Future Fintech Group Inc (NASDAQ: FTFT)To Develop A Customized Blockchain Technology System
Future Fintech Group Inc (NASDAQ: FTFT) has announced that GlobalKey Supply Chain Limited, one of its subsidiaries, will develop blockchain software system consisting of a commodity trading system, a share e-commerce system for business to consumers and a system connecting token payments and e-commerce. In Tuesday’s trading session shares of Future Fintech Group Inc jumped by 43.45% to close the day at $6.24 per share.
To support the implementation and operation of the project Future FinTech might consider issuing tokens.
“The development of a blockchain system will strengthen our core capabilities and further our strategic transformation into a lighter asset business, as well as create additional fintech opportunities for us in a variety of industries,” Future FinTech’s chief executive officer, Hongke Xue, said.
Supply chain management
Once it becomes operational Future FinTech is optimistic that the developed blockchain system will be used in the marketing of the food business especially its core juice business. Future FinTech also expects to use the system in exploring and supply chain management and marketing of the company’s other products.
In the recent past Future FinTech and Shaanxi Entai-Biotechnology inked a license agreement which will see the latter become the sole worldwide distributor for IB-LIVE. These are health and nutritious products aimed at the improvement of male sexual health. Blockchain technology development will thus be important in the execution of sales, marketing and distribution strategies. It will also be important with regards to the integration of online direct sales programs with e-commerce.
Additionally the moment the blockchain technology system becomes operational, it will be possible to seamlessly connect with the economy and this will result in a share mall thereby connecting consumers, suppliers and factories across the globe. This will assist shoppers, token owners and product marketers realize tangible benefits.
Until May this year Future FinTech Group Inc went by the name of SkyPeople Juice International Holding. This is not the first time that a firm in an unrelated business had its shares soaring following announcements that it was getting into blockchain technology. Earlier this week shares of a former maker of sports bras were suspended by the U.S. Securities and Exchange Commission after the company plunged into trading of cryptocurrencies.
This comes as the leading virtual currency in the world, Bitcoin, recently reached record highs. In the run up to the Christmas festivities the digital currency had plummeted but is now appreciating though it is yet to reach its record highs of previous weeks.