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Here’s why Future Fintech Group, Inc. (FTFT) Stock Rise During Aftermarket

Future FinTech Group Inc. (FTFT) is one of the leading e-commerce operated blockchain-based companies. It is also providing services for financial technology and operates as an online shopping mall program namely Chain Cloud Mall. The company also offers a cross-border platform namely NANOGIRL. DCON is an online payment system and app incubator.

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The price of FTFT stock in the regular trading on December 30, 2021, was $1.53 with a tremendous gain of 24.39%. At last check in the aftermarket, the stock was further up by 5.88%.

FTFT: Events and Happenings

On December 30, 2021, FTFT reported about the establishment of a new blockchain section that will manage the current blockchain-based businesses. The new division includes further design and implementation of the company’s growth plan.

On December 17, 2021, FTFT reported about signing an agreement of cooperation with APC Service Ltd. Both companies cooperated for a venture to build a cryptocurrency mining farm. Its initial stage was 50MW processing power, which could be expanded to 300MW in the future. After its completion, 12,000 S19 Antminers will be deployed and 1.3 EH/s of hash power will be accommodated.

On December 1, 2021, FTFT reported on signing an agreement letter of intent with Faya Digital Technology Company for the establishment of a metaverse research and operations program. On November 23, 2021, FTFT reported that its subsidiary inaugurated a new office in London on November 19. The company had entered the beta testing stage for the company’s financial app which allowed the consumers to involve in a wide-ranging suite of e-wallet activities.

FTFT: CEO Comments

Speaking at the occasion Mr. Shanchun Huang, the company’s CEO said that the company can anchor its core competencies as the segment of the banking sector.  He further added that it will build a comprehensive financial platform in the coming days to compete with traditional banking.

On October 27, 2021, FTFT reported about its futuristic goal to build a cryptocurrency mining farm in Paraguay. Paraguay’s Minister of Social Development officially invited the company management in which both parties had discussed business development plan at the planned site. On September 7, 2021, FTFT reported about signing a definitive agreement on September 1 which resulted in the 100% acquisition of the equity of Khyber Money Exchange Ltd.

On September 3, 2021, FTFT reported about signing an equity acquisition term sheet on August 30 which resulted in the acquisition of 51% of the equity of Shanghai Dianfa Internet Technology Company.

FTFT: Key Financials

On August 16, 2021, FTFT reported the key financial highlights for the second quarter ended June 30, 2021. Some highlights are as follows

  • Revenue for Q2 2021 was $1.9 million compared to $0.1 million in Q2 2020.
  • Basic and diluted net loss per share for Q2 2021 was $0.4 million or $0.01 per share as compared to the same period of 2020, it was $0.8 million or $0.02 per share

Conclusion

FTFT stock is continuously on a rising verge for the past week. An incline of 44% is seen in the stock price. The recent surge is seen based on the company’s announcement about a new blockchain division. The analysts are hoping that the FTFT has the potential to attract investment from multiple strata.

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