Future FinTech Group Inc. (NASDAQ: FTFT) shares soared 64.88% to $2.7 in the pre-market after the report of Blocknance Financial International SRL, headquartered in the Dominican Republic, and its shareholders signed a term sheet with the (Company) FTFTon December 30, 2020. As part of the Term Sheet, Blocknance intends to purchase 60% of the total issued and outstanding shares.
Blocknance provides services for transactions between Bitcoin and fiat currencies, such as Dominican Peso, US dollar, Euro, and Russian Ruble, through Bitcoin ATMs and physical office locations.
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Crypto can SRL, a subsidiary of the Blocknance, works with financial consulting firms to help clients buy, rent, and sell real estate using cryptocurrencies;
Blockchain Finance International is incorporated in Wyoming, US, and officially registered with the Financial Crimes Enforcement Network as a money services business.
Meanwhile, The Future FinTech Group Inc. is an e-commerce company specializing in blockchain technology and a service provider of financial technology.
Currently, Blocknance is valued at $1.6 million, as per the framework agreement.
Future FinTech or its wholly-owned subsidiary intends to acquire 60% of Blocknance for US $960,000 in cash and shares.