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Investing.com -- WF Holding Ltd (NASDAQ:WFF) stock surged 38% today after the Malaysia-based fiberglass reinforced plastic manufacturer announced its entry into the cryptocurrency sector.
The company has appointed Bull Coin Asset Management Limited as its industry consultant to assist with market research, technology assessment, and compliance strategy development. This strategic move represents WF Holding’s push into blockchain technology innovation and digital financial ecosystem construction.
"Cryptocurrencies and blockchain technology are reshaping global financial and business infrastructure. It is a necessary step for technological innovation and a strategic measure to respond to customer and market demand," the company stated in its announcement.
According to a research report cited by WF Holding, the cryptocurrency market is projected to exceed $10 trillion by 2029, with a compound annual growth rate of 18.2%.
In addition to its cryptocurrency expansion, WF Holding also revealed plans to make significant investments in China to broaden its business scope. The company is seeking suitable corporate land across various regions in China to establish new factories, with plans to commence this project within the year.
The manufacturer aims to strengthen its production capacity, expand its market presence in China and overseas, and focus on developing high-performance glass fiber products through these investments. WF Holding expects these strategic initiatives to enhance its resource integration, promote technological innovation, and improve industrial chain efficiency.
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