Future FinTech Group Receives Approval from UK Regulator to Acquire Khyber Exchange
- According to a report by Future Fintech Group on Friday, the approval by UK’s FCA was received on August 16, 2022.
- FTFT shares have gained approximately 2.51 percent in the after hours after closing Friday trading at $0.47, 11 .8% down from the day’s opening price.
- Through the acquisition of Khyber Exchange, the Florida-incorporated company intends to disrupt the remittance market and also the traditional banking industry.
Future FinTech Group Inc. (NASDAQ: FTFT), a blockchain application technology developer, has announced that its United Kingdom’s incorporated subsidiary received approval from the Financial Conduct Authority (“FCA”) to acquire Khyber Money Exchange. According to the acquisition agreement, Future Fintech Group will acquire 100 percent of the equity of Khyber Exchange at a purchase price of €685,000.
Following the announcement, FTFT shares have gained approximately 2.51 percent in the after hours after closing Friday trading at $0.47, 11 .8% down from the day’s opening price.
According to a report by Future Fintech Group on Friday, the approval by UK’s FCA was received on August 16, 2022.
Through the acquisition of Khyber Exchange, the Florida-incorporated company intends to disrupt the remittance market and also the traditional banking industry.
“We believe that this acquisition will play an important role in the strategic transformation of the company and lay a foundation for the internationalization of our business and income. Our objective is to become a diversified fintech enterprise that leverages current opportunities and integrates them into a comprehensive business platform. We are intent upon creating a company that can optimally meet customers’ financial needs by positively disrupting the traditional banking sector via an array of innovative products and services,” Shanchun Huang, Chief Executive Officer of Future FinTech, noted.
Future Fintech Group’s Market Outlook
Future Fintech Group is focused on building an ecosystem of payment services that enables its customers to seamlessly transfer cash between different geographical areas.
Some of the services that Future Fintech Group focuses on include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), supply chain financing services, asset management, and cryptocurrency market data services.
Notably, the company is also engaged in the development of blockchain-based e-Commerce technology, cryptocurrency mining, digital assets investment management, and financial service technology businesses.
Khyber Exchange was incorporated in February 2009, where it is headquartered in the UK but has offices in Germany and Italy. The exchange platform has over 200,000 users from its network of over 130 countries. Worth noting, that the remittance platform is available on both android and iOS devices with both supporting Visa and Mastercard.
The acquisition of Khyber Exchange by Future Fintech Group comes at a time when the latter has been struggling to make profits. According to market data provided by MarketWatch, FTFT shares are down over 80 percent in the past year. Additionally, the company’s stock market has dropped approximately 64 percent YTD.
Worth noting, that the company has a reported market capitalization of $37.35 million, with 70.07 million shares outstanding.
Meanwhile, FTFT shares received an average rating of Over according to a survey conducted by MarketWatch.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
