ETF Movers: CSOP 2x Long Coinbase (07711) Jumps Over 8% as Coinbase Expands Institutional Business and Extends Custody Services to USDC

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CSOP 2x Long Coinbase (07711) surged more than 8%, rising 8.78% to HK$24.04 as of press time, with a turnover of HK$1.0379 million.

On the news front, Coinbase Global, Inc. (COIN.US) institutional business head Liz Martin said in an interview in Singapore recently that as banks increasingly roll out their own digital asset services, the largest U.S. cryptocurrency exchange is playing the role of infrastructure provider for these institutions while also aggressively developing its prime brokerage business.

Martin believes that Coinbase's dual role of providing both trading and infrastructure services does not constitute a conflict of interest. She stated that deeper participation by traditional finance benefits both business segments.

In addition, Coinbase Global, Inc. (COIN.US) announced that it will provide custody services for Circle's USDC stablecoin balances in Samsung Wallet through its institutional platform Coinbase Prime. USDC will become the default U.S. dollar stablecoin for users of Samsung Electronics' payment services, expected to launch in the United States by the end of the month, extending Coinbase's custody services to yet another consumer-facing application.

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