Future FinTech appoints blockchain expert as advisor for stablecoin push

NEW YORK - Future FinTech Group Inc. (NASDAQ:FTFT), currently trading at $2.55 and showing strong volatility according to InvestingPro data, has appointed Professor Yu Xiong as its Chief Blockchain Advisor to guide the company’s expansion into stablecoins and real-world asset (RWA) businesses, according to a press release statement issued Tuesday.

Professor Xiong currently serves as the Associate Pro-Vice-Chancellor for Global Engagement at the University of Surrey and is the Founding Director of the Surrey Blockchain and Metaverse Applications Research Institute. He has previously chaired the Advisory Committee for the UK Parliament’s All-Party Parliamentary Group on the Metaverse and Web 3.0. The appointment comes as FTFT faces challenging market conditions, with InvestingPro data showing an 89% year-over-year revenue decline and negative EBITDA of $62.9 million in the last twelve months.

The blockchain expert brings extensive experience from both academic and commercial sectors, having held positions at the Cambridge Institute for Sustainability Leadership, Oxford Centre for Technology and Management Development, and as a visiting professor at multiple UK universities.

FTFT CEO Hu Li stated that the company’s decision to venture into stablecoins and RWAs is based on "deep insight into market developments" and a strategy to "seek breakthroughs that capitalize on transformative changes in the sector."

Stablecoins are cryptocurrencies typically pegged to fiat currencies to provide relative stability, while RWAs involve digitizing and tokenizing real-world assets such as real estate and securities through blockchain technology.

"With his in-depth research in blockchain and AI, I am highly confident that he will provide insightful advice as to the Company’s strategic development in these new fields," Li said regarding Xiong’s appointment.

Future FinTech describes itself as a comprehensive financial and digital technology service provider that conducts brokerage and investment banking services in Hong Kong, and engages in supply chain trading and finance businesses in China. According to InvestingPro analysis, the company maintains healthy liquidity with a current ratio of 1.52, though its overall Financial Health score is rated as "Fair." InvestingPro subscribers have access to over 10 additional key insights and detailed financial metrics about FTFT’s market position and growth potential.

In other recent news, Future FinTech Group Inc. has made significant leadership changes, appointing Ting (Alina) Ouyang as the new Chief Financial Officer and board director, and David Xu as Chairman of the Board. These appointments follow the resignations of Ming Yi as CFO, Fuyou Li as Board Chairman, and Ying Li as director and Vice President. Additionally, Future FinTech has regained compliance with NASDAQ’s minimum bid price requirement, a critical development for the company. The NASDAQ Stock Market Listing Qualifications Staff confirmed that Future FinTech met the $1.00 minimum closing bid price condition for continued listing on the NASDAQ Capital Market. This achievement follows a period where the company’s stock price remained at or above $1.00 per share for 15 consecutive business days. Maintaining this compliance is essential for Future FinTech’s visibility and accessibility to investors.

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