China-headquartered Future FinTech Group (FTFT) has recently announced its plans to open a new cryptocurrency trading and crypto asset management unit in Dubai, media reports stated. The firm has planned to provide full financial service in the blockchain space to attract investors.
Shanchung Huang, chief of FTFT, told the media, “Building a financial services platform based on blockchain technology is a key development plan for our company.”
He further added that the new branching in Dubai would make the firm one the world’s most active and influential digital currency and crypto asset trading and management services providers.
The UAE has been a friendly country welcoming blockchain technology and cryptocurrency. Since the beginning of 2021, the government has introduced preferential policies to attract global blockchain technology companies to establish operations in Dubai, an emerging international financial centre. The expansion of FTFT exhibits UAE’s intentions to develop its blockchain ecosystem supported by its recent investments in the region’s digital currency infrastructure.
In March, FTFT signed a Strategic Cooperation Agreement with Shenzhen SOSOB Technology to incorporate a joint venture in Dubai called FTFT Capital. The joint venture planned to acquire full ownership of Shenzhen SOSOB from its current shareholders.
Shenzhen SOSOB holds about eight years of experience in the digital currency market and believes to be the world’s largest digital currency market information and data service platform of real-time asset and price information for global users with 1.2 million registered members across the globe.