Future FinTech signs term sheet for potential acquisition with Blocknance
By Pavithra R
Florida based Future FinTech Group, a leading blockchain technology R&D and application company has announced the signing of a term sheet with Blocknance Financial International, a new generation cryptocurrency platform, for potential acquisition.
Blocknance currently stands at a total valuation of $1.6 mn according to the framework agreement. Under the terms, Future FinTech will acquire 60% of the total issued and outstanding shares of Blocknance at a purchase price of US $960,000 through cash and shares.
Founded in January 2020, Blocknance offers an advanced, semi-decentralized cryptocurrency exchange platform to buy, sell, trade, and earn cryptocurrencies. It provides services for transactions between Bitcoin and other cryptocurrencies and fiat currencies, such as Dominican Peso, Euro, Russian Ruble and US dollar for customers through Bitcoin ATM machines and physical offices. Currently, all ATMs and physical offices are located in Santo Domingo, La Romana, Punta Cana, and Santiago de los Caballeros in the Dominican Republic.
“Blocknance is one of the most advanced, semi-decentralized cryptocurrency exchange platforms on the market today. It provides a safe way to exchange Bitcoin and cryptocurrency with fiat currencies for individuals who want to use them to buy and sell goods or services and is the largest Bitcoin transaction service provider in the Caribbean. With the help of our new ATMs, more and more people use cryptocurrency for transactions. Our Punta Cana and Santiago office provides services to more than 10,000 tourists every year because most tourists do not have local bank accounts. Our physical offices or ATMs provide convenient two-way exchange services of Bitcoin and other cryptocurrency to fiat currencies for tourists. Blocknance plans to increase the number of Bitcoin ATMs and expand them to Europe, Asia and other regions pursuant to local regulatory requirements in 2021. FTFT has a great management team in financial services and blockchain technology. The union with FTFT can rapidly expand our operations, continuously improve customer experience and satisfaction, increase service scenarios, and meet the needs of more and diversified customers,” said Emmy Jude Fortune, the General Manager of Blocknance.
Blocknance’s subsidiary Cryptocana SRL works with financial consulting companies to help clients sell, buy, and rent residential, local, commercial, and international real estate using cryptocurrencies; Its another subsidiary Blockchain Finance International Inc. is registered in Wyoming, U.S. and officially registered as a Money Service Business (MSB), regulated and administered by the Financial Crimes Enforcement Network (FinCEN).
“Blockchain technology and its application is an important strategic segment and business component of FTFT. Building a complete blockchain financial service system is an important development plan of FTFT. We have been looking for valuable blockchain technology companies to dock with our existing resources. When Bitcoin holders could convert Bitcoin into cash at ATM as Blocknance does in the Dominican Republic, cryptocurrency will be gradually accepted by more and more people. We believe that the investment in Blocknance can further expand our business, bring additional income to the Company, and we hope to eventually create a channel that can connect Bitcoin and other cryptocurrencies with the services of mainstream financial institutions under applicable laws and regulations,” said Shanchun Huang, Chief Executive Officer of Future FinTech.
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