XI’AN, China, June 22, 2018 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or “the Company”), a financial technology company, today announced its wholly-owned subsidiary DigiPay FinTech Limited (“DigiPay”) entered into a share transfer and digital assets investment agreement with Lake Chenliu and InUnion Chain Ltd.(“InUnion”), to acquire 10% stake in InUnion for $15 million and purchase 20,000,000 INU Digital Asset Tokens for $1 million.
InUnion has launched its “INU Life Mutual Insurance Plan” on Nova Realm City (“NRC”), the first-ever blockchain technology value community that is registered with real name users and delivers asset-based digital services. Every customer who participates in the “INU Life Mutual Insurance Plan” is both a policyholder and an insurer, as well as an investor and a staff member. Similar to the traditional mutual insurance model, each customer can join the blockchain based mutual insurance plan and enjoy the benefits of mutual insurance. The Plan will issue insurance policy and process the claims. The Committee of Verifiers of the Plan will serve various functions for the Plan, such as INU community management, supervision and operation, and will verify the application and claims, which will all be recorded in the blockchain.
Due to the NRC blockchain technology, “INU Life Mutual Insurance Plan” can save costs and still maintain the normal operation of the project. Customers and investors can download and access the insurance ledger in real time. Artificial intelligence technology will also be widely used in the project to improve insurance service capabilities and significantly reduce labor costs.
“This investment is another milestone of FTFT’s blockchain incubator business. ‘INU Life Mutual Insurance Plan’ provides customers with high quality comprehensive blockchain based online insurance products at an affordable price. We believe InUnion will become one of the leading blockchain based insurance companies. We believe our investment in the mutual insurance industry will become a milestone in FTFT’s business transformation and help the Company to further expand and improve the blockchain project incubator and accelerator business,” said Mr. Yongke Xue, Chief Executive Officer and Chairman of Future FinTech.
About InUnion Chain Ltd.
InUnion Chain Ltd. (“InUnion”) is a mutual insurance platform based on blockchain technology. Its “INU Life Mutual Insurance Plan” is based on the technology of Nova Realm City (“NRC”), the first-ever blockchain technology value community that is registered with real name users and delivers asset-based digital services. Every customer who participates in the “INU Life Mutual Insurance Plan” is both a policyholder and an insurer, as well as an investor and a staff member. Similar to the traditional mutual insurance model, each customer can join the blockchain based mutual insurance plan and enjoy the benefits of mutual insurance.
About Future FinTech Group Inc.
Future FinTech Group Inc. (“Future FinTech”, “FTFT” or the “Company”) is incorporated in Florida and engages in financial technology. The Company engages in the research and development of digital asset systems based on blockchain technology and is also an incubator of application projects related to blockchain technology. The Company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a variety of financial businesses and the distribution, marketing and sale of consumer products. FTFT is also developing an operational platform utilizing blockchain technology and the shared economy, which includes an integrated online shopping mall. For more information, please visit http://www.ftft.top/.
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Dragon Gate Investment Partners LLC
SOURCE Future FinTech Group Inc.