NEW YORK, Aug. 16, 2017 /PRNewswire/ -- Seven Stars
Cloud Group, Inc. (NASDAQ: SSC) ("SSC" or the "Company"), today
announced an agreement to establish a Joint Venture ("JV"),
Red Coin Chain, Ltd. ("Red Coin"). SSC will be a 60% owner of the
JV.
Mr. Jitter Xu, a world leader in the initial coin offering (ICO)
space and the former blockchain chief of Alibaba's, Ant Financial,
as well as, Mr. Deng Di, the
chairman of Taiyiyun (the leading blockchain-based fintech company
in China), will both be parties to
the JV in addition to joining management. A number of other
experienced blockchain technology and operations experts will also
be joining the management team and will be named at a later
date.
Red Coin will operate and focus
on SSC's 2nd Engine, the Digital Asset Tokenization
& Exchange Platform, specifically Initial Coin Offerings (ICOs)
and asset-backed financial derivatives. What will set
Red Coin's business apart is that it
will be FINRA and SEC-regulated, it will be enhanced through AI +
blockchain capabilities and finally, all asset-backed financial
derivatives will be backed by real assets from
industries that are partners and users of our 1st
Engine, VPaaS. These industries include but are not limited
to: energy (Ocasia Partnership), cross-border trade, consumer
electronics (Wide Angle Group and China Electronic Chamber of
Commerce Partnership), big commodities (Beijing Urban Construction
Holding Materials Industry Co. Partnership).
About Seven Stars Cloud Group, Inc.
(http://corporate.sevenstarscloud.com/)
Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is aiming to be a
leading Intelligent Industrial internet (3I) platform, creating a
simplified fintech-powered, supply chain solution for commercial
enterprises. There are 2 Engines that drive our business
platform: 1. VPaaS - Supply Chain Management for key
industry sectors and leaders including but not limited to Big
Commodities, Cross-Border Trade, Consumer Electronics & Energy;
2. Digital Finance Solutions - Supply Chain Finance
underwritten by our Global Cornerstone Funds and Tokenization and
Exchange Platforms, which include FINRA and SEC-regulated: Index
Exchanges, Initial Coin Offering / Tokenization, ETFs and
Derivatives. Both Engines and their various arms will run on
'BASE' technology and infrastructure (Blockchain, Artificial
Intelligence, Supply Chain & Exchanges) to power a closed trade
ecosystem for buyers and sellers designed to eliminate
transactional middlemen and create a more direct and
margin-expanding path for principals.
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason Finkelstein
VP, Strategy & Investor
Relations
Seven Stars Cloud Group, Inc.
212-206-1216
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SOURCE Seven Stars Cloud Group, Inc.