The giant state-owned securities firm has entered the cryptocurrency space.

The parent company, Guotai Junan, is well understood, being under the Shanghai State-owned Assets Supervision and Administration Commission, with deep roots in the industry. Unlike Futu Securities, which targets retail investors, Guotai Junan International primarily serves investment institutions and enterprises, most of which are state-owned.

Guotai's Hong Kong stocks have doubled, and Guotai's A-shares were close to hitting the daily limit, making it the only and truly cryptocurrency-related stock in A-shares.

In the future, Hashkey, Victory Securities, OSL, and Futu Securities will all have to lower fees and increase account opening bonuses, leading to increasingly fierce competition.