XI'AN, China, June 22, 2018 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("Future FinTech", "FTFT" or "the
Company"), a financial technology company, today announced its
wholly-owned subsidiary DigiPay FinTech Limited ("DigiPay") entered
into a share transfer and digital assets investment agreement with
Lake Chenliu and InUnion Chain Ltd.("InUnion"), to acquire 10%
stake in InUnion for $15 million and
purchase 20,000,000 INU Digital Asset Tokens for $1 million.
InUnion has launched its "INU Life Mutual Insurance Plan" on
Nova Realm City ("NRC"), the first-ever blockchain technology value
community that is registered with real name users and delivers
asset-based digital services. Every customer who participates in
the "INU Life Mutual Insurance Plan" is both a policyholder and an
insurer, as well as an investor and a staff member. Similar to the
traditional mutual insurance model, each customer can join the
blockchain based mutual insurance plan and enjoy the benefits of
mutual insurance. The Plan will issue insurance policy and process
the claims. The Committee of Verifiers of the Plan will serve
various functions for the Plan, such as INU community management,
supervision and operation, and will verify the application and
claims, which will all be recorded in the blockchain.
Due to the NRC blockchain technology, "INU Life Mutual Insurance
Plan" can save costs and still maintain the normal operation of the
project. Customers and investors can download and access the
insurance ledger in real time. Artificial intelligence technology
will also be widely used in the project to improve insurance
service capabilities and significantly reduce labor costs.
"This investment is another milestone of FTFT's blockchain
incubator business. 'INU Life Mutual Insurance Plan' provides
customers with high quality comprehensive blockchain based online
insurance products at an affordable price. We believe InUnion will
become one of the leading blockchain based insurance companies. We
believe our investment in the mutual insurance industry will become
a milestone in FTFT's business transformation and help the Company
to further expand and improve the blockchain project incubator and
accelerator business," said Mr. Yongke
Xue, Chief Executive Officer and Chairman of Future
FinTech.
About InUnion Chain Ltd.
InUnion Chain Ltd. ("InUnion") is a mutual insurance platform
based on blockchain technology. Its "INU Life Mutual Insurance
Plan" is based on the technology of Nova Realm City ("NRC"), the
first-ever blockchain technology value community that is registered
with real name users and delivers asset-based digital services.
Every customer who participates in the "INU Life Mutual Insurance
Plan" is both a policyholder and an insurer, as well as an investor
and a staff member. Similar to the traditional mutual insurance
model, each customer can join the blockchain based mutual insurance
plan and enjoy the benefits of mutual insurance.
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is incorporated in Florida and engages in financial
technology. The Company engages in the research and
development of digital asset systems based on blockchain technology
and is also an incubator of application projects related to
blockchain technology. The Company and its subsidiaries are
developing blockchain technology and cryptocurrencies for a variety
of B2B and B2C real-life applications including a variety of
financial businesses and the distribution, marketing and sale of
consumer products. FTFT is also developing an operational platform
utilizing blockchain technology and the shared economy, which
includes an integrated online shopping mall. For more information,
please visit http://www.ftft.top/.
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, 2017 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.
IR Contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: ftft@dgipl.com
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SOURCE Future FinTech Group Inc.