Future FinTech Enters into Cooperation Relationship with Shenzhen SOSOB Technology to Provide Market Information 4306

Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as Future FinTech”, “FTFT” or “the Company”), a leading blockchain e-commerce company and a service provider for financial technology, today announced that on March 17, 2021 the Company signed a Strategic Cooperation Agreement (the “Agreement”) with major shareholders of Shenzhen SOSOB Technology Co., Ltd. (“Shenzhen SOSOB”) to form a joint venture titled FTFT Capital (Dubai) Limited (“FTFT Capital Dubai”), an entity formed to provide services and solutions in the global digital currency business.

Pursuant to the Agreement, the Company will make a cash contribution of $5.5 million for 55% ownership of FTFT Capital Dubai, and the shareholders of Shenzhen SOSOB will contribute 80% of their equity interest in Shenzhen SOSOB to FTFT Capital Dubai; Shenzhen SOSOB assets include intellectual property rights, an online platform that provides global digital currency market information and its members and online traffic, valued in aggregate at $4.5 million for 45% ownership of FTFT Capital Dubai. Under the planned structure, FTFT Capital Dubai will become a 55% owned subsidiary of the Company and Shenzhen SOSOB will become an 80% owned subsidiary of FTFT Capital Dubai. It is also planned that FTFT Capital Dubai will set up an investment fund for the investment and management of encrypted financial assets for institutional and high net worth investors. FTFT Capital Dubai will be based in Dubai, United Arab Emirates.

Mr. Shanchun Huang, Chief Executive Officer of Future FinTech, said, “We are excited to jointly create a new enterprise that will serve the digital currency markets. Our objective is to build a company of significant value by creating new content and capturing market share through the application of blockchain technology in financial service markets including digital wallet safety management, blockchain code auditing and operations, and maintenance services. We believe that SOSOB’s digital currency market data information service, analysis capabilities, diversified financial services and multilingual services will serve as a catalyst to introduce new advisory services for blockchain-based financial asset products.”

Mr. Xiong Li, Chairman of Shenzhen SOSOB Technology Co., Ltd., said, “SOSOB currently provides high value-add services to the digital currency markets by being the world’s largest digital currency market information and data service platform of real-time asset and price information for global users. Based on our blockchain aggregation service platform, it collects real-time, comprehensive and reliable blockchain asset and digital currency market information and price data to provide a one-stop market data service for global users. SOSOB now has more than 30 proprietary technologies. We collect data from more than 300 global digital currency trading platforms and cover more than 1,000 digital currencies. With our independently developed data analysis engine, we process more than 200 million datum per day. SOSOB currently has more than 560,000 registered members and over 520,000 members who have installed our mobile App so they can have access anywhere at any time. In addition, our mobile app daily activity number totals more than 84,000 members, our daily website page view (PV) totals more than 500,000 views, and our daily unique visitor (UV) number, which only counts the first visit with a unique IP address, and which does not record again in the same day, totals more than 160,000 visitors.”

Mr. Li continued, “We will continue to maintain and improve the strategic position of our global blockchain financial services and one-stop platform for data, market information and analytics service for digital currency markets. Through our cooperative relationship with Future FinTech, we intend to use blockchain technology to further expand the platform ecology of the digital currency market and to promote its expansion in cooperation with other industry parties to build a stable and sustainable digital currency service platform.”

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Huobi Tech’s Subsidiary Huobi Asset Management Got the Approval to Launch 100% Virtual Asset Funds and Plans to Launch 3 Virtual Asset Funds 4867

Huobi Technology Holdings Limited (“Huobi Tech” or the “Company”, stock code: 1611), is pleased to announce that Huobi Asset Management (Hong Kong) Limited (the “Huobi Asset Management”), a wholly-owned subsidiary of the Company, has obtained the Securities and Futures Commission’s (the “SFC”) approval to manage and distribute 100% virtual asset funds with effect from 3 March 2021. Huobi Asset is the second licensed virtual asset manager in Hong Kong to fall under the SFC’s “Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets” (“T&C”) since October 2019.

As the first licensed virtual asset fund manager approved by the SFC to issue virtual asset funds with an active investment strategy, it is the first virtual asset fund manager in the Hong Kong market to accept fiat currency or virtual asset subscription channels. Huobi Asset Management plans to launch three virtual asset funds: BTC tracker fund, ETH tracker fund, and multi-strategy virtual asset fund. Besides, Huobi Asset Management is launching its multi-asset fund with 10% allocation to virtual assets whilst 90% into traditional assets such as equities and fixed income.

A senior investment team will manage Huobi Asset Management’s virtual asset funds. The main business partners include Sidley Austin, Mourant, DBS, Fidelity Digital, and other world-renowned institutions. Ms. Gillian Wu, CEO of Huobi Asset Management, said, “We aim to provide various choices to investors with different risk appetites. We have covered comprehensive perspectives through in-depth dialogues with SFC and made full preparations on corresponding solutions. We are confident that our funds could offer one of the most secure and reliable channels for Professional Investors to access this novel asset class conveniently.”

