Futu Jumps on Crypto Bandwagon—Adds Bitcoin & USDT to Retail Trading App

Another day, another fintech firm scrambling to slap crypto features onto its platform before the next bull run. Hong Kong’s Futu just greenlit Bitcoin and Tether deposits—because nothing says ’innovation’ like bolting volatile assets onto a retail investing app.

Why now? Probably because their users kept asking ’wen crypto?’ between meme stock trades. The move lets clients park BTC and USDT alongside their traditional holdings—a lukewarm nod to decentralization from a company that still reports to regulators.

Will this actually help adoption? Maybe. But let’s be real: most retail traders will still treat Bitcoin like a casino chip. At least they can now lose money in both fiat and crypto without switching apps.

Futu wants to bridge TradFi with crypto

Meanwhile, the firm intends for its app to offer an easy way to connect TradFi with crypto. It stated that most traditional crypto exchanges only offer a single asset, and most TradFi institutions do not have the crypto infrastructure, reducing the opportunity to invest for most users.

In order to achieve this, Futu’s platform offers a comprehensive account where users can manage diverse assets from one portfolio and access all investment options through a one-stop platform.

Interestingly, it appears Futu does not take custody of crypto assets deposited on its platform. The announcement stated that customers’ crypto assets are deposited on licensed crypto exchanges for safekeeping.

Speaking of the new product, the firm’s managing director, Xie Zhijian, noted that the company has the technical ability and capital strength to provide crypto trading services to qualified investors. He said:

“As a technology broker, we hope to build a bridge between emerging assets such as virtual assets and traditional assets, and also hope to promote the activity and participation of these two markets at the same time.”

The firm is planning to offer deposits and trading for more cryptocurrencies. It is noted that it already offers Crypto ETF trading, simulation trading, and other functions. Thus, improving interoperability between crypto and TradFi assets for investors is its CORE goal.

Hong Kong ranks second among the most-friendly cities for crypto

Meanwhile, Futu’s efforts highlight the growth of the digital assets market in Hong Kong. The city has become one of the leading crypto hubs globally due to regulatory clarity and local institutions embracing blockchain technology.

Over the past few years, it has passed several laws enabling crypto firms to become regulatory compliant. The Hong Kong Monetary Authority (HKMA) has also embraced blockchain technology with a pilot program for digital currency e-HKD, currently in Phase 2.

Unsurprisingly, it is ranked as the second most friendly city for crypto globally, ahead of Singapore, Abu Dhabi, and Zurich. According to the migration platform Multipolitan, only the capital of Slovenia, Ljubljana, ranks ahead of Hong Kong.

Multipolitan ranked the cities based on factors such as tax regime, regulations, wealth, and digital infrastructure, and Hong Kong scored high on most of the criteria. However, its push to become a global crypto hub could be under threat as pro-crypto moves in the US increase its appeal for crypto companies.

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