US Stock Market Move | Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) rose more than 5% after reaching a strategic cooperation agreement on Web3.0 with Huaxia Fund Hong Kong.

On Wednesday, Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) rose more than 5% to $173.29. In terms of news, on July 22, Futu Group announced a long-term strategic cooperation with Huaxia Fund (Hong Kong) to jointly promote the deep integration of traditional finance and blockchain technology. Futu, as the exclusive technology broker, will launch a series of tokenized currency funds of Huaxia Fund on its FUTU app platform, covering HKD, RMB, and USD, and providing compliant 7x24 flexible interest-bearing investment solutions for investors and cryptocurrency holders through the Futu licensed virtual asset trading platform (VATP). In the future, the two parties will also explore the dual-track redemption mechanism and 24/7 online trading. It is reported that Huaxia Fund (Hong Kong) previously launched the most comprehensive series of tokenized currency funds globally, including the first tokenized fund for retail investors in the Asia-Pacific region and the first RMB-denominated tokenized fund globally, as well as issuing the first batch of virtual asset spot ETFs in Asia. Futu Group holds multiple licenses related to virtual assets and provides trading services including cryptocurrency spot, futures, ETFs in multiple markets worldwide.