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 a definitive share exchange agreement on February 26, 2021, to acquire a 60% equity interest in Sichuan Ticode Supply Chain Management Co., Ltd. from Sichuan Longma Electronic Technology Co., Ltd. for approximately $66.45 million, to be paid with 7,789,882 shares at $8.53 each. Ticode, which generated revenue of approx. $518.61 million in 2019, provides financial services in the supply chain sector. The acquisition aims to enhance FTFT's operations and financial performance, with future growth potential expected from this strategic move.
Future FinTech Group (NASDAQ: FTFT) has announced updates regarding potential acquisitions. The company faced delays in acquiring 90% of Nice Talent Asset Management Limited due to the COVID-19 pandemic and regulatory holdups, leading to a need for renegotiation of the purchase price. Additionally, planned acquisitions of Blocknance Financial International and Asiasens Investment Holding have been terminated due to failed negotiations and unmet closing conditions. Despite these setbacks, the company remains focused on expanding its financial technology business and blockchain integration.
Future FinTech Group (NASDAQ: FTFT), a blockchain-based e-commerce and financial technology service provider, has partnered with Xi'an Jiaotong University's School of Economics and Finance to establish a Blockchain Finance Research Institute. This initiative aims to explore blockchain technology's applications across various financial sectors, including banking and digital payments. FTFT will fund scientific research while the university contributes research personnel. This collaboration is expected to enhance the company's R&D capabilities in blockchain technology and improve customer fund security in the financial field.
Future FinTech Group Inc. (NASDAQ: FTFT) announced a five-year cooperation agreement with the China Foundation of Consumer Protection to combat counterfeit products using blockchain technology.
The partnership involves establishing a 'Quality and Safety Office' to enhance product quality oversight and accountability. Mr. Zhi Yan, general manager of Future FinTech's subsidiary Chain Cloud Mall Network, will lead this initiative. The 'Responsible Brand Plan' is set to launch in March 2021, leveraging blockchain for anti-counterfeiting measures.
Future FinTech Group (NASDAQ: FTFT) announced the closing of a registered direct offering of 2,000,000 shares at $5.95 per share, raising $11.9 million in gross proceeds on February 11, 2021. The net proceeds are intended for growth capital and general working capital purposes. The offering was facilitated by A.G.P./Alliance Global Partners as the sole placement agent. A prospectus supplement was filed with the SEC on the same day and is available for review.
Future FinTech Group Inc. (NASDAQ: FTFT) announced a registered direct offering of 2,000,000 shares at $5.95 per share, aiming for gross proceeds of about $11.9 million. The offering's expected closing date is February 11, 2021. Funds will be allocated for growth capital and general working capital purposes. This transaction is under an effective shelf registration statement with the SEC. A.G.P./Alliance Global Partners serves as the placement agent for this offering.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the closure of a registered direct offering, issuing 3,000,000 shares of Common Stock at $5.00 per share, generating gross proceeds of $15,000,000. The net proceeds will fund growth and general working capital. This offering was facilitated by A.G.P./Alliance Global Partners, with all offers made via a prospectus under an effective shelf registration statement. The securities cannot be sold in states where the offer is unlawful prior to necessary registration.
Future FinTech Group Inc. (NASDAQ: FTFT) announced a registered direct offering to institutional investors for 3 million shares at $5.00 per share, aiming to raise approximately $15 million. The closing is expected around January 13, 2021, contingent on customary closing conditions. Funds from this offering will be allocated for growth and general working capital purposes. This offering is made under an effective shelf registration statement filed with the SEC.
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.
Future FinTech Group Inc. (NASDAQ: FTFT) has announced that the China Copyright Protection Center accepted its application for ten software copyrights related to blockchain technology on December 31, 2020. The software aims to enhance an anti-counterfeiting and tracing system for its e-commerce platform, Chain Cloud Mall (CCM). These innovations include various systems for monitoring credit points and ensuring product authenticity. The move is part of Future FinTech's strategy to integrate blockchain technology in e-commerce, potentially driving more traffic and business to CCM.
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