Welcome to our dedicated page for Future FinTech Group news (Ticker: FTFT), a resource for investors and traders seeking the latest updates and insights on Future FinTech Group stock.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive provider of financial and digital technology services, operating across multiple sectors and geographical regions. The company engages in supply chain financing services and trading in China, asset management and investment banking services in Hong Kong, and cross-border payment services in the United Kingdom. Additionally, Future FinTech runs cryptocurrency trading data information services in the United Arab Emirates and has established a digital asset mining farm in the United States.
One of its notable subsidiaries, FTFTX, is a professional global crypto data aggregation platform. It provides institutional and individual investors with real-time, high-quality, reliable digital currency market data for cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others. FTFTX aggregates currency and transaction data from global digital currency platforms, conducting thorough analysis to deliver the most valuable information to its users.
Future FinTech continues to expand its operations and recently participated in significant events, emphasizing its commitment to international collaboration. On August 15, 2023, CEO Mr. Huang Shanchun attended the inauguration ceremony of the President of Paraguay, Santiago Pena. Future FinTech intends to engage in deeper cooperation with the new government of Paraguay in financial technology and cryptocurrency mining, leveraging Paraguay's abundant hydropower resources to attract global bitcoin mining operations.
Despite facing legal challenges, such as the recent allegations by the SEC against its CEO Mr. Shanchun Huang for manipulative trading prior to his tenure as CEO, the company remains steadfast in its operational integrity. The Board has established an independent committee to review these allegations and imposed trading restrictions on the CEO during the ongoing litigation. The Board assures that the litigation will not impact the company's operations.
In recent months, Future FinTech has made strides in its cryptocurrency mining initiatives. On March 15, 2024, its subsidiary FTFT SuperComputing Inc. signed a data mining hosting agreement with Teracrypto Technology LLC to provide hosting services for bitcoin miners at its cryptocurrency farm in Norwalk, Ohio. Another agreement was signed on April 15, 2024, with Tech Solution Inc., further cementing FTFT SuperComputing's role in the burgeoning cryptocurrency mining industry.
Future FinTech adheres to the concept of improving financial services through digital and internet technologies, providing stable, safe, and efficient digital financial services to its business and individual customers.
Future FinTech Group Inc. (NASDAQ: FTFT) announced on April 24, 2023, that it has regained compliance with NASDAQ listing requirements under Rule 5250(c)(1) after filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. This follows a notification received on April 21, 2023, regarding a previous non-compliance due to late filing. The Company’s operations include blockchain technology and fintech services, such as an online shopping mall platform, financial services, and cryptocurrency initiatives. The compliance with NASDAQ rules closes the matter concerning its reporting obligations.
Future FinTech Group (NASDAQ: FTFT) announced it received a letter from Nasdaq stating it is not in compliance with Listing Rule 5250(c)(1) due to a delayed filing of its Annual Report on Form 10-K for 2022. The Company has 60 days, until June 20, 2023, to submit a compliance plan. If accepted, FTFT may be granted up to 180 days, until October 16, 2023, to regain compliance. The Company is working to file the 2022 10-K today. The notification does not immediately affect the listing status of FTFT on the Nasdaq Capital Market.
Future FinTech Group (NASDAQ: FTFT) announced the acquisition of Alpha Financial's wholly owned subsidiaries, Alpha International Securities (HK) and Alpha Information Service Shenzhen, for HK$15.66 million (approximately US$2 million). The announcement was made on March 1, 2023, following a prior Memorandum of Understanding signed in September 2022. Alpha HK specializes in online brokerage services, IPO underwriting, and US dollar-based bond issuance. The acquisition aims to enhance Future FinTech's offerings and align with its strategic goal of becoming a diversified fintech enterprise. The agreement stipulates payment terms contingent upon regulatory approval from the Hong Kong Securities and Futures Commission.
Future FinTech Group (NASDAQ: FTFT) announced that its wholly-owned subsidiary, FTFT Paraguay S.A., has successfully completed the first phase of its cryptocurrency mining farm in Mariano Roque Alonso, Paraguay. The farm, powered by hydroelectric energy, has a capacity of three megawatts and can house approximately 900 mining machines. The initial batch of Antminer S19 mining machines began operations after successful testing on December 30, 2022. FTFT plans to expand its operations with two additional mining farms of 15MW each, aiming for a total capacity of at least 30MW by 2023 and 100MW by 2025.
Future FinTech Group Inc. (NASDAQ: FTFT) has announced the successful deployment of its first Antminer S19 mining machines at its cryptocurrency mining farm in Ohio, marking the completion of the first construction phase. The farm aims to accommodate approximately 12,000 Antminers, generating about 1.3 EH/s of hash power. The electricity supply for the mining facility was established in July 2022 through an agreement with Champion Energy Services. FTFT plans to develop multiple mining farms globally to enhance operational capacity.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the launch of the FTFT Orbit e-wallet app, catering primarily to international students and newcomers in the UK. The app is now accessible on Google Play and the Apple App Store, enabling users to perform various banking functions, including money transfers and bill payments. It also allows users to open UK accounts prior to their arrival. FTFT UK has established key partnerships, including a cooperation agreement with Railsbank, enhancing the app's functionalities.
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