More Hong Kong brokerages provide virtual asset trading options as Victory Securities expands its crypto services.
As per a recent report by the Securities Times, numerous Hong Kong brokerages, such as Interactive Brokers, Tiger Securities, and Victory Securities, have implemented services that enable investors to trade Bitcoin and other virtual assets directly through their platforms.
Victory Securities Introduces Stablecoin Deposit
Victory Securities disclosed on June 12 that it would provide professional investors with stablecoin deposit and withdrawal services, including USD Circle (USDC) and Tether (USDT). New services are now accessible to investors through the VictoryX App.
Victory Securities has previously implemented Bitcoin (BTC) and Ethereum (ETH) trading for retail investors and integrated the features into the same platform. In November 2023, it obtained a license from the Hong Kong Securities and Futures Commission (SFC).
The company was the first to obtain the requisite virtual asset operations licenses, including Type 1 for Virtual Asset Trading, Type 4 for Virtual Asset Advisory Services, and Type 9 for Virtual Asset Management Services.
Kennix Chan, Executive Director of Victory Securities, stated, “Investors can now trade a diverse selection of virtual assets from various exchanges through the Victory Securities Platform. Additionally, the recently introduced stablecoin deposit and withdrawal services will offer them a more diversified investment portfolio.”
Additionally, the organization intends to introduce a novel “Convert” feature to facilitate stablecoins’ instantaneous investment and trading, thereby enhancing the user experience.
Tiger Brokers Introduces Crypto Trading in Hong Kong
Furthermore, on May 6, Tiger Brokers officially initiated virtual asset trading services, which offer investment opportunities for 18 cryptocurrencies, including Bitcoin and Ethereum.
Tiger Brokers became the first online brokerage in Hong Kong to provide crypto and stock trading services by incorporating traditional finance services, such as equities, options, futures, and bonds, into its flagship platform, Tiger Trade.
The report also disclosed that crypto services generate a quarter to one-third of the revenue for certain brokerages in Hong Kong. Their profits from crypto services have surpassed the cost of their investments, as they were among the first to enter the sector.
