U.S. markets close in 1 hour 10 minutes
  • S&P 500

    4,122.03
    +58.99 (+1.45%)
     
  • Dow 30

    34,102.64
    +514.98 (+1.53%)
     
  • Nasdaq

    13,157.50
    +125.82 (+0.97%)
     
  • Russell 2000

    2,162.85
    +27.72 (+1.30%)
     
  • Crude Oil

    63.69
    -2.39 (-3.62%)
     
  • Gold

    1,825.80
    +3.00 (+0.16%)
     
  • Silver

    27.17
    -0.07 (-0.25%)
     
  • EUR/USD

    1.2082
    +0.0006 (+0.05%)
     
  • 10-Yr Bond

    1.6730
    -0.0220 (-1.30%)
     
  • GBP/USD

    1.4041
    -0.0016 (-0.12%)
     
  • USD/JPY

    109.4500
    -0.2100 (-0.19%)
     
  • BTC-USD

    48,414.07
    -5,906.64 (-10.87%)
     
  • CMC Crypto 200

    1,300.04
    -87.86 (-6.33%)
     
  • FTSE 100

    6,963.33
    -41.30 (-0.59%)
     
  • Nikkei 225

    27,448.01
    -699.50 (-2.49%)
     

Future FinTech Enters into Cooperation Relationship with Shenzhen SOSOB Technology to Provide Market Information and Services in the Digital Currency Markets

  • Oops!
    Something went wrong.
    Please try again later.
·5 min read
  • Oops!
    Something went wrong.
    Please try again later.

NEW YORK, March 18, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as Future FinTech", "FTFT" or "the Company"), a leading blockchain e-commerce company and a service provider for financial technology, today announced that on March 17, 2021 the Company signed a Strategic Cooperation Agreement (the "Agreement") with major shareholders of Shenzhen SOSOB Technology Co., Ltd. ("Shenzhen SOSOB") to form a joint venture titled FTFT Capital (Dubai) Limited ("FTFT Capital Dubai"), an entity formed to provide services and solutions in the global digital currency business.

Pursuant to the Agreement, the Company will make a cash contribution of $5.5 million for 55% ownership of FTFT Capital Dubai, and the shareholders of Shenzhen SOSOB will contribute 80% of their equity interest in Shenzhen SOSOB to FTFT Capital Dubai; Shenzhen SOSOB assets include intellectual property rights, an online platform that provides global digital currency market information and its members and online traffic, valued in aggregate at $4.5 million for 45% ownership of FTFT Capital Dubai. Under the planned structure, FTFT Capital Dubai will become a 55% owned subsidiary of the Company and Shenzhen SOSOB will become an 80% owned subsidiary of FTFT Capital Dubai. It is also planned that FTFT Capital Dubai will set up an investment fund for the investment and management of encrypted financial assets for institutional and high net worth investors. FTFT Capital Dubai will be based in Dubai, United Arab Emirates.

Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, said, "We are excited to jointly create a new enterprise that will serve the digital currency markets. Our objective is to build a company of significant value by creating new content and capturing market share through the application of blockchain technology in financial service markets including digital wallet safety management, blockchain code auditing and operations, and maintenance services. We believe that SOSOB's digital currency market data information service, analysis capabilities, diversified financial services and multilingual services will serve as a catalyst to introduce new advisory services for blockchain-based financial asset products."

Mr. Xiong Li, Chairman of Shenzhen SOSOB Technology Co., Ltd., said, "SOSOB currently provides high value-add services to the digital currency markets by being the world's largest digital currency market information and data service platform of real-time asset and price information for global users. Based on our blockchain aggregation service platform, it collects real-time, comprehensive and reliable blockchain asset and digital currency market information and price data to provide a one-stop market data service for global users. SOSOB now has more than 30 proprietary technologies. We collect data from more than 300 global digital currency trading platforms and cover more than 1,000 digital currencies. With our independently developed data analysis engine, we process more than 200 million datum per day. SOSOB currently has more than 560,000 registered members and over 520,000 members who have installed our mobile App so they can have access anywhere at any time. In addition, our mobile app daily activity number totals more than 84,000 members, our daily website page view (PV) totals more than 500,000 views, and our daily unique visitor (UV) number, which only counts the first visit with a unique IP address, and which does not record again in the same day, totals more than 160,000 visitors."

Mr. Li continued, "We will continue to maintain and improve the strategic position of our global blockchain financial services and one-stop platform for data, market information and analytics service for digital currency markets. Through our cooperative relationship with Future FinTech, we intend to use blockchain technology to further expand the platform ecology of the digital currency market and to promote its expansion in cooperation with other industry parties to build a stable and sustainable digital currency service platform."

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 e-Commerce technology as well as financial technology. 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 otherwise in our SEC reports and filings, including the final prospectus for our offering. 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.

Cision
Cision

View original content:http://www.prnewswire.com/news-releases/future-fintech-enters-into-cooperation-relationship-with-shenzhen-sosob-technology-to-provide-market-information-and-services-in-the-digital-currency-markets-301250273.html

SOURCE Future FinTech Group Inc.