Future FinTech Announces an Update of its Blockchain Division

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Dec 02, 2024, 08:30 ET

NEW YORK, Dec. 2, 2024 /PRNewswire/ -- Future Fintech Group Inc. (NASDAQ: FTFT), (hereinafter referred to as "Future FinTech", "FTFT" or the "Company"), a comprehensive financial and digital technology service provider, today announced an update of the Company's Blockchain Business Division. The division was established in December 2021 to manage its existing blockchain business to include its development as well as the execution of its strategic growth plan.

The new focus of the Blockchain Business Division will be to develop and grow new blockchain businesses such as high-performance computing, web3 technology, artificial intelligence (AI), and other blockchain related projects. The Blockchain Business Division will continue to manage its existing businesses to include coordinating its operations, developing business synergies and executing on its strategic growth plan.

Mr. Li Hu, CEO of Future FinTech, said, "We are actively developing an array of digital financial products and services by leveraging AI to expand our impact on the web3 industry, the next iteration of the internet that uses blockchain technology to empower users. Our Blockchain Business Division will integrate existing and new businesses with an expanded mandate which we believe solidifies our commitment to being a leader in the blockchain field."

Mr. Kai Xu has been appointed the President of the Blockchain Business Division, responsible for overseeing and directing the division's operations, including engagement with the expansion of web3. Mr. Xu has extensive experience in blockchain and big data. Mr. Xu was previously COO of the Company, a position in which he served until February 2020, and the vice president of the Company's blockchain division, and he also serves as the Deputy General Manager of FT Commercial Group Ltd., a wholly owned subsidiary of the Company,

Mr. Weifang Peng has been appointed the Vice President of the Blockchain Business Division, mainly responsible for the Company's blockchain computing power and web3 related business development. Mr. Peng entered the Bitcoin mining industry in September 2015 and has extensive industry experience. Mr. Peng was responsible for FTFT's global mining investment business from 2021 to 2022.

About Future Fintech Group Inc.

Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive financial and digital technology service provider. The Company, through its subsidiaries, conducts asset management, brokerage and investment banking services in Hong Kong, operates a cross-border payment business in the United Kingdom, and engages in supply chain trading and finance businesses in China. In addition, the Company has initiated digital asset mining farm operations in the United States. FTFT adheres to the concept of improving financial services with digital and internet technology, and provides its business and individual customers with stable, safe and efficient digital financial services. For more information, please visit www.ftft.com.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2023 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

SOURCE Future FinTech Group Inc.