Blockchain
Future FinTech Reports First Quarter Results
Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or “the Company”), a leading blockchain e-commerce and financial technology company, today announced its financial results for the first quarter of fiscal 2020.
Revenue for the three months ended March 31, 2020 increased 25% to $0.2 million compared to $0.16 million for the first quarter of fiscal 2019. Sale of goods decreased to $0.001 million compared to $0.14 million last year, primarily due to the negative impact of COVID-19 during this period, as the staff could not work in the office and shipments stopped. Revenue from CCM Shopping Mall Membership increased to $0.20 million from $0.02 million last year, reflecting the growth of the on-line business.
Operating expenses increased to $6.14 million for the three months ended March 31, 2020 from $1.02 million for the first quarter last year, primarily due to a one-time bad debt provision of $4.2 million for other receivables from HeDeTang Holdings (HK) Ltd. (“HeDeTang HK”), which was sold to New Continent International Co., Ltd during the first quarter of 2020 and non-cash stock related compensation of $1.19 million for a Consulting Service Agreement that the Company entered into on January 25, 2020 with Dragon Investment Holding Limited (Malta).
The loss from operations for the first quarter of fiscal 2020 was $5.936 million, as compared to $0.990 million for the first quarter of fiscal 2019.
The Company sold its fruit juice related business, HeDeTang Hong Kong during the first quarter of 2020, resulting in a gain on disposal of discontinued operations for $123.69 million.
Net income attributable to Future FinTech’s Common shareholders of common stock for the three months ended March 31, 2020 was $117.21 million or $3.46 per diluted share, compared to net loss of $1.89 million, or loss of $0.05 per diluted share, for the first quarter of fiscal 2019.
The information in this press release is subject to the more complete presentation set forth in in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 which was filed with the Securities and Exchange Commission on July 6, 2020.
Shanchun Huang, Future FinTech’s Chief Executive Office, said, ” We are pleased to have sold our traditional fruit juice related business in first quarter, which was highly competitive and we have suffered significant losses for such business. Now, we are more focused on the development of financial technology and financial service business. We are actively looking for acquisition opportunities around the world in such areas. We believe that the combination of blockchain technology that we have expertise with financial technology services will enable our company to grow rapidly in this field and increase the value of shareholders.”
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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