Future Fintech To Establish Blockchain Incubation Business in China

Nasdaq listed, Florida based Fintech firm, Future Fintech Group (FTFT), has announced the formation of a wholly owned subsidiary, named as China Future Digital Fintech Ltd.

The Beijing-based subsidiary will help promote FTFT’s accelerator “Chain World Cyberspace” and take advantage of blockchain’s potential in the advancement of public administration services, among other things.

Commenting on the project, Chairman and CEO of Future FinTech, Yongke Xue, stated that the main reason for selecting Beijing as the centrum for Chain World Cyberspace is because of its unrivalled startup-friendly ecosystem. Beijing being the political, cultural and economic center of China, several blockchain companies are looking at Beijing to setup their business.

Xue also revealed that four projects have already joined the primary phase of the accelerator program in Beijing. Chain World Cyberspace plans to offer services such as common working space in central business districts, media consulting, improved efficiency in public administration and easy approachability to a worldwide network of blockchain accelerators.

Yongke Xue said

“In addition, we are planning a series of value-added services including Blockchain Infrastructure Support, Blockchain Technology Training, financial advisory services, and assistance on Digital Asset Marketing.”

Across the world, governments have realized the immense potential of blockchain technology. So, initiates are being taken to deploy blockchain in the sectors such as healthcare, public administration, real estate, supply chain management, financial services, and banking to improve efficiency and reduce costs.

Ironically, many countries, including China has been showing hostility towards cryptocurrencies. However, the underlying technology has not received any kind of opposition from law makers across the world.

Several Asian countries, including India, China, South Korea and Japan have already started implementing blockchain in everyday activities. The technology also offers astounding advantages to small firms, which form the backbone of a nation’s economy.