The management of Huobi Tech said, “We are delighted that Huobi Asset Management team has secured such a breakthrough. The approval’s timing is perfect, coinciding with the mainstream institutional adoption of virtual assets starting from this year. We will continue to explore the possibility of diversifying our businesses in relevant areas to enhance our growth prospects and bring long-term sustainable returns to our shareholders.”

Max Dilendorf Serves as a Bitcoin Expert Witness in USCIS EB-5 Green Card Adjudication Proceedings 5308

The United States Citizenship and Immigration Services (USCIS) has frequently denied EB-5 applications that list Bitcoin exchange-traded-funds as a legitimate “source of funds”. Yet, in an unprecedented approach that included forensic reporting analysis, attorney Max Dilendorf provided an expert legal opinion and due diligence report proving that a green card applicants’ source of funds met the standards to be qualified under this program.

Because USCIS only requires a “preponderance of evidence” showing the legal acquisition of investment funds in EB-5 petitions and offers little guidance for applicants whose funds originated in cryptocurrency, Dilendorf’s confirming evidence was a significant achievement.

The Dilendorf Law Firm, NYC’s top law firm for the digital age, represented several clients in EB-5 matters with the USCIS concerning the clients’ EB-5 investments funded with cryptocurrencies. By submitting blockchain and cryptocurrency expert reports in these cases, the firm has provided evidence to support the legitimate “source of funds”.

The firm’s clients were software engineers and early cryptocurrency adopters who, in the opinion of the crypto compliance law firm, are legally qualified for obtaining EB-5 investor green-cards, as there was little doubt on the legality of the source of the clients’ cryptocurrency funds.

Dilendorf’s legal opinions and blockchain forensic reports, as submitted to the USCIS, included an expert assessment of the following:

  • legality of the specific digital assets and regulatory framework for the involved financial institutions dealing with cryptocurrencies;
  • origin and flow of cryptocurrencies funding the EB-5 investments;
  • mechanism and sufficiency of digital wallets, private cryptographic keys, crypto trading platforms and accounts establishing ownership of the clients’ cryptocurrency funds;
  • KYC/AML compliance measures taken at each point of the funds’ journey by clients and third parties, including crypto exchanges and OTC traders.

Max Dilendorf, Esq. is also a top forensic Bitcoin and crypto expert witness. His expertise has also made him one of the top cryptocurrency consultants for Fortune 500 companies.  Mr. Dilendorf’s recent speaking engagements have included the Thailand SEC, IBM, Berkshire Hathaway, and New York University, to name a few.

The9 Appointed Cai ZhiFang as the CEO of NBTC Limited to Lead the Development of Blockchain and Cryptocurrency Business 5220

The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, today announced the appointment of Cai Zhifang as the Chief Executive Officer of NBTC Limited (hereinafter referred to as “NBTC”), a wholly-owned subsidiary of The9, to lead the development of blockchain and cryptocurrency business in NBTC. Mr. Cai has been on board.

Mr. Cai is an early pioneer in the blockchain industry. In 2013, Mr. Cai co-founded YiBit Digital Technology Company Limited, one of the earliest integrated platforms in blockchain industry in China. In 2015, Mr. Cai served as the general manager of WeiTui Technology Limited Company, which self-operated Bitcoin mining by the purchase of AvalonMiners from Canaan. The peak hash rate managed by Mr. Cai at that time accounted for nearly 4% of the global hash rate of Bitcoin. Afterwards Mr. Cai established a strategic partnership with Canaan, responsible for assisting its customers in establishing, operating and maintaining AvalonMiners. At that time Mr. Cai managed and operated more than 300,000 AvalonMiners, with an accumulative hash rate exceeding 5,000 PH/S, accounted for nearly 5% of the global hash rate of Bitcoin at that time.

After joining the NBTC team, Mr. Cai will be responsible for leading the expansion of NBTC blockchain and cryptocurrency business, making full use of his industry experience and resources to formulate and execute NBTC’s business strategy, and to implement the cooperation between NBTC and worldwide cryptocurrency ecosystem partners with the goal to accelerate the establishment of The9’s global leadership in the cryptocurrency industry.

In January this year, The9 announced the establishment of the wholly-owned subsidiary NBTC to engage in blockchain and cryptocurrency related businesses. Immediately within two months, Bitcoin and Filecoin mining machines had been acquired as the first step to build The9’s cryptocurrencies mining business.

About The9 Limited

The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 aims to become a diversified high-tech Internet company.

