Future FinTech & Blocknance ink Term Sheet for potential acquisition

Future FinTech & Blocknance ink Term Sheet for potential acquisition

Future FinTech Group has recently made it to the headlines given the announcement of the company inking a Term Sheet with Blocknance Financial International for realizing a potential acquisition. As per credible reports, the former company has laid down its plans of taking over 60% of the total issue and outstanding share of Blocknance Financial.

For the record, Blocknance offers services for transaction between different digital and cryptocurrencies and fiat currencies like US Dollar, Dominican Peso, and Russian Ruble for customers via physical Bitcoin ATM machines and offices.

Commenting on the matter, General Manager of Blocknance- Emmy Jude Fortune- reportedly cited that the union with Future FinTech would allow the company to rapidly expand its operations, augment customer experience and satisfaction, boost service scenarios, and address the needs of more and diversified customers.

She added that Blocknance has also laid down its plans to add the number of Bitcoin ATMs and increase their presence in Asia, Europe, and other regions pursuant to domestic regulatory requirements in 2021.  Moreover, she believes that Blocknance has emerged as one of the most advanced, semi-decentralized cryptocurrency trade firms in the market today as it provides a secure way to exchange BTC and cryptocurrency along with fiat currencies for those who wish to use these to sell and buy goods or services.

Besides, the company’s ATMs are also expected to cater to more and more people who have been using cryptocurrency for transactions.

Meanwhile, Shanchun Huang, CEO of Future FinTech, stated that the company believes that investment in Blocknance can help expand its business, bringing in additional income to FTFT, while paving way for the company to create a channel that connects well Bitcoin and other cryptocurrencies with the services of mainstream financial institutions under valid regulations and laws.

In fact, Future FinTech is looking for blockchain tech companies to dock with its current resources, allowing it to serve better to a huge customer pool.

Source Credit: https://www.prnewswire.com/news-releases/future-fintech-and-blocknance-signed-term-sheet-for-potential-acquisition-301200156.html