SOS Takes Initial Steps to Establish a Digital Asset Exchange

Rhea-AI Summary

SOS Limited (NYSE: SOS) announced on March 24, 2021, that it is taking preliminary steps to establish a digital asset exchange. The company has secured a license to utilize blockchain asset exchange software from a third party, with expectations of operational implementation soon. This move is part of SOS's strategy to enhance its blockchain and cryptocurrency services, which will also include security and insurance for digital assets. The CEO emphasized the importance of this exchange in achieving their goals in Decentralized Finance (DeFi).

Positive

• SOS is moving forward with establishing a digital asset exchange, which could diversify revenue streams.
• The company has secured a license for blockchain asset exchange software, indicating progress in their technology development.

Negative

• The digital asset exchange and related services are still in development, presenting uncertainties.
• Potential regulatory risks from the Chinese government's oversight of cryptocurrency operations could impact future operations.

QINGDAO, China, March 24, 2021 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") announced today that it has taken preliminary steps to establish a digital asset exchange.  Specifically, the Company entered into a tailor-made license to use a blockchain asset exchange software system made by a third party in exchange for a one-time licensing fee. 

Once the software is installed and operational, the Company expects to establish a digital asset exchange.  The Company also intends to offer security and insurance services for digital assets.  The Company's Chairman and Chief Executive Officer, Yandai Wang, commented "This is a key step in our blockchain and cryptocurrency strategy.  The digital asset exchange is an important part of our goal to provide blockchain services, digital asset security services and Decentralized Finance (DeFi) services."

About SOS Limited

SOS is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. Recently, SOS began rolling out its cryptocurrency mining business and plans to develop insurance and security management solutions for digital assets and cryptocurrencies. SOS transforms digital technology into data-driven operations through research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence. The Company created an SOS cloud emergency rescue software-as-a-service (SaaS) platform with three major product categories: basic cloud (medical rescue card, car rescue card, financial rescue card, mutual assistance rescue card), cooperative cloud (information rescue center, intelligent big data, intelligent software and hardware), and information cloud (News Today, E-Commerce Today). The Company's corporate clients include insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers and other service providers in the emergency rescue services industry. For more information, please visit: http://www.sosyun.com/.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance.  SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.  Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company's:

• ability to execute its business plan;
• changes in the market for SOS' products and services; and
• expansion plans and opportunities.

These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:

• SOS's cryptocurrency mining, security and insurance businesses are still under development, with many uncertainties in research of relevant technologies;
• failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS's mining machines;
• shortages in, or rises in the prices of mining machines may adversely affect the Company's business;
• any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;
• security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and
• Chinese government's policies and regulatory oversight of crypto currency mining operation;
• other risks and uncertainties indicated in SOS's SEC reports or documents filed or to be filed with the SEC by SOS.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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SOURCE SOS Limited

FAQ

What are the recent developments by SOS Limited regarding a digital asset exchange?

SOS Limited has announced preliminary steps to establish a digital asset exchange, including securing a licensing agreement for blockchain software.

When did SOS Limited announce its plans for a digital asset exchange?

The plans were announced on March 24, 2021.

What challenges might SOS Limited face in establishing its digital asset exchange?

SOS Limited could face challenges such as regulatory risks, uncertainties in technology development, and market demand for its services.

What services does SOS Limited plan to offer in addition to the digital asset exchange?

In addition to the digital asset exchange, SOS Limited intends to provide security and insurance services for digital assets.

What is the stock symbol for SOS Limited?

The stock symbol for SOS Limited is SOS.