Margex Launches Globally and Announces $1,000,000 Bonus Giveaway Campaign Making Cryptocurrency Derivatives Trading More Accessible 6878

Margex announces its global launch. Along with the launch, every new client will be able to try Margex for free, with an included $100 bonus to settle trading commissions and funding fees on the platform. During the promotional campaign, Margex plans to distribute up to $1,000,000 in bonuses for a total of 10,000 users.

  • 100X scalable leverage for all of its trading pairs such as BTC, ETH, XRP, EOS, LTC, and YFI;
  • Combined liquidity of multiple liquidity aggregators, allowing for the best possible entry and exit prices;
  • AI-based Price Manipulation Protection systems, monitoring for irregularities across all trading pairs and mitigating the risk of accidental liquidations and short-squeezes;
  • Bank-grade security;
  • Scale-on-demand infrastructure, capable of handling up to 100,000 transactions per second;
  • High-Class User Interface.

Margex’s goal is to provide traders with a world-class user experience, a fair, secure, and easy-to-use trading platform with the highest class of financial technologies in the world. The platform has received a lot of positive feedback from various trading communities for the deep liquidity achieved through the combination of multiple liquidity providers, extremely fast order execution speeds, and an MP-Shield system that uses artificial intelligence to automatically detect irregularities in the trade feed submitted by liquidity pools, eliminating the risk of accidental liquidations.

ZK International Subsidiary, xSigma Corporation, Announces Dwight Howard from the Philadelphia 76ers to Join its DeFi Protocol as an Early LP 7078

ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZKIN”, “ZK International” or the “Company”), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, is pleased to announce that xSigma Corporation, a subsidiary of the Company, that is a blockchain R&D lab, is pleased to announce that Dwight Howard, a professional basketball player and NBA champion with the Los Angeles Lakers, has committed to joining the xSigma DeFi Protocol as an early liquidity provider (LP).

Mr. Howard committed to providing cryptocurrency for xSigma’s DeFi Protocol upon its launch. In addition, Mr. Howard has partnered with xSigma to advertise the project. Thus, it makes xSigma Protocol the first project of its kind to get a global sports influencer to the list of LPs. By doing this partnership, xSigma expects to bring more LPs and customers for its project.

xSigma Corporation is a blockchain R&D lab owned by ZK International Group Co., Ltd. xSigma’s team includes former Facebook, Google, Ripple, and Amazon engineers. xSigma’s DeFi Protocol is one of the first projects in the DeFi space backed by a public company. The DeFi industry keeps growing and now has over $36 billion of funds locked in the major DeFi protocols, according to defipulse.com.

Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, “We are honored that Dwight Howard decided to participate in our decentralized finance platform. This is a huge step in mass-adoption of blockchain products. xSigma looks forward to bringing more opinion leaders onboard.”

Huobi DeFiLabs Weighs DEXs against CEXs 7094

Published earlier today, the Huobi DeFiLabs report compares spot and derivatives trading volumes on both centralized and decentralized platforms to identify the prevailing trends when it comes to crypto trading and make market cap projections. The platforms considered for this exercise are Huobi Global – a centralized crypto spot and derivatives trading platform, Uniswap for decentralized spot trading and dYdX decentralized derivatives platform.

It was found that during a 6-month period from Aug 6, 2020 to Feb 1, 2021, the daily trading volumes on DEXs, represented by Uniswap registered a 3.6x increase as against 1.6x increase in spot trading volumes on CEXs, as represented by Huobi Global Spot Markets. The study also found that derivatives trading is more popular on centralized exchanges than their decentralized counterparts, not to mention the absence of any direct correlation between spot and derivatives volumes on DEXs.

According to available data, spot trading on Huobi was about 19% of its derivatives trading volumes, whereas spot trading on Uniswap was 331% more than decentralized derivatives trading on dYdX. The distribution of volumes between spot and derivatives on CEXs is almost consistent across top 5 platforms, with derivatives trading 4.82 times the spot volumes. On the day DEXs reach parity with CEXs, average derivatives trading volume on dYdX based on Uniswap’s performance in the past 30 days is projected to hit $4.7 billion.

The Huobi DeFiLabs report indicates that among decentralized derivatives perpetual swap protocols continues to lead, with volumes worth $67.7 million. Based on the earlier projection, perpetual swap offerings have the potential to grow 50 times the current size. At present, there are 5 decentralized perpetual contract trading protocols – dYdX, DerivaDEX, Perpetual Protocol, FutureSwap and AlphaX, all with their own strengths and shortcomings. However, they all face one common issue which is shortage of adequate liquidity. Only FutureSwap using vAMMs and AMMs with low slippage liquidity mining seems to do a bit better than the rest. The shortage of liquidity on the rest is attributed to a higher percentage of market-place orders from short-term traders, resulting in increased deviation from latest prices.

Considering the average daily trading volumes and transaction counts, the Huobi DeFiLabs report concludes that Perpetual Swap is best suited for retail investors whereas dYdX and FutureSwap are favorable to professional traders and large investors with on-chain hedging needs.