Future FinTech Group Inc.

10/27/2021 | Press release | Distributed by Public on 10/27/2021 09:46

Future FinTech Announces Plans to Build Cryptocurrency Mining Farm in Paraguay

NEW YORK, Oct. 27, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as "Future FinTech", "FTFT" or the "Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced that the Company plans to build a cryptocurrency mining farm in Paraguay. The Company has received official invitations from Paraguay'sMinister of Social Development and the Mayor of the City of Coronel Oviedo and has had discussions with them as to its business development plan with a proposed site of Coronel Oviedo. Future FinTech has engaged Paraguay'sformer Deputy Minister of National Energy Department, Mr. Emilio Buongermini, as a consultant to assist the Company in assessing cryptocurrency mining business opportunities in Paraguay.

Further, in mid-October, Mr. Angel Barchini, the Ambassador of Paraguayto Qatar, made a special trip to Londonto visit the Company's new UK office and met with Future FinTech's CEO Shanchun Huang. Ambassador Barchini and Mr. Huang discussed Paraguay'sinvestment opportunities, its tax and cryptocurrency policies and the status of Paraguay'savailable energy resources. On behalf of the Paraguayan government, Ambassador Barchini invited FTFT to consider business development opportunities in Paraguayincluding that of the cryptocurrency mining business.

Shanchun Huang, Chief Executive of Future FinTech, commented, "We have had very encouraging discussionswith officials of Paraguay, and we understand that there has been a marked increase in cryptocurrency mining activities in Paraguayin 2021 due to its favorable business policies and competitive energy prices. An important feature of cryptocurrency mining in Paraguayis that it could be powered by hydroelectric environmental-friendly clean energy since Paraguayhas abundant hydroelectric power resources as its ITAIPU Hydroelectric Dam is one of the largest hydroelectric dam in the world, with an installed generation capacity of 14 gigawatts."

"Given the government of Paraguay'ssupport for the cryptocurrency mining business, as well as our commitment to the space, we plan to carefully assess this development opportunity in Paraguay. We will work with our local consultant to review Paraguay'shydroelectric power and clean energy resources, locations for developing a mining farm and the preferential policy treatment that we might receive for our capital investment. We will plan upon providing updates to our shareholders with additional information regarding this potentially important development for the Company," concluded Mr. Huang.

About Future FinTech Group Inc.

Future FinTech Group Inc. is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), an incubator for blockchain based application projects, and supply chain financing and services. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http:/www.ftft.com/.

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SOURCE Future FinTech Group Inc.