Future FinTech Announces an Update of its Blockchain Division
Future FinTech (NASDAQ: FTFT) has announced an update to its Blockchain Business Division, established in December 2021. The division will focus on developing new blockchain businesses including high-performance computing, web3 technology, and artificial intelligence (AI). The company has appointed Kai Xu as President and Weifang Peng as Vice President of the division. Xu, former COO and blockchain division VP, will oversee operations and web3 expansion, while Peng, who has Bitcoin mining experience since 2015, will lead blockchain computing power and web3 business development.
Future FinTech (NASDAQ: FTFT) ha annunciato un aggiornamento alla sua Divisione Business Blockchain, istituita nel dicembre 2021. La divisione si concentrerà sullo sviluppo di nuove attività nel settore blockchain, comprese l'informatica ad alte prestazioni, la tecnologia web3 e l'intelligenza artificiale (AI). L'azienda ha nominato Kai Xu come Presidente e Weifang Peng come Vice Presidente della divisione. Xu, ex COO e VP della divisione blockchain, supervisionerà le operazioni e l'espansione del web3, mentre Peng, che ha esperienza nel mining di Bitcoin dal 2015, guiderà lo sviluppo della potenza di calcolo blockchain e delle attività web3.
Future FinTech (NASDAQ: FTFT) ha anunciado una actualización de su División de Negocios Blockchain, establecida en diciembre de 2021. La división se enfocará en desarrollar nuevos negocios en blockchain, incluyendo computación de alto rendimiento, tecnología web3 y inteligencia artificial (IA). La compañía ha nombrado a Kai Xu como Presidente y a Weifang Peng como Vicepresidente de la división. Xu, ex COO y VP de la división blockchain, supervisará las operaciones y la expansión del web3, mientras que Peng, quien tiene experiencia en minería de Bitcoin desde 2015, liderará el desarrollo del poder de computación blockchain y el crecimiento de los negocios web3.
Future FinTech (NASDAQ: FTFT)는 2021년 12월에 설립된 블록체인 비즈니스 부문에 대한 업데이트를 발표했습니다. 이 부문은 고성능 컴퓨팅, 웹3 기술 및 인공지능(AI)을 포함한 새로운 블록체인 비즈니스를 개발하는 데 집중할 것입니다. 회사는 Kai Xu를 사장으로, Weifang Peng을 부사장으로 임명했습니다. Xu는 전 COO이자 블록체인 부문 VP로서 운영과 웹3 확장을 관리하며, Peng은 2015년부터 비트코인 채굴 경험을 가지고 있으며 블록체인 컴퓨팅 파워와 웹3 비즈니스 개발을 이끌 것입니다.
Future FinTech (NASDAQ: FTFT) a annoncé une mise à jour de sa Division des Affaires Blockchain, créée en décembre 2021. La division se concentrera sur le développement de nouvelles affaires blockchain, y compris l'informatique haute performance, la technologie web3 et l'intelligence artificielle (IA). L'entreprise a nommé Kai Xu au poste de Président et Weifang Peng au poste de Vice-Président de la division. Xu, ancien COO et VP de la division blockchain, supervisera les opérations et l'expansion du web3, tandis que Peng, qui a de l'expérience en minage de Bitcoin depuis 2015, dirigera le développement de la puissance de calcul blockchain et des affaires web3.
Future FinTech (NASDAQ: FTFT) hat ein Update zur Blockchain-Geschäftsdivision angekündigt, die im Dezember 2021 gegründet wurde. Die Division wird sich auf die Entwicklung neuer Blockchain-Geschäfte konzentrieren, einschließlich Hochleistungsrechnen, Web3-Technologie und künstlicher Intelligenz (KI). Das Unternehmen hat Kai Xu zum Präsidenten und Weifang Peng zum Vizepräsidenten der Division ernannt. Xu, ehemaliger COO und VP der Blockchain-Division, wird die Operationen und die Web3-Expansion überwachen, während Peng, der seit 2015 Erfahrung im Bitcoin-Mining hat, die Entwicklung der Blockchain-Rechenleistung und des Web3-Geschäfts leiten wird.
- Strategic expansion into high-growth areas: AI, web3, and high-performance computing
- Appointment of experienced blockchain executives with relevant industry background
- None.
Insights
The restructuring of FTFT's blockchain division appears to be more of a repackaging of existing operations rather than a substantial strategic shift. While the company mentions AI and web3 initiatives, the announcement lacks specific project details, timelines, or financial commitments. The appointment of former executives to new positions, particularly Mr. Xu who previously served as COO until 2020, suggests internal reorganization rather than fresh expertise acquisition.
The company's pivot towards high-performance computing and web3 technology follows industry trends, but without concrete business plans or revenue projections, this announcement carries minimal weight. Mr. Peng's background in Bitcoin mining from 2015 is noteworthy, but the company's previous mining operations' performance metrics are absent, making it difficult to assess the potential impact of this restructuring.
The new focus of the Blockchain Business Division will be to develop and grow new blockchain businesses such as high-performance computing, web3 technology, artificial intelligence (AI), and other blockchain related projects. The Blockchain Business Division will continue to manage its existing businesses to include coordinating its operations, developing business synergies and executing on its strategic growth plan.
Mr. Li Hu, CEO of Future FinTech, said, "We are actively developing an array of digital financial products and services by leveraging AI to expand our impact on the web3 industry, the next iteration of the internet that uses blockchain technology to empower users. Our Blockchain Business Division will integrate existing and new businesses with an expanded mandate which we believe solidifies our commitment to being a leader in the blockchain field."
Mr. Kai Xu has been appointed the President of the Blockchain Business Division, responsible for overseeing and directing the division's operations, including engagement with the expansion of web3. Mr. Xu has extensive experience in blockchain and big data. Mr. Xu was previously COO of the Company, a position in which he served until February 2020, and the vice president of the Company's blockchain division, and he also serves as the Deputy General Manager of FT Commercial Group Ltd., a wholly owned subsidiary of the Company,
Mr. Weifang Peng has been appointed the Vice President of the Blockchain Business Division, mainly responsible for the Company's blockchain computing power and web3 related business development. Mr. Peng entered the Bitcoin mining industry in September 2015 and has extensive industry experience. Mr. Peng was responsible for FTFT's global mining investment business from 2021 to 2022.
About Future Fintech Group Inc.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive financial and digital technology service provider. The Company, through its subsidiaries, conducts asset management, brokerage and investment banking services in
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SOURCE Future FinTech Group Inc.
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