Internet brokers are "receiving crypto", and crypto exchanges are also "breaking boundaries".
Yesterday, Futu Securities announced the launch of Bitcoin, Ethereum, and USDT deposit services, allowing users to directly transfer crypto assets into their accounts, creating a funding channel from crypto to the stock market. 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 landscape.
On one side, brokers are opening up crypto entry points, while on the other, exchanges are integrating resources 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 app download rankings, with over 25 million global registered users and customer assets reaching 743.3 billion Hong Kong dollars. Now, it is accelerating into the crypto asset fast lane.
As early as 2023, Futu began 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, 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. 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 the acquisition of Bitstamp, accelerating its entry into the Asia-Pacific market.
Coinbase and Robinhood crypto trading volume, image source: insights4.vc
New entrants are increasing their stakes, 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 Boundaries"
It's not just traditional brokers moving closer to crypto assets; crypto platforms are also "breaking boundaries" in reverse, actively connecting with traditional financial markets.
Bybit recently revealed plans to launch US stock and other traditional asset trading functions, aiming to enable direct trading of US stocks, stock 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 other platforms have introduced 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, with exchanges not only expanding the application boundaries of crypto assets but also strengthening platform ecosystem closed loops, enhancing user stickiness, and creating new business growth curves.
From starting with crypto assets to connecting 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: comprehensive platforms integrated with RWA, and traditional exchanges still guarding the pure crypto asset frontline."
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 begin to assess crypto assets from the perspective of US and Hong Kong stocks, with low-quality tokens being accelerated out of the market and pushing towards high-quality targets. Stablecoin adoption rates 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.
