Business
Future Fintech and Blocknance Signed Term Sheet for Potential Acquisition
NEW YORK, Jan. 4, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as "Future Fintech", "FTFT" or "Company" ") a leading
About this update from Future Fintech Group Inc.
[{"type":"text","content":"NEW YORK, Jan. 4, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as \"Future Fintech\", \"FTFT\" or \"Company\" \") a leading blockchain e-commerce company and a service provider for financial technology, today announced it has signed a term sheet (\"Term Sheet\") with Blocknance Financial International SRL(\"Blocknance\"), a company incorporated in the Dominican Republic and the selling shareholders of Blocknance on December 30, 2020. Pursuant to the Term Sheet, the Company plans to acquire 60% of the total issued and outstanding shares of Blocknance. \n\nBlocknance provides services for transactions between Bitcoin and other cryptocurrencies and fiat currencies, such as Dominican Peso, US dollar, Euro and Russian Ruble for customers through Bitcoin ATM machines and physical offices. All ATMs and physical offices are currently located in Santo Domingo, Punta Cana, La Romana, and Santiago de los Caballeros in the Dominican Republic.\nBlocknance is headquartered in the Dominican Republic. Its subsidiary Cryptocana SRL works with financial consulting companies to help clients buy, rent and sell residential, commercial, local and international real estate using cryptocurrencies; another subsidiary Blockchain Finance International Inc. is registered in Wyoming, US and officially registered as a Money Service Business (MSB) which is regulated and administered by the Financial Crimes Enforcement Network (FinCEN). According to the framework agreement, the current total valuation of Blocknance is $1.6 million. Future FinTech or its wholly-owned subsidiary plans to acquire 60% of Blocknance through cash and shares with a purchase price of US $960,000. Future FinTech reserves the right to purchase additional shares from the seller.\n\nEmmy Jude Fortune, the General Manager of Blocknance, stated, \"Blocknance is one of the most advanced, semi-decentralized cryptocurrency exchange platforms on the market today. It provides a safe way to exchange Bitcoin and cryptocurrency with fiat currencies for individuals who want to use them to buy and sell goods or services and is the largest Bitcoin transaction service provider in the Caribbean. With the help of our new ATMs, more and more people use cryptocurrency for transactions. Our Punta Cana and Santiago office provides services to more than 10,000 tourist...