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
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"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
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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.
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SOURCE Future FinTech Group Inc.