Future FinTech Enters into Cooperation Relationship with Shenzhen SOSOB Technology to Provide Market Information and Services in the Digital Currency Markets
Future FinTech Group (NASDAQ: FTFT) announced a Strategic Cooperation Agreement with Shenzhen SOSOB Technology on March 17, 2021. The deal involves a joint venture, FTFT Capital Dubai, where FTFT will invest $5.5 million for 55% ownership, while Shenzhen SOSOB contributes assets valued at $4.5 million for 45% ownership. FTFT Capital Dubai aims to offer digital currency services and establish an investment fund for high net worth investors. The collaboration is expected to enhance both companies' capabilities in the digital currency market, leveraging SOSOB's extensive data services.
- Investment of $5.5 million positions FTFT with 55% ownership in FTFT Capital Dubai.
- Partnership with Shenzhen SOSOB enhances FTFT's digital currency service offerings.
- Access to Shenzhen SOSOB's extensive digital currency data platform and technology.
- None.
NEW YORK, March 18, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as Future FinTech", "FTFT" or "the Company"), a leading blockchain e-commerce company and a service provider for financial technology, today announced that on March 17, 2021 the Company signed a Strategic Cooperation Agreement (the "Agreement") with major shareholders of Shenzhen SOSOB Technology Co., Ltd. ("Shenzhen SOSOB") to form a joint venture titled FTFT Capital (Dubai) Limited ("FTFT Capital Dubai"), an entity formed to provide services and solutions in the global digital currency business.
Pursuant to the Agreement, the Company will make a cash contribution of
Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, said, "We are excited to jointly create a new enterprise that will serve the digital currency markets. Our objective is to build a company of significant value by creating new content and capturing market share through the application of blockchain technology in financial service markets including digital wallet safety management, blockchain code auditing and operations, and maintenance services. We believe that SOSOB's digital currency market data information service, analysis capabilities, diversified financial services and multilingual services will serve as a catalyst to introduce new advisory services for blockchain-based financial asset products."
Mr. Xiong Li, Chairman of Shenzhen SOSOB Technology Co., Ltd., said, "SOSOB currently provides high value-add services to the digital currency markets by being the world's largest digital currency market information and data service platform of real-time asset and price information for global users. Based on our blockchain aggregation service platform, it collects real-time, comprehensive and reliable blockchain asset and digital currency market information and price data to provide a one-stop market data service for global users. SOSOB now has more than 30 proprietary technologies. We collect data from more than 300 global digital currency trading platforms and cover more than 1,000 digital currencies. With our independently developed data analysis engine, we process more than 200 million datum per day. SOSOB currently has more than 560,000 registered members and over 520,000 members who have installed our mobile App so they can have access anywhere at any time. In addition, our mobile app daily activity number totals more than 84,000 members, our daily website page view (PV) totals more than 500,000 views, and our daily unique visitor (UV) number, which only counts the first visit with a unique IP address, and which does not record again in the same day, totals more than 160,000 visitors."
Mr. Li continued, "We will continue to maintain and improve the strategic position of our global blockchain financial services and one-stop platform for data, market information and analytics service for digital currency markets. Through our cooperative relationship with Future FinTech, we intend to use blockchain technology to further expand the platform ecology of the digital currency market and to promote its expansion in cooperation with other industry parties to build a stable and sustainable digital currency service platform."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://www.ftftex.com/.
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