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Future FinTech Group's Stock Is Skyrocketing As A Bitcoin Play

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Future FinTech Group's Stock Is Skyrocketing As A Bitcoin Play

The value of Bitcoin continues to soar to record highs. Stocks with ties to Bitcoin and cryptocurrency continue to soar as a parallel trade.

What Happened: One cryptocurrency connected stock that is soaring is Future FinTech Group (NASDAQ: FTFT), a leading blockchain e-commerce company and a financial technology company.

The company on Thursday announced a term sheet agreement with Blocknance Financial International to acquire 60% of the company. Future FinTech will pay $960,000 for the stake in the company.

Future FinTech is also working on anti-counterfeiting and tracing for blockchain technology. The company announced the China Copyright Protection Center accepted Future FinTech’s application for 10 software copyrights related to blockchain technology applications.

Related Link: 8 Stocks To Play Bitcoin’s Resurgence

Why It’s Important: Blocknance provides services for transactions between fiat currencies like the Dominican peso, U.S. dollar, euro, Russian ruble and cryptocurrencies. The company has Bitcoin ATMs and physical offices located in the Dominican Republic.

Blocknance subsidiary Crytpocana SRL helps clients buy, rent and sell residential and commercial real estate using cryptocurrencies.

Blockchain Finance, another Blocknance subsidiary, is registered as a money service business registered by the Financial Crimes Enforcement Network. This subsidiary is located in Wyoming.

“Blocknance 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,” said Blocknance General Manager Emmy Jude Fortune.

The large number of tourists not having local bank accounts is listed as a reason for growth as the ATMs and physical offices provide services of Bitcoin and cryptocurrency for transactions.

The company plans on expanding the number of Bitcoin ATMS and expand them into Europe and Asia in 2021.

FTFT Price Action: Shares of Future FinTech Group are up 96% to $11.25 on Friday. Shares soared 242% on Thursday to $5.75.

The price of Bitcoin was $41,360 at the time of writing.

 

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