Future FinTech Group Inc., the e-commerce platform that integrates blockchain and internet technology business, has formed a partnership with Shenzhen SOSOB. The Company signed a Strategic Cooperation Agreement (the “Agreement”) on March 17, 2021. This joint venture will provide services and solutions in the global digital currency market under the formation named FTFT Capital (Dubai) Limited (“FTFT Capital Dubai”).
The Company will contribute $5.5 million in cash for a 55 percent ownership stake in FTFT Capital Dubai. The shareholders of Shenzhen SOSOB will contribute 80 percent of their equity interest in Shenzhen SOSOB to FTFT Capital Dubai under the terms of the agreement. Shenzhen SOSOB assets involve intellectual property rights, a digital platform that caters to digital currency market information and its members and online traffic. The fundamental asset values in aggregate at $4.5 million for 45% ownership of FTFT Capital Dubai.
FTFT Capital Dubai will become a 55 percent owned subsidiary of the Company, while Shenzhen SOSOB will become an 80 percent owned subsidiary of FTFT Capital Dubai under the proposed structure. FTFT Capital Dubai also plans to establish an investment fund for institutional and high-net-worth investors to invest in and manage encrypted financial assets. The headquarters of FTFT Capital Dubai will be in Dubai, United Arab Emirates.
The Chief Executive Officer of Future FinTech, Mr. Shanchun Huang, remarked that they are very excited to work together to launch a new company that will support the digital currency markets. Their goal is to create a significant value company by developing new content and gaining market share using blockchain technology in financial services markets such as digital wallet security management, blockchain code auditing and operations, and maintenance services.
SOSOB’s digital currency market data information service, research capabilities, diversified financial services, and multilingual services would act as a catalyst for the introduction of new advisory services for blockchain-based financial asset products.
Mr. Xiong Li, Chairman of Shenzhen SOSOB Technology Co., Ltd, stated that SOSOB currently offers high value-add services to the digital currency markets. They are the world’s most influential digital currency market information and data service provider with real-time asset and price information for global users. It gathers 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 based on our blockchain aggregation service platform. SOSOB currently has over 30 patented inventions under its belt.
They gather information from over 300 global digital currency exchange sites and cover over 1,000 different digital currencies. They process over 200 million data points a day with their indigenous data processing engine. SOSOB now has over 560,000 registered members and over 520,000 members who have downloaded our mobile app, allowing them to access the site from anywhere at any time. Besides this, the regular mobile app activity number is over 84,000 members, the daily website page view (PV) number is over 500,000 views, and the unique daily visitor (UV) number is over 160,000 visitors, which only counts the first visit with a unique IP address and does not record again in the same day.
Mr. Li added that they would sustain and strengthen the strategic role of our global blockchain financial services and one-stop portal for data, market intelligence, and analytics service for digital currency markets.
About Future FinTech Group Inc.
Future FinTech Group Inc. (“Future FinTech,” “FTFT,” or the “Company”), headquartered in Florida, is a leading blockchain e-commerce company and financial technology service provider. Chain Cloud Mall (“CCM”), a blockchain-based online shopping mall network, a cross-border e-commerce platform (NONOGIRL), and an incubator for blockchain-based technology ventures are among the Company’s operations.
For more information, visit https://www.ftftex.com
