage and wealth management platform.
Massive Increase in Income and Revenue in Q1 2021
As per CoinDesk, the Chinese brokerage has announced its plans to offer cryptocurrency trading for its international clients. Futu Holdings is often referred to as the ‘Robinhood’ of China. In the first quarter of 2021, Futu recorded growth in triple digits and has numerous plans to expand in international territories. An increase of 349% to $283.6 million was seen in the last few months of 2021. The net income of the brokerage almost grew by 6.5 times to $149.5 million. The number of users on Futu’s platform also increased by 70% to a community of 14.2 million users.
Futu Applied for Digital Currency Related Licenses
Futu’s Senior Vice President Robin Li Xu announced that the company has already started to apply for “digital currency-related licenses” in different countries, the U.S., Singapore, and Hong Kong. Xu added that the company was sure they wouldn’t offer digital currency services to mainland Chinese users. Only shortly before did China reiterate its policies of cryptocurrency ban.
However, Futu did not disclose the features that the brand new cryptocurrency trading service would have. Xu announced that the service would be ready to be launched by the second quarter of 2021. With international exposure to crypto trading, Futu would be even more empowered along with its digital brokerage and wealth management services. Futu Holdings Ltd. is currently at a pivotal point as it plans to thrive its international business.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
