Future FinTech Group Inc., a leading blockchain-based e-commerce business and a fintech service provider, announced that on June 24, 2021, it has registered a new subsidiary, FTFT Capital Investments LLC (“FTFT Capital”), to do business in Dubai, United Arab Emirates. FTFT Capital intends to operate digital currency trading service and crypto asset management businesses in Dubai. UAE is a friendly country to blockchain technology and cryptocurrency; since the beginning of 2021, the country has introduced preferential policies to attract global blockchain technology companies to establish operations in Dubai, an emerging international financial center.
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FTFT Capital will be positioning itself to become a full financial service provider utilizing blockchain technology to build a financial services platform to provide diversified financial products to global institutional investors and high net-worth investors. As previously disclosed in our press release on March 18, 2021, the Company signed a Strategic Cooperation Agreement (the “Agreement”) with major shareholders of Shenzhen SOSOB Technology Co., Ltd. (“Shenzhen SOSOB”) to incorporate a joint venture in Dubai. As we have incorporated FTFT Capital as our wholly owned subsidiary, the parties plan to have FTFT Capital acquire 100% ownership of Shenzhen SOSOB from its current shareholders. Shenzhen SOSOB has more than eight years of experience in the digital currency markets and it believes it to be the world’s largest digital currency market information and data service platform of real-time asset and price information for global users; according to Shenzhen SOSOB, its SoBitX platform currently has more than 1.2 million registered members worldwide.
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Shanchun Huang, CEO of Future Fintech, commented, “Building a financial services platform based on blockchain technology is a key development plan for our company. We believe that the establishment of FTFT Capital Investments LLC in Dubai will be a landmark event in the field of innovative financial services. Utilizing the expertise, technology and user base of Shenzhen SOSOB Technology Co., Ltd., the leading firm in the digital currency trading service sector, our goal is to become one of the world’s most active and influential digital currency and crypto asset trading and management services provider.”
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