Future Fintech Establishes Subsidiary in Dubai for Digital Currency and Crypto Asset Service and Management Business
Future FinTech Group Inc. (NASDAQ: FTFT) announced the registration of a new subsidiary, FTFT Capital Investments LLC, in Dubai on June 24, 2021. This subsidiary aims to provide digital currency trading and crypto asset management services, capitalizing on Dubai's favorable blockchain policies. FTFT Capital plans to acquire 100% ownership of Shenzhen SOSOB Technology Co., Ltd., a leading digital currency service provider with over 1.2 million registered users. CEO Shanchun Huang emphasized that this initiative is a significant step towards creating a comprehensive blockchain-based financial services platform.
- Establishment of FTFT Capital Investments LLC in Dubai for digital currency services.
- Acquisition of Shenzhen SOSOB Technology Co., Ltd. enhances service offerings.
- Access to Dubai's supportive blockchain policies may foster growth.
- None.
NEW YORK, June 28, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that on June 24, 2021, it has registered a new subsidiary, FTFT Capital Investments LLC ("FTFT Capital"), to do business in Dubai, United Arab Emirates. FTFT Capital intends to operate digital currency trading service and crypto asset management businesses in Dubai. UAE is a friendly country to blockchain technology and cryptocurrency; since the beginning of 2021, the country has introduced preferential policies to attract global blockchain technology companies to establish operations in Dubai, an emerging international financial center.
FTFT Capital will be positioning itself to become a full financial service provider utilizing blockchain technology to build a financial services platform to provide diversified financial products to global institutional investors and high net-worth investors. As previously disclosed in our press release on March 18, 2021, the Company signed a Strategic Cooperation Agreement (the "Agreement") with major shareholders of Shenzhen SOSOB Technology Co., Ltd. ("Shenzhen SOSOB") to incorporate a joint venture in Dubai. As we have incorporated FTFT Capital as our wholly owned subsidiary, the parties plan to have FTFT Capital acquire
Shanchun Huang, CEO of Future Fintech, commented, "Building a financial services platform based on blockchain technology is a key development plan for our company. We believe that the establishment of FTFT Capital Investments LLC in Dubai will be a landmark event in the field of innovative financial services. Utilizing the expertise, technology and user base of Shenzhen SOSOB Technology Co., Ltd., the leading firm in the digital currency trading service sector, our goal is to become one of the world's most active and influential digital currency and crypto asset trading and management services provider."
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) and 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://ftft.com/.
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SOURCE Future FinTech Group Inc.
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