Future FinTech Group Inc. (NASDAQ: FTFT) stock gained by 20.75% at last close while the FTFT stock price soars in the aftermarket as well by 8.59%. Future FinTech Group Inc., based in Florida, is a prominent blockchain e-commerce firm and financial technology services company.
FTFT stock’ Recent Development
Future FinTech Group recently announced that they have opened a new subsidiary, FTFT Capital Investments LLC, in Dubai, United Arab Emirates, on June 24, 2021. In Dubai, FTFT Capital plans to launch a digital currency trading service and a crypto asset management firm. The United Arab Emirates is a welcoming country for blockchain and cryptocurrencies. The country has implemented favorable measures to entice global blockchain technology businesses to set up shop in Dubai, a developing international financial hub, since the beginning of 2021.
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FTFT Capital will use blockchain technology to establish a financial services network that will deliver varied financial products to worldwide institutional investors and high-net-worth individuals. FTFT Capital signed a Strategic Cooperation Deal with significant shareholders of Shenzhen SOSOB Technology Ltd. to form a joint venture in Dubai, as previously announced in a press release dated March 18, 2021. The parties intend for FTFT Capital to acquire 100 percent ownership of Shenzhen SOSOB from its present shareholders since they have established FTFT Capital as their fully owned subsidiary.
Shenzhen SOSOB has over eight years of expertise in the digital currency markets and considers itself to be the world’s top digital currency market information and data solution provider for worldwide customers, providing real-time asset and pricing information. Shenzhen SOSOB claims that their SoBitX platform has over 1.2 million registered members globally.
Shanchun Huang, CEO of FTFT Stock, stated that,
FTFT’s primary development objective is to create a financial services network based on the blockchain. The formation of FTFT Capital Investments LLC in Dubai, they believe, will be a watershed moment in the realm of creative financial services. The aim is to be one of the world’s largest and prominent digital currency and crypto asset trading and management services providers by using Shenzhen SOSOB Technology Ltd.’s knowledge, technology, and user base.