Moomoo Reports 50% Surge in Crypto Users as Retail Demand Broadens

Retail brokerage moomoo has experienced a 50% increase in its number of cryptocurrency users, signaling sustained interest from individual investors in the digital asset class, an executive told Investing.com this week. The growth reflects a trend of traders expanding their portfolios beyond traditional assets.

Growth Driven by New and Existing Clients

The user growth stems from two primary sources: new clients transferring from other platforms and existing moomoo users, who previously traded stocks and options, now incorporating crypto into their strategies. Moomoo is a subsidiary of the Nasdaq-listed Futu Holdings.

"Since the launch of our crypto wallet, we've seen a number of users transfer from other exchanges to our platform, partly due to our more competitive rates," said Albi Mema, Director of U.S. Crypto Business at moomoo. He added that a richer product lineup, including event-based contracts, is also driving deeper engagement.

Trading Activity Expands Beyond Majors

While Bitcoin (BTC) and Ether (ETH) continue to account for the majority of crypto trading volume on the platform, investor interest is diversifying. Mema noted that a wider range of digital assets are gaining popularity among the brokerage's clients.

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"Assets like XRP and HYPE have gained considerable traction among our user base and are consistently among the most actively traded coins on the platform," Mema stated. This indicates a growing appetite for assets beyond the two largest cryptocurrencies as investors become more familiar with the market.

Bridging the Retail-Institutional Gap

Mema observed a significant overlap between crypto users and those trading equities and options, suggesting the rise of a self-directed, multi-asset investor. As crypto becomes more accessible, he believes competition among brokerages is shifting toward the overall platform experience, including data analytics, charting tools, AI applications, and investor education.

The firm aims to narrow the infrastructure disparity between institutional and retail investors. "Institutional investors have established custody, settlement data, and risk management systems, while retail investors often just get a price display and a buy button," Mema explained. "Moomoo is working to bridge this gap."