Future FinTech's mBTC System and Technology Allows Consumers to Use Bitcoin as An Online Payment Method

Rhea-AI Summary

Future FinTech Group (NASDAQ: FTFT) announced an upgrade to its mBTC system through its 60%-owned subsidiary, DCON DigiPay, enabling e-commerce platforms to accept Bitcoin as a payment method. The mBTC system, with a 1,000,000:1 exchange rate against Bitcoin, addresses the challenges of using Bitcoin for online purchases by linking it to consumers' real names for recovery of lost funds. This technology also complies with KYC and AML regulations, intending to enhance its use beyond e-commerce into broader payment systems.

Positive

• Completion of mBTC system upgrade enhances Bitcoin payment acceptance.
• Compliance with KYC and AML regulations opens new market opportunities.
• Potential for broader applications beyond e-commerce.

Negative

• None.

NEW YORK, Jan. 11, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT, "Future FinTech", "FTFT" or "Company"), a leading blockchain based e-commerce business and a fintech service provider, announced today that DCON DigiPay Limited ("DCON"), a company incorporated in Japan and a 60% owned subsidiary of the Company, has completed the upgrade of its mBTC system and technology which can now be used by e-commerce platforms that plan to accept Bitcoin (BTC) as a payment method from consumers.

The mBTC system is a blockchain based system to exchange mBTC and BTC which has a 1,000,000:1 exchange rate pegged against Bitcoin, so it can be used by consumers in real life. Bitcoin has a very high market value and it is not practical as an online shopping payment method.

DCON originally developed mBTC as a payment platform for certain blockchain based communities and has adapted its technology to be suitable for e-commerce platforms. The mBTC is designed on the real name blockchain basis which will help its owner recover his or her funds despite the anonymous nature of BTC.

"Our unique technology for mBTC solves the main issue with BTC, which is that it is anonymous and not recoverable if lost or stolen," said Shanchun Huang, Chief Executive Officer of the Future FinTech. "It also enables BTC and blockchain technology to serve the consumer space. We expect this technology to be used not only for e-commerce platforms but also for other payment systems that plan to use BTC. Because our technology uses the shopper's legal name, it can also meet Know Your Customer (KYC) and Anti-Money Laundry (AML) requirements."

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 technology and services as well as financial technology services. For more information, please visit http://www.ftftex.com/.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2019 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

View original content:http://www.prnewswire.com/news-releases/future-fintechs-mbtc-system-and-technology-allows-consumers-to-use-bitcoin-as-an-online-payment-method-301205040.html

SOURCE Future FinTech Group Inc.

FAQ

What is Future FinTech's new mBTC system?

Future FinTech's mBTC system is an upgraded payment platform that allows e-commerce sites to accept Bitcoin as a payment method.

When was the mBTC system upgrade announced by Future FinTech?

The upgrade was announced on January 11, 2021.

How does the mBTC system benefit consumers?

The mBTC system allows for the recovery of lost funds and ensures compliance with KYC and AML requirements.

What is the exchange rate of mBTC to Bitcoin?

The mBTC system has a 1,000,000:1 exchange rate pegged against Bitcoin.

Which subsidiary of Future FinTech developed the mBTC system?

The mBTC system was developed by DCON DigiPay Limited, a 60%-owned subsidiary of Future FinTech.