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Alibaba Group Holding Ltd (NYSE:BABA) and Nvidia Corp (NASDAQ:NVDA) are part of a new incentive scheme by Hong Kong’s most prominent online broker, Futu Securities International.
The broker has launched retail cryptocurrency trading in Hong Kong and is offering shares of these companies as rewards to attract investors.
Futu now allows Hong Kong residents to trade Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the two largest cryptocurrencies, directly on its brokerage platform using either Hong Kong or U.S. dollars, SCMP reports.
Futu’s initiative aligns with Hong Kong’s efforts to enhance its appeal as a virtual asset business hub.
In addition to offering crypto trading on its main brokerage app, Futu is seeking a cryptocurrency exchange license for its new platform, PantherTrade.
Futu offers various incentives to attract investors amid the ongoing crypto bull market. Hong Kong investors who open accounts in August and deposit HK$10,000 ($1,280) for the next 60 days can choose between bitcoin worth HK$600, a HK$400 supermarket voucher, or a single share of Alibaba Group.
Those holding $80,000 for the same period can receive HK$1,000 in Bitcoin or a share of Nvidia.
Futu will waive commission fees for crypto trading from Thursday until further notice.
Chinese e-commerce and technology giant Alibaba stock lost 18% in the last 12 months as it battles a weak economy and intense domestic e-commerce rivalry. Artificial intelligence chip designer Nvidia has gained 147% in the last 12 months as Big Tech giants splurge on their AI ambitions.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
