By Sam Boughedda
Investing.com — Future Fintech Group Inc (NASDAQ:FTFT) shares rose 21% on Thursday after the company said it has established a new blockchain division that will manage its existing blockchain sector business.
The blockchain-based e-commerce company said the new division will help it execute its strategic growth plan.
Future Fintech's stock price is still down more than 34% for the year.
The new division's goal will be to develop, operate and manage the company's Bitcoin mining farm plans in the United States and Paraguay. Earlier this month, the company revealed it entered a pact with APC Service Ltd to establish a joint venture to build a crypto mining farm in the U.S.
In addition, the new division will also coordinate its Dubai-based digital currency trading service and crypto asset management business through its subsidiary FTFT Capital Investments.
Shanchun Huang, CEO of Future Fintech, told investors that the company is "actively developing a sophisticated and cutting-edge financial services platform," and is also intent upon "executing a global expansion strategy for our cryptocurrency mining business."
"The establishment of this new division with responsibility for executing this strategy underscores our commitment to being a leading firm in this sector," added Huang.