Future Fin Tech Group Inc. (FTFT) stock surged 19.10% in the current-market trading session at the price of $1.46 after it founded a new blockchain division. FTFT is one of the best blockchain e-commerce firms that deliver services for financial technology. The company’s operations include Chain Cloud Mall, a blockchain-based shopping mall, and supply chain services.
FTFT Established Blockchain Division
On 30th December 2021, FTFT announced that it had founded a new blockchain division. The new division will supervise the existing blockchain business by expanding and implementing its strategic growth plan. It will be managing bitcoin mining farm projects in Paraguay and the United States as well.
FTFT has appointed Mr. Zhi Yan as the president of the new division. He will manage and lead the newly founded blockchain business. Additionally, Mr. Kai Xu had appointed as vice president of the new division. He will optimize the blockchain division’s computing hash power assets.
Chief Executive Officer of FTFT, Mr. Shanchun Huang, remarked that they are designing a cutting-edge financial services forum. They are determined to execute a global growth strategy for their cryptocurrency mining industry. The establishment of this division highlights the company’s dedication to evolving as a top crypto mining firm, he added.
FTFT Signed Deal with APC Service Ltd.
On 17th December 2021, FTFT reported entering a Collaboration Agreement with APC Service Ltd. The agreement aims to establish a cryptocurrency mining farm with the first phase processing power of 50MW. If successful, the project could be expanded to a large size of 300MW.
Mr. Shanchun Huang commented that they are devising a global expansion strategy for their cryptocurrency mining division. Their strategic plan is to produce cryptocurrency mining farms with economically sustainable energy and low start-up costs. They will accelerate their development through collaboration agreements with trusted partners. This contract with APC to construct a cryptocurrency farm will be prosperous for both parties, he added.