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Press release content from PR Newswire. The AP news staff was not involved in its creation.
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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Future Fintech Establishes Subsidiary in Dubai for Digital Currency and Crypto Asset Service and Management Business

June 28, 2021 GMT

NEW YORK, June 28, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as “Future FinTech”, “FTFT” or “the Company”), a leading blockchain-based e-commerce business and a fintech service provider, announced today 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.

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.”

About Future FinTech Group Inc.

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Future FinTech Group Inc. (“Future FinTech”, “FTFT” or the “Company”) is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), a cross-border e-commerce platform (NONOGIRL) and an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://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, 2020 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.

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SOURCE Future FinTech Group Inc.