Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Internet brokers are "receiving crypto", and crypto exchanges are also "breaking circles".
Yesterday, Futu Securities announced the launch of Bitcoin, Ethereum, and USDT deposit services, allowing users to directly transfer crypto assets into their accounts, connecting the crypto to stock market funding channels. On the other side, crypto exchanges are no longer limited to their internal ecosystem, deploying payment scenarios, with some platforms even incorporating traditional assets like US stocks and gold into their trading map.
On one side, brokers are opening crypto entry points, while on the other, exchanges are conducting resource integration and expanding payment and compliance channels. Will 2025 be a new starting point for crypto asset circulation?
Futu's Crypto Ambitions
Futu Securities has long been at the top of Hong Kong stock-related App downloads, with over 25 million global registered users and client assets reaching 743.3 billion Hong Kong dollars. Now, it is accelerating into the crypto asset fast lane.
As early as 2023, Futu had begun laying out the crypto track. Its virtual asset platform PantherTrade submitted a virtual asset trading platform license application to the Hong Kong SFC in November of that year. On August 1, 2024, Futu officially launched crypto trading functions, opening spot trading pairs for BTC and ETH.
Yesterday, Futu went further by opening deposit services for Bitcoin, Ethereum, and USDT. Eligible users can directly transfer crypto assets into their Futu account, freely switching between Hong Kong and US stocks, ETFs, funds, bonds, and virtual assets for a diverse investment portfolio.
According to Futu's official website, the current minimum deposit thresholds are 0.0002 BTC for BTC and 0.001 ETH for ETH, with USDT deposits only open to professional investors. Some users have reported that Futu's deposit speed is comparable to mainstream exchanges, with a smooth experience.
Image source: Futu official website
"Brokers Receiving Crypto" is a Trend
Futu is not alone; traditional brokers accelerating their embrace of crypto assets has become a global trend. In the Hong Kong market, Victory Securities was even earlier, opening USDT and USDC deposits through the VictoryX APP in May 2024, and proposing "virtual asset full ecosystem service provider" as its core development focus for the next three years.
In the global arena, US broker Robinhood is one of the earliest to "receive crypto". In 2024, its crypto trading volume soared to $143 billion, a year-on-year increase of 259%, approaching two-thirds of Coinbase's retail trading volume. Not satisfied with this, Robinhood plans to launch crypto services in Singapore by the end of 2025 through acquiring Bitstamp, accelerating its expansion into the Asia-Pacific market.
Coinbase and Robinhood crypto trading volume, image source: insights4.vc
New entrants are doubling down, while observers are catching up. Charles Schwab expects to open BTC and ETH spot trading this year, and Morgan Stanley's E*Trade also plans to launch crypto services by 2026.
Crypto Platforms "Breaking Circles" and Upgrading
It's not just traditional brokers moving closer to crypto assets; crypto platforms are also "breaking circles" in reverse, actively connecting with traditional financial markets.
Bybit recently revealed plans to launch US stock and other traditional asset trading functions, aiming to directly trade stocks, indices, gold, and oil within the platform this year, further expanding its asset coverage.
Simultaneously, crypto platforms are accelerating the integration of payment and consumption scenarios. OKX launched "Crypto Yuebao" OKX Pay, allowing users to convert idle assets into stable income tools; Bitget, Coinbase, and others have launched crypto cards, with OKX and Kraken's crypto cards also in preparation, enabling digital assets to seamlessly integrate into online and offline consumption through payment.
The layout around "crypto cards" is expanding from point to surface, not only extending the application boundaries of crypto assets but also strengthening platform ecosystem closed loops, enhancing user stickiness, and becoming a new business growth curve.
Starting from crypto assets and connecting to global mainstream investment varieties and payment channels, the boundaries of crypto platforms are being reshaped. Crypto KOL Rocky asserts: "In the future, there will only be two types of exchanges: one is a comprehensive platform integrated with RWA, and the other is traditional exchanges still adhering to the pure crypto asset front."
Perhaps the next-generation exchange is being redefined.
Crypto-Stock Interconnection is Inevitable
The trend of crypto-stock interconnection is accelerating, bringing both opportunities and challenges. In the future, crypto projects will directly compete for liquidity and attention with global capital markets. At the same time, more investors may start evaluating crypto assets from a US and Hong Kong stock perspective, accelerating the elimination of low-quality tokens and driving the market towards high-quality targets. Stablecoin adoption will continue to rise, with the crypto market moving towards the mainstream financial system.
From a global perspective, regulatory frameworks are becoming clearer, with compliance thresholds rising, providing a stable development path for traditional brokers and mainstream crypto platforms. On the other hand, listings, mergers and acquisitions, and cross-border integrations are becoming normalized, with traditional financial capital and crypto infrastructure fusion reshaping the market landscape.
Crypto assets are crossing ecosystem islands, moving towards broader circulation and application scenarios.
