Business
Future FinTech Enters into Cooperation Relationship with Shenzhen SOSOB Technology to Provide Market Information and Services in the Digital Currency Markets
NEW YORK, March 18, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as Future FinTech", "FTFT" or "the Company"), a
About this update from Future Fintech Group Inc.
[{"type":"text","content":"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.\nPursuant 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. \nMr. 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.\"\nMr. Xiong Li, Chairman of Shenzhen SOSOB Technology Co., Ltd., said, \"SOSOB currently pr...